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Indian Economy Quiz 2

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  1. Question 1 of 50
    1. Question

    Which of the following is a Navratna Company?

    Hint

    NationCal Mineral Development Corporation (NMDC) is a Navratna Company. The Navratna Companies are Public Sector Enterprises (PSEs) that can invest up to Rs. 1000 crore or 15% of their net worth on a single project without seeking approval from the government. List of Navratna Companies: BEL, CCIL, EIL, HAL, MTNL, NALCO, NBCC, NMDC, NLCIL, OIL, PFC, RINL, REC and SCI.

  2. Question 2 of 50
    2. Question

    The major aim of devaluation is to:

    Hint

    The major aim of devaluation is to encourage exports. Devaluation is the deliberate downward adjustment of the value of a country’s money relative to another currency. One reason a country may devalue its currency is to combat a trade imbalance. Devaluation reduces the cost of a country’s exports and increases the cost of imports.

  3. Question 3 of 50
    3. Question

    Who is responsible to collect the Goods and Services Tax (GST)?

    Hint

    The GST is paid by consumers, but it is remitted to the government by the businesses selling the goods and services. The Central Board of Indirect Taxes and Customs is the nodal national agency responsible for administering Customs, GST, Central Excise, Service Tax and Narcotics in India.

  4. Question 4 of 50
    4. Question

    The basic regulatory authority for mutual funds and stock markets lies with the:

    Hint

    Mutual funds and stock markets are regulated by the Securities and Exchange Board of India (SEBI). SEBI is additionally the apex regulator of capital markets and its intermediaries. SEBI is under the jurisdiction of Ministry of Finance, Government of India. It was established on 12 April 1992 and given Statutory Powers on 30 January 1992 through the SEBI Act, 1992.

  5. Question 5 of 50
    5. Question

    Which of the following can be used for checking inflation temporarily?

    Hint

    In the case of temporary inflation, the central bank (RBI) generally attempts to reduce the money supply in the economy so as to ease the demand pressure. This helps in arresting price rises in the economy.

  6. Question 6 of 50
    6. Question

    The long term fiscal policy proposes to maintain the stability of:

    Hint

    In economics and political science, fiscal policy is the use of government revenue collection and expenditure to influence a country’s economy. The long-term fiscal policy proposes to maintain the stability of the ratio of tax revenue to GDP.

  7. Question 7 of 50
    7. Question

    Main bearers of the burden indirect tax are:

    Hint

    An indirect tax is charged on producers of goods and services and is paid by the consumer indirectly. It is not directly levied on the income of a person. Instead, he/she has to pay the tax along with the price of goods or services bought by the seller. The person paying the tax to the government and the person bearing the liability to pay the tax are thus, two different people.

  8. Question 8 of 50
    8. Question

    A commercial bank can grant a loan only if it has:

    Hint

    A commercial bank is a financial institution that accepts deposits, offers checking and savings account services, and makes loans. A commercial bank can grant a loan only if it has the permission of Reserve Bank of India (RBI).

  9. Question 9 of 50
    9. Question

    Investment and savings are kept equal through a change in the level of:

    Hint

    Saving is closely related to physical investment, in that the former provides a source of funds for the latter. consumers decide to save more, and spend less, the fall in demand would lead to an increase in business inventories. The change in inventories brings savings and investment into balance without any intention by the business to increase investment.

  10. Question 10 of 50
    10. Question

    Which of the following is not required while computing Gross National Product (GNP)?

    Hint

    GNP is the total value of all finished goods and services produced by a country’s citizens in a given financial year. Basically, GNP signifies how a country’s people contribute to its economy. It is commonly calculated by taking the sum of personal consumption expenditures, private domestic investment, government expenditure, net exports, and any income earned by residents from overseas investments, minus income earned within the domestic economy by foreign residents.

  11. Question 11 of 50
    11. Question

    What does ‘Consumer Sovereignty’ means?

    Hint

    Consumer sovereignty is a theory that states the fact that consumers have the power to determine which products or services are actually produced in a given economy. It is an idea that places the customer’s preferences in the center of the product development funnel.

