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The following question based on Introduction to Indian Economy topic of indian economy mcq
(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
The correct answers to the above question in:
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'.
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Question : 1
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.
Question : 2
During which Five-Year Plan did India lay down the objective of the need to ensure environmental sustainability of the development strategy?
a) 7th Five Year Plan
b) 6th Five Year Plan
c) 8th Five Year Plan
d) 9th Five Year Plan
Answer »Answer: (d)
The Ninth Plan recognised the integral link between rapid economic growth and the quality of life of the mass of the people. Ensuring environmental sustainability of the development process through social mobilisation and participation of people at all levels was one of the specific objectives of the Ninth Plan as approved by the National Development Council.
In the Ninth Plan document, policies and programmes during the Eighth Plan period were reviewed, shortcomings identified and a new policy framework suggested overcoming the shortcomings and ensuring the sustainability of the development process not only in economic terms but also in terms of social and environmental factors.
Question : 3
Which of the following is not the source of the revenue of central Government?
a) Corporate Tax
b) Income Tax
c) Agricultural Income Tax
d) Excise Duty
Answer »Answer: (c)
The shareable central taxes include corporation tax, income tax, wealth tax, customs, excise duty and service tax. The taxes, which are not shared with states include some cesses like education and road.
Income Tax in India includes all income except the agricultural income that is levied and collected by the central government.
Question : 4
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 : 5
Which of the following is/are economic activity?
- Profit and Loss
- Salary
- Employment
- occupation
a) 1, 2 and 3
b) 1, 2, 3 and 4
c) 1 and 2
d) 4 only
Answer »Answer: (b)
GET Introduction to Indian Economy PRACTICE TEST EXERCISES
introduction to indian economy section 1
introduction to indian economy section 2
introduction to indian economy section 3
introduction to indian economy section 4
introduction to indian economy section 5
introduction to indian economy section 6
introduction to indian economy section 7
introduction to indian economy section 8
introduction to indian economy section 9
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introduction to indian economy section 12
introduction to indian economy section 13
introduction to indian economy section 14
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