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Economic

The document provides important one-mark questions and answers related to the Indian Economy for the Naan Muthalvan UPSC Prelims Scholarship Exam 2025, covering topics from NCERT. It includes key concepts from Indian Economic Development and Introductory Macroeconomics, such as GDP, inflation, and fiscal policy. Additionally, it lists high-weightage questions from previous exams to aid in preparation.

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6 views3 pages

Economic

The document provides important one-mark questions and answers related to the Indian Economy for the Naan Muthalvan UPSC Prelims Scholarship Exam 2025, covering topics from NCERT. It includes key concepts from Indian Economic Development and Introductory Macroeconomics, such as GDP, inflation, and fiscal policy. Additionally, it lists high-weightage questions from previous exams to aid in preparation.

Uploaded by

angelthas88
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Important One Mark Questions with Answers

Naan Muthalvan UPSC Prelims Scholarship Exam 2025


Indian Economy – Topic 1 & 2 (Based on NCERT)

Topic 1: Indian Economic Development (11th NCERT)


1. India’s first Five-Year Plan was launched in 1951.

2. The Green Revolution was introduced during the Third Five-Year Plan.

3. The main objective of the First Plan was agricultural development.

4. The Father of Indian Planning is Jawaharlal Nehru.

5. The primary sector includes agriculture, forestry, and fishing.

6. The Reserve Bank of India was nationalised in 1949.

7. Planning Commission was replaced by NITI Aayog in 2015.

8. Major contribution to India’s GDP comes from the tertiary sector.

9. The Green Revolution introduced high-yielding varieties of wheat and rice.

10. The White Revolution is associated with Verghese Kurien.

11. Poverty is measured based on per capita consumption.

12. LPG stands for Liberalisation, Privatisation and Globalisation.

13. The 1991 Industrial Policy liberalised India’s economy.

14. Gini Coefficient measures income inequality.

15. Disguised unemployment is common in the agricultural sector.

16. The tertiary sector is also known as the service sector.

17. Public sector enterprises are owned by the Government.

18. Rural poverty is due to lack of employment opportunities.

19. HDI stands for Human Development Index.

20. National income is calculated by the Central Statistical Office (CSO).

1
Topic 2: Introductory Macroeconomics (12th NCERT)
1. GDP stands for Gross Domestic Product.

2. National income at factor cost is called Net Domestic Product at factor cost
(NDPfc).

3. Net exports = exports – imports.

4. The central bank of India is Reserve Bank of India.

5. Inflation refers to the general rise in prices.

6. Equilibrium is when total income = total expenditure.

7. CRR stands for Cash Reserve Ratio.

8. SLR stands for Statutory Liquidity Ratio.

9. Government expenditure ¿ revenue is a fiscal deficit.

10. National income is calculated using the production, income or expenditure


method.

11. Money is a medium of exchange.

12. The most liquid asset is cash.

13. Investment adds to capital stock.

14. Autonomous consumption does not depend on income.

15. The common measure of inflation in India is the Consumer Price Index (CPI).

16. Fiscal policy is framed by the Government.

17. Monetary policy is managed by the Reserve Bank of India.

18. Multiplier effect is explained in Keynesian economics.

19. In Aggregate Demand formula C + I + G + (XM ), ’C’ stands for Consumption.

20. National income includes only final goods.

High-Weightage Questions from Previous Year Naan Muthalvan


Exams
1. Fiscal stimulus means government spending to boost the economy.

2. Current account deficit can be reduced by devaluation and increasing FDI.

3. Base effect in inflation refers to impact of previous year’s price level.

4. The main goal of monetary policy is to control inflation and maintain liquidity.

2
5. Repo Rate is the rate at which RBI lends to commercial banks.

6. Reverse Repo Rate is used by RBI to absorb excess liquidity.

7. GDP deflator is the ratio of Nominal GDP to Real GDP.

8. Balance of Payments (BoP) records all economic transactions with other coun-
tries.

9. Budget is presented annually by the Finance Minister in Parliament.

10. Direct taxes are paid directly by individuals or firms to the government.

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