  12. Question 12 of 50
    12. Question

    Secular stagnation refers to:

    Hint

    The term ‘secular stagnation’ refers to a state of little or no economic growth – in other words, an environment where the economy is essentially stagnant.

  13. Question 13 of 50
    13. Question

    Antyodaya Programme is associated with:

    Hint

    Antyodaya Anna Yojana (AAY) is the sponsored scheme of Government of India to provide highly subsidised food to millions of the poorest families.
    The scheme was implemented in 2000. AAY scheme covers the poorest of the poor by supply of food and other important commodities for their daily needs.

  14. Question 14 of 50
    14. Question

    Deficit financing is an instrument of:

    Hint

    Fiscal policy refers to the use of the government budget to affect the economy. This includes government spending and levied taxes. In deficit financing, a government spends more money than it receives as revenue, the difference being made up by borrowing or minting new funds.

  15. Question 15 of 50
    15. Question

    The Government resorts to devaluation of its currency in order to promote:

    Hint

    The major aim of devaluation is to encourage exports. Devaluation is the deliberate downward adjustment of the value of a country’s money relative to another currency. One reason a country may devalue its currency is to combat a trade imbalance. Devaluation reduces the cost of a country’s exports and increases the cost of imports.

  16. Question 16 of 50
    16. Question

    A closed economy is one which:

    Hint

    A closed economy is one that has no trading activity with outside economies. The closed economy is therefore entirely self-sufficient, which means no imports come into the country and no exports leave the country.

  17. Question 17 of 50
    17. Question

    Bank rate is the rate of interest:

    Hint

    Bank rate is the rate of interest which a central bank (RBI) charges on its loans and advances to a commercial bank.

  18. Question 18 of 50
    18. Question

    Operating Surplus arises in the:

    Hint

    Operating Surplus arises in the Enterprise Sector. The operating surplus of an enterprise measures the difference between revenue and expenditure – i.e. the surplus or deficit – accruing from production.

  19. Question 19 of 50
    19. Question

    Which of the following taxes is such which does not cause rise in price?

    Hint

    Income tax is such which does not directly cause rise in price. An income tax is a tax imposed on individuals or entities in respect of the income or profits earned by them. Income tax generally is computed as the product of a tax rate times the taxable income.

  20. Question 20 of 50
    20. Question

    Which of the following results by dividing national income by size of population?

    Hint

    Per capita income or total income measures the average income earned per person in a given area in a specified year. It is calculated by dividing the area’s total income by its total population. Per capita income is national income divided by population size.

  21. Question 21 of 50
    21. Question

    Match the Indian and foreign companies as joint ventures in the field of life insurance:

    A. Tata1. AIG
    B. ICICI Ltd.2. Standard Life Insurance
    C. Bajaj Ltd.3. Prudential Life Insurance
    D. HDFC Bank4. Allianz
    Hint

    The correct match is as follows:

    A. Tata1. AIG
    B. ICICI Ltd.3. Prudential Life Insurance
    C. Bajaj Ltd.4. Allianz
    D. HDFC Bank2. Standard Life Insurance
  22. Question 22 of 50
    22. Question

    Which of the following is the apex bank for industrial loans?

    Hint

    The full form of IDBI is Industrial Development Bank of India. It was established in 1964 by an act to provide credit and other financial facilities for the development of the fledgling Indian industry.

  23. Question 23 of 50
    23. Question

    Planning and control are so related that:

    Hint

    Planning and controlling are interrelated to each other. Planning sets the goals for the organization and controlling ensures their accomplishment. Planning decides the control process and controlling provides sound basis for planning. In reality planning and controlling are both dependent on each other.

  24. Question 24 of 50
    24. Question

    Gresham’s Law means:

    Hint

    Gresham’s law is a monetary principle stating that “bad money drives out good.” It is primarily used for consideration and application in currency markets. when two coins are equal in face value but unequal in intrinsic value (cost of material), the one having less intrinsic value tends to remain in the market circulation, whereas the other disappears to be hoarded.

