industries manufacturing & service sectors section 8 MCQ Questions & Answers Detailed Explanation
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The following question based on Industries, Manufacturing & Service Sectors topic of indian economy mcq
- It is generally treated as a breach of contract
- Unforeseeable circumstances that prevent someone from fulfilling a contract
- Includes an Act of God or natural disasters, war or war-like situations, epidemics, pandemics, etc.
(a) (i) & (iii) only
(b) (iii) only
(c) (ii) & (iii) only
(d) All of the above
The correct answers to the above question in:
Answer: (c)
Force Majeure is a French phrase that means a ‘superior force’. It is an unforeseeable circumstance that prevents someone from fulfilling a contract. It is a contractual provision agreed upon between parties.
The occurrence of a force majeure event protects a party from liability for its failure to perform a contractual obligation. Typically, force majeure events include an Act of God or natural disasters, war or war-like situations, epidemics, pandemics, etc.
The intention of a force majeure clause is to save the performing party from the consequences of something over which it has no control.
Force Majeure is an exception to what would otherwise amount to a breach of contract. This term is generally used in commercial contracts.
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Question : 1
Which of the following statements are true regarding the “Swiss challenge”?
a) It is a game
b) It is related to lottery business
c) It is a method of awarding projects by the government
d) None of the above
Answer »Answer: (c)
It is a method of awarding projects by the government.
Under this method, various bidders submit their plan for the project and the company (the bidder) whose project plan is accepted by the govt. is given the opportunity to work on the project at the price quoted by the lowest bidder.
If it does not accept this, then the project is given to the lowest bidder.
Question : 2
The budget of 2020-21 is focussed on three themes. Which of the following is not one of them?
a) Aspirational India
b) Caring Society
c) Economic Development
d) Skilled India
Answer »Answer: (d)
The budget (2020-21) is woven around three prominent themes:
- Aspirational India
- Economic Development
- Caring society
This budget is dedicated to providing “Ease of Living” to all citizens.
The “Ease of Living” is a bouquet and holding this bouquet are two hands- one, corruption-free, policy-driven good governance and two, the clean and sound financial sector. And the details under the three broad themes are the flowers in the bouquet.
Question : 3
Which one among the following is a fixed cost to a manufacturing firm in the short run?
a) Cost of energy
b) Cost of raw materials
c) Insurance on buildings
d) Overtime payment to worker
Answer »Answer: (c)
In the short run insurance premium are fixed costs because they are independent of the level of production.
Question : 4
The licensing policy for the industries drew strength from:
a) Industrial Policy Resolution, 1956
b) Congress Party Resolution of establishing socialistic pattern of society
c) Industrial Policy Resolution, 1948
d) Industrial Act, 1951
Answer »Answer: (d)
The licensing policy for the industries drew strength from the industrial Act, 1951.
Industries Development and Regulation Act (IDRA), 1951 was enacted in pursuance of the Industrial Policy Resolution, 1948.
The Act was formulated for the purpose of development and regulation of industries in India by the Central Government.
Question : 5
A Miniratna–Category–1 status holding public sector company in India can incur expenditure on modernization, new projects as well as equipment purchase without the approval of the government, up to:
a) Rs.2000 crores
b) Rs.500 crores
c) Rs.1000 crores
d) Rs.1500 crores
Answer »Answer: (b)
A Miniratna company is one that has made profits continuously for the last three years or earned a net profit of Rs. 30 crores or more in one of the three years.
Miniratna company can invest up to Rs. 500 crores or equal to their net worth, whichever is lower without govt approval.
Question : 6
RBI’s first census of India’s foreign Assets & Liability as on 30 June 1948 revealed total foreign business investments of Rs. 302 cr, out of it what was the % of British investments in India?
a) 72 %
b) 51 %
c) 91 %
d) 60 %
Answer »Answer: (a)
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industries manufacturing & service sectors section 2
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