introduction to indian economy section 5 MCQ Questions & Answers Detailed Explanation
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The following question based on Introduction to Indian Economy topic of indian economy mcq
- Profit and Loss
- Salary
- Employment
- occupation
(a) 1, 2 and 3
(b) 1, 2, 3 and 4
(c) 1 and 2
(d) 4 only
The correct answers to the above question in:
Answer: (b)
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
Which of the following tax systems will help to reduce economic inequalities in India ?
a) Progressive Tax
b) Regressive Tax
c) Flat rate tax
d) None of these
Answer »Answer: (a)
A progressive tax is a tax in which the tax rate increases as the taxable amount increases. Progressive taxes are imposed in an attempt to reduce the tax incidence of people with a lower ability to pay, as such taxes shift the incidence increasingly to those with a higher ability-to-pay.
It reduces tax burdens on people who can least afford to pay them and is, thus, considered effective in reducing economic inequalities.
Question : 2
Ways and Means Advances refers to
a) Farmers getting loans from NABAED
b) Industries getting temporary loans from commercial banks
c) Government getting temporary loans from RBI
d) Government-getting loans from international financial institutions
Answer »Answer: (c)
Ways and means advances (WMA) is a mechanism used by the Reserve Bank of India (RBI) under its credit policy by which provides to the States banking with it to help them to tide over temporary mismatches in the cash flow of their receipts and payments.
This is guided under Section 17(5) of RBI Act, 1934, and are repayable in each case not later than three months from the date of making that advance'.
Question : 3
RBI does not transact the business of which State Government ?
a) Jammu and Kashmir
b) Nagaland
c) Punjab
d) Assam
Answer »Answer: (a)
State Government transactions are carried out by RBI in terms of the agreement entered into with the State Governments in terms of section 21 A of the RBI Act.
As of now, such agreements exist between RBI and all the State Governments except with the Government of Jammu and Kashmir.
GET Introduction to Indian Economy PRACTICE TEST EXERCISES
introduction to indian economy section 1
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introduction to indian economy section 3
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introduction to indian economy section 5
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introduction to indian economy section 14
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