  25. Question 25 of 50
    25. Question

    What does National Income mean?

    Hint

    National income is the sum total value of all goods and services produced in the country during a period of one year.

  26. Question 26 of 50
    26. Question

    Which of the following taxes is levied by the Union and appropriated and planned by states?

    Hint

    Stamp duty is levied by the Union and appropriated and planned by states. The central government requires stamp duty to be paid on several classes of transaction documents, primarily focused on securities, under the Indian Stamp Act, 1899.

  27. Question 27 of 50
    27. Question

    Which of the following tax not shared between the Union and the states?

    Hint

    The Centre earns money through several taxes, such as corporate tax, income tax, goods and services tax (GST), Union excise duty and customs duty. A part of the taxes is shared with state governments. Sales tax is charged at both the levels of Legislation, Central (Central Sales Tax) and State (states Sales Tax). Sales tax is not shared between the Union and the states.

  28. Question 28 of 50
    28. Question

    While determining income expenditure on which of the following items is not considered as an investment?

    Hint

    Capital investment is the procurement of money by a company in order to further its business goals and objectives. The term can also refer to a company’s acquisition of long-term assets such as real estate, manufacturing plants and machinery.

  29. Question 29 of 50
    29. Question

    Bull and bear are related to which commercial activity?

    Hint

    Bull and bear are related to the Stock market. A ‘bull’ by definition is an investor who buys shares because they believe the market is going to rise; whereas a ‘bear’ will sell shares as they believe the market is going to turn negative.

  30. Question 30 of 50
    30. Question

    Which of the following is the most important domestic source of planned finance?

    Hint

    Domestic private savings is the domestic source of planned finance. Private saving is the total amount of savings done by the private (financial and non-financial) corporations and household sectors.

  31. Question 31 of 50
    31. Question

    In a laissez-faire economy:

    Hint

    Laissez-faire is an economic philosophy of free-market capitalism that opposes government intervention. The theory of laissez-faire was developed by the French Physiocrats during the 18th century and believes that economic success is more likely the fewer governments are involved in the business.

  32. Question 32 of 50
    32. Question

    The share broker who sells shares in the apprehension of falling prices of shares is called:

    Hint

    Bull and bear are related to the Stock market. The share broker who sells shares in the apprehension of falling prices of shares is called Bear. A ‘bull’ by definition is an investor who buys shares because they believe the market is going to rise; whereas a ‘bear’ will sell shares as they believe the market is going to turn negative.

  33. Question 33 of 50
    33. Question

    If an Indian citizen hires a flat on rent in New York then it is included in:

    Hint

    Gross National Product (GNP) is the total value of all finished goods and services produced by a country’s citizens in a given financial year, irrespective of their location. GNP also measures the output generated by a country’s businesses located domestically or abroad.

  34. Question 34 of 50
    34. Question

    Devaluation makes import:

    Hint

    Devaluation reduces the cost of a country’s exports, rendering them more competitive in the global market, which, in turn, increases the cost of imports.

  35. Question 35 of 50
    35. Question

    The fixed cost on such factors of production which are neither hired nor bought by the firm is called:

    Hint

    Social cost is the sum of private and external costs. It is generally not borne by an individual. It may be borne by the entire society, city or even country. Social costs are not calculated whenever a seller sells any product or item to the buyer. This cost is added up from the use of that product.

  36. Question 36 of 50
    36. Question

    The ‘break-even point’ is where:

    Hint

    The break-even point (BEP) is the point at which total cost and total revenue are equal, i.e. “even”. In investing, the break-even point is said to be achieved when the market price of an asset is the same as its original cost.

  37. Question 37 of 50
    37. Question

    South-South dialogue is associated with:

    Hint

    When the countries of the South or developing countries cooperate in various fields, it is known as South-South Cooperation or Dialogue. Thus, the term South-South Cooperation means the process of cooperation among the developing countries in the economic field and other areas.

  38. Question 38 of 50
    38. Question

    The rate of interest is determined by:

    Hint

    Interest rates are determined by RBI who actively commit to maintaining a target interest rate. They do so by intervening directly in the open market through open market operations (OMO), buying or selling Treasury securities to influence short-term rates.

