Questions Refer to the Passage Below

question 57

Multiple Choice

Questions refer to the passage below.
"We do not believe in rigid autarchy (absolute rule) , but we do want to make India as self-sufficient in regards to her needs as far as this is possible. We want to develop international trade, importing articles we cannot easily produce and exporting such articles as the rest of the world wants from us. We do not propose to submit to economic imperialism of any other country or to impose our own on others. We believe that nations of the world can cooperate together in building a world economy which is advantageous for all and in this work we shall gladly cooperate together in building a world economy which is advantageous for all and in the work we shall gladly cooperate. But this economy cannot be based on the individual profit motive, nor can it subsist within the framework of an imperialist system. It means a new world order, both politically and economically, and free nations cooperating together for their own as well as the larger good."
A note to the members of the National Planning Committee (1940) Jawaharlal Nehru
-Which of the following factors likely contributed to Nehru's reference to India's need for self-sufficiency?

• A) India's long experience with colonial rule, which enhanced Britain, but suppressed domestic industry
• B) The long monsoon season, which limited agricultural output and contributed to the need to develop an industrial sector
• C) A belief that self-sufficiency could isolate India from global economic upheavals, like the Great Depression
• D) The growing trend in the 1920s and 1930s to turn to increasingly authoritarian governments to address economic concerns

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Definitions:

General Ledger Accounts

General ledger accounts encompass the complete set of financial accounts and records used by a company to keep track of its financial transactions and prepare financial statements.

Accounts Receivable

Financial obligations of customers towards a business for delivered but unsettled goods or services.

Special Journal

A type of accounting journal designed for recording a specific category of transactions, such as sales or purchases, to increase efficiency and organization.

Purchases Account

An account used in accounting to track the total cost of goods and materials purchased for production or sale.