Introduction Test - 29

Government has allowed flexibility in labour laws is not a characteristic of 'Special Economic Zone'.

Normal labour laws are applicable to SEZs, which are enforced by the respective State Governments. The State Governments have been requested to simplify the procedures/returns and for introduction of a single window clearance mechanism by delegating appropriate powers to Development Commissioners of SEZs.

Jobless Economic growth leads to social unrest.

Economic growth means an increase in real national income / national output.

Economic growth is an increase in the production of economic goods and services, compared from one period of time to another.

Traditionally, aggregate economic growth is measured in terms of gross national product (GNP) or gross domestic product (GDP).

RBI uses both Qualitative, as well as Quantitative measures for credit control in the economy.

Quantitative Measures:Bank Rate Policy, Open Market Operations, Cash Reserve Ratio, Statutory Liquidity Ratio.

Qualitative Measures:Margin requirements, Consumer Credit Regulation, RBI Guidelines, Rationing of credit, Moral Suasion, Direct Action, Credit Authorisation Scheme.

The cash Deposit ratio isnot adopted by the Reserve Bank of India for controlling credit.

The headquarter of the Asian Development Bank is located in Metro Manila.It is a regional development bank.ADB is an official United Nations Observer.The current President is Masatsugu Asakawa.It has 31 field offices in Asia and the Pacific and representative offices in Washington, Frankfurt, Tokyo and Sydney.

The correct statement is:Relative Contribution of Mining and Quarrying Sector is declining in Gross National Product.

The mining sector’s contribution to the country's GNP has been declining in recent years, despite growth in production and value accretion. The services sector accounts for 54.40percent of total India's GVA of 169.61 lakh crore Indian rupees. The share of primary (comprising agriculture, forestry, fishing, and mining & quarrying) is 8.57 percent. The share of secondary (comprising manufacturing, electricity, gas, water supply & other utility services, and construction) is 27.03 percent. The share of tertiary (services) sectors has been estimated as 54.40 percent.

The tertiary sector doesn't produce any goods.

Tertiary sector:

• The tertiary sector is known as the service sector.
• It provides useful services for the primary and secondary sectors.
• It is a well-organized sector and uses modern-day logistics techniques to perform its functions.
• Banking, insurance trade, and communications, etc comes under this sector.

deficit financing, practice in which a government spends more money than it receives as revenue, the difference being made up by borrowing or minting new funds.

Deficit financing, however, may also result from government inefficiency, reflecting widespread tax evasion or wasteful spending rather than the operation of a planned countercyclical policy.

World Trade Organisation (WTO) is one such organisation whose aim is to liberalise international trade.

Started at the initiative of the developed countries, WTO establishes rules regarding international trade, and sees that these rules are obeyed. About 160 countries of the world are currently members of the WTO. Though WTO is supposed to allow free trade for all, in practice, it is seen that the developed countries have unfairly retained trade barriers. On the other hand, WTO rules have forced the developing countries to remove trade barriers. An example of this is the current debate on trade in agricultural products.

In India, the Reserve Bank of India determines the bank rate, which is the standard rate at which it is prepared to buy or re-discount bills of exchange or other commercial bills eligible for purchase under the RBI Act 1934 (sec. 49).

Consumer Rights include right to safety, right to be informed and right to be heard.

All six consumer rights are explained below:

(A) Right to Safety means right to be protected against the marketing of goods and services, which are hazardous to life and property.

(B) Right to be Informed means right to be informed about the quality, quantity, potency, purity, standard.

(C) Right to Choose means right to be assured, wherever possible of access to variety of goods and services at competitive price.

(D) Right to be Heard means that consumer's interests will receive due consideration at appropriate forums.

(E) Right to Seek redressal means right to seek redressal against unfair trade practices or unscrupulous exploitation of consumers.

(F) Right to Consumer Education means the right to acquire the knowledge and skill to be an informed consumer throughout life.

Hence the correct option is (D).