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Indian Economy Quiz 7

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  1. Question 1 of 33
    1. Question

    When was the Minimum Wages Act enacted in India?

    Hint

    In India, the Minimum Wages Act was enacted in 1948. It is an Act of Parliament concerning Indian labour law that sets the minimum wages that must be paid to skilled and unskilled labours. The Act gives both the Central government and State government jurisdiction in fixing wages.

  2. Question 2 of 33
    2. Question

    Which one of the following does not deal with export promotion?

    Hint

    A Cooperative Marketing Society does not deal with export promotion. It provides market finance to farmers and ensures better returns to their produce. Besides marketing, society can act as an agent of credit co-operative society and help to recover loans advanced by credit societies.

  3. Question 3 of 33
    3. Question

    Which of the following sets belongs to Central tax?

    Hint

    The Central Government of India levies taxes such as customs duty, income tax, service tax, and central excise duty.

  4. Question 4 of 33
    4. Question

    The most distinguishing feature of oligopoly is:

    Hint

    An oligopoly is a market structure in which a market or industry is dominated by a small number of large firms (sellers). Examples of oligopoly include the auto industry, cable television, commercial air travel, etc.

  5. Question 5 of 33
    5. Question

    Who defined investment as “the construction of a new capital asset like machinery or factory building”?

    Hint

    The statement is taken from Keyne’s Investment Demand Function. According to Keynes Investment expenditure refers to the creation of new assets i.e. an addition to the stock of existing capital assets.

  6. Question 6 of 33
    6. Question

    Insurance sector in India is regulated by:

    Hint

    The Insurance Regulatory and Development Authority of India (IRDA) is a regulatory body under the jurisdiction of Ministry of Finance, Government of India and is tasked with regulating and licensing the insurance and re-insurance industries in India.

  7. Question 7 of 33
    7. Question

    Consequent upon the recommendations of the Working Group on Rural Banks, five Rural Regional Banks were initially set up in the year:

    Hint

    Five Rural Regional Banks (RRBs) were set up on 2 October 1975 on the recommendations of the Narsimha Committee on Rural Credit. The purpose was to include rural areas into the economic mainstream since around 70% of the Indian population was rural.

  8. Question 8 of 33
    8. Question

    Poverty in less developed countries is largely due to:

    Hint

    In early development, investment opportunities for those who already have wealth multiply so owners of capital can accumulate wealth. At the same time, there is an influx of cheap rural labor to the developing cities, which drives down wages. Therefore, in early development, inequality increases.

  9. Question 9 of 33
    9. Question

    Among the tax revenues of the Union Government, the most important source is:

    Hint

    In 2020-21, 28.5% of the revenue came from Goods and Services Tax (GST) followed by Corporate Tax, Personal Income Tax, Union Excise Duty and Customs Duty 28.1%, 26.3%, 11% and 5.7% respectively.

  10. Question 10 of 33
    10. Question

    Cheap Money means:

    Hint

    Cheap money is money that can be borrowed with a very low interest rate or price for borrowing.

  11. Question 11 of 33
    11. Question

    Disinvestment in Public Sector is called:

    Hint

    Disinvestment in Public sector is a process of public asset sales done by the Government to the private sector.

  12. Question 12 of 33
    12. Question

    An individual’s actual standard of living can be assessed by:

    Hint

    Disposable Personal Income (DPI) is how much money a person has to spend after taxes and any other mandatory withholdings are taken from their paycheck.

  13. Question 13 of 33
    13. Question

    The purchase of shares and bonds of Indian companies by Foreign Institutional Investors is called:

    Hint

    Foreign indirect investment (FII) involves corporations, financial institutions, and private investors that purchase shares in foreign companies that trade on a foreign stock exchange.

  14. Question 14 of 33
    14. Question

    When there is an official change in the exchange rate of domestic currency, then it is called:

    Hint

    Revaluation is an official rise of the value of the currency in relation to a foreign currency in a fixed exchange rate system. Revaluation is the opposite of devaluation, which is a downward adjustment of a country’s official exchange rate.

  15. Question 15 of 33
    15. Question

    Inflation redistributes income and wealth in favour of:

    Hint

    Inflation allows borrowers to pay lenders back with money worth less than when it was originally borrowed, which benefits borrowers.

  16. Question 16 of 33
    16. Question

    The reserves held by Commercial Banks over and above the statutory minimum, with the RBI are called:

    Hint

    Excess reserves are capital reserves held by a bank or financial institution in excess of what is required by regulators, creditors, or internal controls.

  17. Question 17 of 33
    17. Question

    Who is authorised to issue coins in India?

