introduction to indian economy section 12 MCQ Questions & Answers Detailed Explanation
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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) Joint Sector
(b) Public Sector
(c) Private Sector
(d) Co-operative Sector
The correct answers to the above question in:
Answer: (a)
Founded as a public sector company owned by the Government of India in 1963, Kochi Refineries was acquired by the Bharat Petroleum Corporation Limited in 2006 which presently owns and runs it.
Consequent to the merger Order dated 18 August 2006 issued by the Ministry of Company Affairs, the refinery has been amalgamated with Bharat Petroleum Corporation, henceforth to be known as BPCL-Kochi Refinery.
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Question : 1
What is the name of the electronic communication network of the Reserve Bank of India ?
a) RBISAT
b) BOLT
c) RBINET
d) RBIDOT
Answer »Answer: (c)
RBINet is a communication software, developed in ‘C’ and available for both DOS and UNIX machines. It allows free format messaging and file transfer on the existing BANK NET infrastructure with the help of UNIX servers installed at the 4 NCCs.
Each RBINet user interacts with the local UNIX server through PADs connected to the X.25 switch. The UNIX servers in turn communicate with each other using TCP/IP over the X.25 protocol.
The software allows free format messaging without any restrictions on the length of the message, enables file transfer of both ASCII-text and Binary (spreadsheets, databases, programs etc.) files, facilitates dial-up access, and has security features such as end-to-end encryption, audit trail, etc.
Question : 2
Which amidst the following taxes collected by the Union is not mandated to be assigned to the States?
a) Taxes on railway fares and freights.
b) Terminal taxes on goods or passengers carried by railway, sea or air.
c) Taxes on consignment of goods.
d) Service Tax.
Answer »Answer: (d)
As per Article 268-A of the Constitution of India, Service tax is levied by Union and collected and appropriated by the Union and States. Service tax is a part of Central Excise in India. It is a tax levied on services provided in India, except the State of Jammu and Kashmir.
As per article 269, the taxes levied and collected by the Union but assigned to the States are:
- duties in respect of succession to property other than agricultural land;
- estate duty in respect of property other than agricultural land;
- terminal taxes on goods or passengers carried by railway, sea or air;
- taxes on railway fares and freights;
- taxes on the sale or purchase of newspapers and
- on advertisements published therein;
- taxes on the consignment of goods (whether the consignment is to the person making it or to any other person), where such consignment takes place in the course of inter-State trade or commerce, etc.
Question : 3
Consider the following statements in regard to money market in India:
- It is a market for short-term and long-term funds with maturity ranging from overnight to one year.
- It acts as an instrument of liquidity adjustment for the Central Bank.
a) 2 only
b) Both 1 and 2
c) 1 only
d) Neither 1 nor 2
Answer »Answer: (a)
The money market consists of financial institutions and dealers in money or credit who wish to either borrow or lend. Participants borrow and lend for short periods of time, typically up to thirteen months. Money market trades in short-term financial instruments commonly called “paper.”
Question : 4
Over use of resource is called “Tragedy of Commons”. It was propounded by:
a) Seligman
b) Garett Hardin
c) Adolph Wagner
d) A.P Lernier
Answer »Answer: (b)
In economics, the tragedy of the commons is the depletion of a shared resource by individuals, acting independently and rationally according to each one’s self-interest, despite their understanding that depleting the common resource is contrary to the group’s long-term best interests.
In 1968, ecologist Garrett Hardin explored this social dilemma in “The Tragedy of the Commons”, published in the journal Science.
Question : 5
Which of the following institution deals with credit to agriculture and rural development ?
a) SIDBI
b) RBI
c) NABARD
d) MFI
Answer »Answer: (c)
National Bank for Agriculture and Rural Development (NABARD) deals with matters concerning policy, planning and operations in the field of credit for agriculture and other economic activities in rural areas in India. It was established on 12 July 1982 by a special Act of parliament for the upliftment of rural India.
Question : 6
Which of the following steps that will result in containing inflation?
- Increasing Cash Reserve Ratio (CRR)
- Decreasing Statutory Liquidity Ratio (SLR)
- Permitting Central/State agencies to import duty free pulses and sugar.
a) 1 and 3 only
b) 2 and 3 only
c) 1 only
d) 1, 2 and 3
Answer »Answer: (a)
In order to curb inflation if CRR is increased, then it may take liquidity from markets as banks will have to deposit more money with RBI.
Moreover, inflation may also be curbed by Permitting Central/ State agencies to import duty-free pulses and sugar.
However, Decreasing SLR will leave more money to banks to give loans, which in turn will lead to inflation.
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introduction to indian economy section 12
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introduction to indian economy section 14
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