NABARD Grade A: Economic & Social Issues – Set 1

Hello Aspirants,

Here we are creating question sample in Economic & Social Issues, which is very useful for the upcoming NABARD Grade “A” 2018 !!!

1. The economy of India is _____
   1. Underdeveloped economy
   2. Developing Mixed Economy
   3. Developed Economy
   4. All of these
   5. None of these
   
   Answer & Explanation

   Answer :2. Developing Mixed Economy
   Explanation :
   The economy of India is a developing mixed economy. It is the world’s sixth-largest economy by nominal GDP and the third-largest by purchasing power parity (PPP)
   
   
2. As of 2016, the country ranks _____ in per Capita GDP(Nominal).
   1. 138
   2. 140
   3. 141
   4. 142
   5. None of these
   
   Answer & Explanation

   Answer : 3. 141
   Explanation :
   The country ranks 141st in per capita GDP (nominal) with $1723 as of 2016.
   
   
3. As of 2016, the country ranks _____ in per capita GDP (PPP)
   1. 138
   2. 140
   3. 141
   4. 123
   5. None of these
   
   Answer & Explanation

   Answer : 4. 123
   Explanation :
   The country ranks 123rd in per capita GDP (PPP) with $6,616 as of 2016
   
   
4. Economic planning is an important feature of _____
   1. Mixed Economy
   2. Socialist Economy
   3. Dual Economy
   4. Capitalist Economy
   5. None of these
   
   Answer & Explanation

   Answer : 2. Socialist Economy
   Explanation :
   A socialist economy is a fully planned economy. Planning may be centralized or decentralized. All the basic decisions for the control and regulation of the economy are taken by the government.
   
   
5. The backbone of all economic activities is _____
   1. Education
   2. Finance
   3. Industry
   4. Agriculture
   5. None of these
   
   Answer & Explanation

   Answer : 4. Agriculture
   
   
6. The first Economic Census covering non-agricultural establishments was conducted in _____
   1. 1975
   2. 1976
   3. 1988
   4. 1977
   5. None of these
   
   Answer & Explanation

   Answer : 4. 1977
   Explanation :
   The first Economic Census covering non-agricultural establishments (employing at least one hired worker on a fairly regular basis) was conducted in 1977
   
   
7. In FY 2015 and 2018, India’s economy became the world’s fastest-growing major economy surpassing ______
   1. Australia
   2. England
   3. US
   4. China
   5. None of these
   
   Answer & Explanation

   Answer : 4. China
   Explanation :
   In FY 2015 and 2018, India’s economy became the world’s fastest-growing major economy surpassing China
   
   
8. The policy of Laissez-faire is related to _____
   1. Welfare State
   2. Gandhian State
   3. Socialist State
   4. Industrial State
   5. None of these
   
   Answer & Explanation

   Answer : 4. Industrial State
   Explanation :
   A Conservative Approach to the Industrial Revolution. Laissez-faire (from the French, meaning to leave alone or to allow to do) is an economic and political doctrine that holds that economies function most efficiently when unencumbered by government regulation.
   
   
9. Mixed Economy refers to an economy where there is ______
   1. Privatization and Liberalization
   2. Existence of Capitalism
   3. The existence of both public and private sectors
   4. Liberalization and Globalization
   5. None of these
   
   Answer & Explanation

   Answer : 3. The existence of both public and private sectors
   Explanation :
   An economic system combining private and state enterprise is known as Mixed Economy.
   
   
10. According to World Bank reports, India has been classified under _______
    1. Low Income Economies
    2. Lower-middle Income Economies
    3. Upper-middle Income Economies
    4. High Income Economies
    5. None of these
    
    Answer & Explanation

    Answer : 2. Lower-middle Income Economies.
    
    

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