    Hint

    The Government of India (Ministry of Finance) has the sole right to mint coins. The responsibility for coinage vests with the Government of India in terms of the Coinage Act 1906. The Reserve Bank puts the coins into circulation on behalf of the Government of India.

  18. Question 18 of 33
    18. Question

    The ‘break-even’ point is where:

    Hint

    The break-even point is the point at which total cost and total revenue are equal, meaning there is no loss or gain for your small business.

  19. Question 19 of 33
    19. Question

    Rate of interest is determined by:

    Hint

    Rate of interest is determined by Liquidity preference. Liquidity Preference Theory is a model that suggests that an investor should demand a higher interest rate or premium on securities with long-term maturities that carry greater risk because investors prefer cash or other highly liquid holdings.

  20. Question 20 of 33
    20. Question

    Through which principle/device did Mahatma Gandhi strive to bridge economic inequalities?

    Hint

    Through the establishment of village industries, Mahatma Gandhi strives to bridge economic inequalities. Gandhiji conceived Khadi Programme as a key to solve the economic problems of the country. Gandhi had commented about khadi “It connotes the beginning of economic freedom and equality of all in the country.”

  21. Question 21 of 33
    21. Question

    Which one of the following is not a function of the central bank in an economy?

    Hint

    Controlling government spending is not a function of the central bank (RBI in India). In a parliamentary democracy, the political executive is responsible to the Parliament. The control exercised by the Parliament over the executive is its control on financial expenditure.

  22. Question 22 of 33
    22. Question

    Per capita income is equal to:

    Hint

    Per capita income (PCI) is a measure of the amount of money earned per person in a nation or geographic region. It is calculated by dividing the national income by its total population.

  23. Question 23 of 33
    23. Question

    A favourable Balance of Trade of a country implies that:

    Hint

    Balance of trade is the difference between the value of a country’s exports and the value of its imports. A favorable balance of trade means an excess of commodity exports over commodity imports. An unfavorable balance of trade is used to mean an excess of commodity imports over commodity exports.

  24. Question 24 of 33
    24. Question

    The value of a commodity expressed in terms of money is known as:

    Hint

    The value of a commodity expressed in terms of money is known as price. Price is the amount of money that has to be paid to acquire a given product.

  25. Question 25 of 33
    25. Question

    The term of the Finance Commission is:

    Hint

    As per the Constitution of India, the Finance Commission is appointed every five years and consists of a chairman and four other members. The Finance Commission is constituted by the President under article 280, mainly to give its recommendations on distribution of tax revenues between the Union and the States.

  26. Question 26 of 33
    26. Question

    Reserve Bank of India was nationalised in:

    Hint

    The Reserve Bank of India (RBI) was nationalised with effect from 1 January 1949 on the basis of the RBI Act 1948.

  27. Question 27 of 33
    27. Question

    In a Capitalistic Economy, the prices are determined by:

    Hint

    In a capitalist society the prices of goods, services and labour are determined by supply and demand. If a lot of people want to buy a certain product its price will go up. Products that are mass produced usually have low prices.

  28. Question 28 of 33
    28. Question

    Toothpaste is a product sold under:

    Hint

    Monopolistic competition characterizes an industry in which many firms offer products or services that are similar (but not perfect) substitutes. Hair salons, restaurants, Toothpaste, clothing, consumer electronics, etc. are some examples of products that are sold under monopolistic competition.

  29. Question 29 of 33
    29. Question

    Purchasing Power Parity theory is related with:

    Hint

    Purchasing power parity (PPP) is a theory which states that exchange rates between currencies are in equilibrium when their purchasing power is the same in each of the two countries.

  30. Question 30 of 33
    30. Question

    Green Accounting means measuring the National Income of the country taking into account estimation of:

    Hint

    The Green accounting system is a type of accounting that attempts to factor environmental costs into the financial results of operations. The main objective of green accounting is to assist businesses to understand environmental goals are as important as financial goals.

  31. Question 31 of 33
    31. Question

    ‘NABARD’ is associated with the development of:

    Hint

    National Bank for Agriculture and Rural Development (NABARD) is an apex regulatory body for overall regulation of regional rural banks and apex cooperative banks in India.

  32. Question 32 of 33
    32. Question

    In Economics the ‘Utility’ and ‘Usefulness’ have:

    Hint

    Usefulness is the benefit that is derived by consuming a commodity whereas utility is the want satisfying power of a commodity. A commodity having utility need not be useful.

  33. Question 33 of 33
    33. Question

    The total value of goods and services produced in a country during a given period is:

    Hint

    National income is referred to as the total monetary value of all services and goods that are produced by a nation during a period of time.

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