introduction to indian economy section 7 MCQ Questions & Answers Detailed Explanation
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The following question based on Introduction to Indian Economy topic of indian economy mcq
- The current Economic Census is the seventh in the series so far conducted in India.
- The Economic Census in India is undertaken by the Department of Economic Affairs (Union Ministry of Finance).
(a) Only 2
(b) Both l and 2
(c) Only 1
(d) Neither 1 nor 2
The correct answers to the above question in:
Answer: (d)
In 1976, Government of India launched a plan scheme called “Economic Census and Surveys”. In 1977 Central Statistical Organisation conducted First economic census in collaboration with the Directorate of Economics & Statistics (DES) in the States/Union Territories. Current Economic Census is Sixth Economic Census held in 2013.
The Central Statistics Office (CSO) in the Ministry of Statistics and Programme Implementation (MOSPI) conducted the Sixth Economic Census during January, 2013 to April, 2014 in collaboration with Directorates of Economics and Statistics in all the States and Union Territories.
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Question : 1
As per newspapers report what percent of Government stake will be disinvested in Rashtriya Ispat Nigam Ltd. (RINL) ?
a) 50%
b) 5%
c) 10%
d) 12%
Answer »Answer: (c)
Rashtriya Ispat Nigam Ltd (RINL), on 23 September 2014, filed a draft prospectus with market regulator SEBI for an initial public offering (IPO) through which the government will sell 10 per cent of its stake in the company.
The government proposes to raise Rs 43,425 crore through disinvestment in PSUs.
Question : 2
Which one of the following is not a quantitative credit control measure of a Central Bank ?
a) Open Market Operations
b) Bank Rate Policy
c) Cash Reserve Ratio
d) Moral Suasion
Answer »Answer: (d)
The Central Bank uses Quantitative control to regulate the volume of total credit. Quantitative methods are:
- Manipulation of Bank Rate;
- Open market operations;
- Manipulation of Cash reserve ratio;
- Repo & Reverse Repo; and
- Altering Statutory Liquidity Ratio.
Moral persuasion and direct action is a qualitative method.
Question : 3
State which amongst the following is not true about VAT ?
a) State have discretion to fix the rate of tax within the four rates prescribed
b) All States have uniform VAT for the same product
c) It will promote production efficiency of investments
d) It will make our exports more competitive
Answer »Answer: (d)
A value-added tax (VAT) is a form of consumption tax. From the perspective of the buyer, it is a tax on the purchase price.
From that of the seller, it is a tax only on the value added to a product, material, or service, from an accounting point of view, by this stage of its manufacture or distribution. Being a consumption tax, VAT is usually used as a replacement for sales tax.
Ultimately, it taxes the same people and businesses the same amounts of money, despite its internal mechanism being different. This means that, without special measures, goods that are imported from one country that does have VAT to another country that does not have VAT will be taxed twice.
The exporting country will charge VAT and the importing country will charge sales tax.
Question : 4
The type of note issue system followed in India is :
a) Minimum reserve system
b) Maximum fiduciary system
c) Proportional fiduciary system
d) Fixed fiduciary system
Answer »Answer: (a)
In terms of Section 22 of the Reserve Bank of India Act, the RBI has been given the statutory function of note issue on a monopoly basis. The note issue in India was originally based upon the “Proportional Reserve System”. When it became difficult to maintain the re-serve proportionately, it was replaced by the “Minimum Reserve System “.
According to the RBI Amendment Act of 1957, the bank should now maintain a minimum reserve of Rs.200 crore worth of gold coins, gold bullion and foreign securities of which the value of gold coin and bullion should be not less than Rs.115 crore.
Question : 5
Fiscal deficit in the Union Budget means :
- the difference between current expenditure and current revenue
- net increase in Union Governments borrowings from the Reserve Bank of India.
- the sum of budgetary deficit and net increase in internal and external borrowings
- the sum of monetised deficit and budgetary deficit
a) 2 and 4 only
b) All of the above
c) 3 only
d) 2 only
Answer »Answer: (c)
When a government’s total expenditure exceeds the revenue that it generates (excluding money from borrowings).
Deficit differs from debt, which is an accumulation of yearly deficits. A fiscal deficit is regarded by some as a positive economic event.
Question : 6
If all the banks in an economy are nationalized and converted into a monopoly bank, the total deposits
a) will increase
b) will neither increase nor decrease
c) will decrease
d) None of the above
Answer »Answer: (b)
It will remain the same, because banks do not increase the national income. So it remains the same immaterial whether banks are there or not.
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