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
(a) IDBI
(b) RBI
(c) SEBI
(d) IRDA
The correct answers to the above question in:
Answer: (d)
The Insurance Regulatory and Development Authority of India (IRDAI) is an autonomous, statutory agency tasked with regulating and promoting the insurance and re-insurance industries in India. It was constituted by the Insurance Regulatory and Development Authority Act, 1999.
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Read more introduction Based Indian Economy Questions and Answers
Question : 1
Which of the following could assist economic growth in developing countries?
a) Decrease in the terms of trade
b) An increase in the rate of taxation
c) Decrease in foreign investment
d) An increase in the level of education
Answer »Answer: (d)
Question : 2
RBI does not transact the buiness of which of the following state governmets ?
a) Assam
b) Nagaland
c) J & K
d) Rajasthan
Answer »Answer: (c)
An important function of the Reserve Bank of India is to act as a Government banker, agent and adviser. The Reserve Bank is an agent of Central Government and of all State Governments in India except that of Jammu and Kashmir.
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 Reserve Bank of India Act, 1934.
Question : 3
When was the Minimum Wages Act enacted in India ?
a) 1956
b) 1948
c) 1951
d) 1936
Answer »Answer: (b)
The Minimum Wages Act, 1948 was enacted to safeguard the interests of workers, mostly in the unorganised sector by providing for the fixation of minimum wages in certain specified employments. It binds the employers to pay their workers the minimum wages fixed under the Act from time to time.
Under the Act, both the Central Government and the State Governments are the appropriate Governments to fix, revise, review and enforce the payment of minimum wages to workers in respect of ‘scheduled employments under their respective jurisdictions.
Question : 4
National income refers to
a) money value of stocks and shares of a country during a year.
b) money value of goods and services produced in a country during a year.
c) money value of capital goods produced by a country during a year.
d) money value of consumer goods produced by a country during a year.
Answer »Answer: (c)
National Income is one of the basic concepts in macroeconomics. National Income means the total income of the nation. The aggregate economic performance of the whole economy is measured by the national income data.
National Income refers to the money value of all final goods and services produced by the normal residents of a country while working both within and outside the domestic territory of a country in an accounting year. National Income also includes net factor income from abroad.
Symbolically, Y = PG + PS,
where, Y = National Income;
P = Price;
G = Goods; and
S = Service.
Question : 5
Wholesale price based inflation rate in India reached its highest level in 13 years on 27th July, 2008. It was
a) 11.85 per cent
b) 11.75 per cent
c) 12.6 per cent
d) 12.05 per cent
Answer »Answer: (c)
Inflation increased steadily during 2008, reaching 8.75% by the end of May and in June when this jumped to 11% then there was an alarming increase in the prices.
There were many reasons for it but one of the main driving forces was a reduction in government fuel subsidies, which lifted gasoline prices by an average of 10%.In July 2008, the key Indian Inflation Rate
i.e. the Wholesale Price Index touched the mark of 12.6%, the highest rate in the past 16 years of Indian history. This was almost three times the RBI‘s target of 4.1% and almost doubled as compared to 2007.
This continuous rise slipped back to 12.4% by mid-August in 2008.
Question : 6
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.
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
introduction to indian economy section 10
introduction to indian economy section 11
introduction to indian economy section 12
introduction to indian economy section 13
introduction to indian economy section 14
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