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The following question based on Introduction to Indian Economy topic of indian economy mcq
(a) RBISAT
(b) BOLT
(c) RBINET
(d) RBIDOT
The correct answers to the above question in:
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.
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Question : 1
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 : 2
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 : 3
Redistribution of income in a country can be brought about through
a) Progressive taxation combined with regressive expenditure
b) Progressive taxation combined with progressive expenditure
c) Regressive taxation combined with regressive expenditure
d) Regressive taxation combined with progressive expenditure
Answer »Answer: (b)
Redistribution of income and redistribution of wealth are respectively the transfer of income and of wealth (including physical property) from some individuals to others by means of taxation, monetary policies, etc. This can be achieved with a combination of progressive taxation and progressive expenditure.
A progressive tax is one such means since they 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. Regarding the distributive impact of public expenditure, the principle of maximum social advantage should be the underlying criteria of public spending. Hence, progressive public expenditure is the best antidote to reduce income inequality existing in society.
The expenditure on social security like free medical aid, free education, subsidized houses etc. is progressive in nature. For example, if only the lower-salaried employees were given free residential quarters, it is a case of progressive expenditure. Such expenditure helps to reduce the glaring inequality existing in the distribution of income. Progressive redistributive expenditure may also take the shape of provision of cheap or free services and commodities.
Free primary education, free medical aid, subsidies to food and housing and the provision of free meals to school children are examples of this type of progressive grant. Such expenditure benefits the poorer among the poorest and helps to raise the living standards of the weaker sections.
Question : 4
Cochin refineries is in :
a) Joint Sector
b) Public Sector
c) Private Sector
d) Co-operative Sector
Answer »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.
Question : 5
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 : 6
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.
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introduction to indian economy section 14
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