  39. Question 39 of 50
    39. Question

    Which of the following has not been a component of the agricultural strategy that brought about the Green Revolution?

    Hint

    The basic approach was the development of high-yielding varieties of cereal grains, expansion of irrigation infrastructure, modernization of management techniques, distribution of hybridized seeds, synthetic fertilizers, and pesticides to farmers.

  40. Question 40 of 50
    40. Question

    Which is not included in the private income arising in a country?

    Hint

    Private income is either any type of income received by a private individual or household, often derived from occupational activities, or income of an individual that is not in the form of a salary, wage, or commission (e.g. income from investments or renting land or other property).

  41. Question 41 of 50
    41. Question

    Which of the following taxes is exclusively and totally assigned to the Central Government by the Constitution?

    Hint

    Article 269 of the Indian Constitution deals with Taxes levied and collected by the Union but assigned to the States.

  42. Question 42 of 50
    42. Question

    Excise duty on a commodity is payable with reference to its:

    Hint

    Excise duty is a type of tax charged on goods produced within the country (as opposed to customs duties, charged on goods from outside the country). Excise duty on a commodity is payable with reference to its production.

  43. Question 43 of 50
    43. Question

    Amartya Sen was awarded the Nobel Prize for his contribution to:

    Hint

    In 1998, Amartya Sen received the Nobel Prize in Economic Sciences for his theoretical, field, and ethics work in welfare economics and for his research advancing the understanding of social-choice theory, poverty, and the measurement of welfare.

  44. Question 44 of 50
    44. Question

    Which of the following is not viewed as national debt?

    Hint

    In public finance, internal national debt or domestic debt is the component of the total government debt in a country that is owed to lenders within the country. The major holders of India’s national debt are: Commercial Banks, Provident Funds, Others Foreign Portfolio Investors, Co-operative Banks, State Governments, Mutual Funds Institutions, Corporates Non-Bank. Premium collected in the form of different life insurance policies does not contribute to any kind of debt.

  45. Question 45 of 50
    45. Question

    In India, the population growth rate is high because:

    Hint

    The population growth experienced in India can largely be explained by variations in birth and death rates. Some of the most important causes of population growth in India are: Widening Gap between Birth and Death Rates, Low Age at Marriage, High Illiteracy, Religious Attitude towards Family Planning, etc.

  46. Question 46 of 50
    46. Question

    Scheduled Banks have to be registered with:

    Hint

    Scheduled Banks in India refer to those banks which have been included in the Second Schedule of Reserve Bank of India Act, 1934. Reserve Bank of India in turn includes only those banks in this Schedule which satisfy the criteria laid down vide section 42 of the said Act.

  47. Question 47 of 50
    47. Question

    Which organisation collects data for the unorganised sector?

    Hint

    NSSO (national sample survey organization) is the organization under the ministry of statistics of the government of India. It conducts socio-economic surveys on various subjects like employment, consumer expenditure, health, unemployment, and medical services, etc.

  48. Question 48 of 50
    48. Question

    In which of the following grouping of States of India is rubber grown on a commercial scale?

    Hint

    Natural rubber is cultivated in 16 states in India on a commercial scale. With over 600,000 hectares, Kerala tops rubber cultivation, followed by Tripura with over 85,038 hectares under plantation. Other major natural rubber producers are Karnataka, Tamil Nadu, Assam and other northeastern states.

  49. Question 49 of 50
    49. Question

    One of the essential conditions of Monopolistic competition is:

    Hint

    Monopolistic competition is a type of imperfect competition such that there are many producers competing against each other, but selling products that are differentiated from one another and hence are not perfect substitutes.

  50. Question 50 of 50
    50. Question

    Gresham’s law is related to:

    Hint

    In economics, Gresham’s law is a monetary principle stating that “bad money drives out good”. For example, if there are two forms of commodity money in circulation, which are accepted by law as having similar face value, the more valuable commodity will gradually disappear from circulation.

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