ECONOMICS: MCQ — 80 Practice Questions with Answers

Explanation

The balance-of-payments crisis made foreign-exchange management central to reform. A downward adjustment of the rupee was used to restore competitiveness, while trade liberalisation reduced the old regime of licensing and quantitative restrictions, especially for inputs and capital goods over the reform period.

Explanation

The sectoral composition points to a services-dominant economy: the tertiary sector accounts for over half of current-price GVA. A hard exam trap is to treat the primary sector as only agriculture; in official broad-sector grouping it also includes allied activities and mining and quarrying, so its share is not the same as agriculture's standalone share.

Explanation

The National Food Security Act, 2013 strengthens food security by giving eligible people access to highly subsidised foodgrains through the targeted public distribution system. It is therefore a poverty-alleviation and welfare policy, not a labour-market programme.

Explanation

When the practical question is 'which item occurs most often?', mode is the suitable average. A shoe retailer needs the size with the highest frequency of demand, not a mathematical balance point. Therefore, mode is the most appropriate measure for deciding the largest stock quantity by size.

Explanation

For an individual series with an odd number of observations, the median is the value at the (n+1)/2 position after arranging the data. With n = 7, the required position is the fourth. The ordered series is 12, 15, 15, 18, 20, 27, 31, so the median is 18.