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Employment Growth Informational and other Issues test - 30

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Employment Growth Informational and other Issues test - 30
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Weekly Quiz Competition
  • Question 1
    1 / -0
    _____________ may be defined as the situation when all those persons who are willing to work at the prevailing wage rate are getting work and are employed.
    Solution
    Full employment refers to the situation when all the people who are willing to work in the economy at a prevailing wage rate are getting work and are employed to produce the desired level of output in the economy. 
  • Question 2
    1 / -0
    What is meant by the term collective bargaining?
    Solution
    A process by which a union negotiates with an employer on behalf of its members on matters concerning the terms and conditions of employment. is termed as collective bargaining. Collective bargaining can be defined as the technique by which dispute as to conditions of employment is resolved by agreement rather than coercion.
  • Question 3
    1 / -0
     Select the correct statement/statements regarding the pension reforms in India. using the code given below:
    1. Pension reforms in India have evolved primarily in response to the need of reform in the Government pension system.
    2. These have been designed to make a shift from 'defined-benefit to 'defined-contribution' by putting a cap on the Government's liability.  
    Solution
    Pension reforms in India are introduced to cope with the absence of a social security system, ageing population and changes due to breakdown of the traditional family support system.  Hence, they have evolved primarily in response to the need for reform in the Government pension system.  Moreover, these have been designed to make a shift from 'defined-benefit' to 'defined-contribution' by putting a cap on the  Government's liability.
    Thus, the correct answer is C.
  • Question 4
    1 / -0
    An economy is following the policies given below:
    1. Creating self-employment sources with high speed
    2. Cutting its expenditure on the heads of salaries, subsidies and pension
    3. Promoting public - private partnerships in the infrastructure sector
    Select the correct outcome which the economy wants out of such a policy.
  • Question 5
    1 / -0
    Contract labour has been increasing in the country in the recent years— select the correct statements related to this fact using the code given below:
    1.At present, around one fourth of all registered manufacturing workers are on contract in comparison to just 1212 per cent of late nineties.
    2.This is higher in the states with more rigid labour laws.
    3.India needs to tame down the instances of regulatory cholesterol.
    Solution
    As per experts, slow pace of labour reforms is the main reason behind this incidence. Economic Survey 2015-16 terms it 'regulatory cholesterol'. 
  • Question 6
    1 / -0
    The largest source of revenue for Britishers in India was from  ____?
  • Question 7
    1 / -0
    In free economy, inequalities in income is due to
  • Question 8
    1 / -0
    In______________ the workers are paid on the basis of hourly daily, weekly rate.
    Solution

    The time rate system is that system of wage payment in which the workers are paid on the basis of time spent by them in the factory. ... Hence, according to this system, wages are paid on hourly, weekly or monthly basis. Under time rate system, the wages earned by a worker is determined by using the following formula. Time” is made a basis for determining wages of worker. Under this system, the wages are paid according to the time spent by workers irrespective of his output of work done. The wage rates are fixed for an hour, a day, week, a month or even a year (seldom used). This time rate system calculation is based on the working hours of the employee, that is the amount of time spent on the work along with the amount of work delivered within the specific period of time. 

  • Question 9
    1 / -0
    Which of the following taxes will be levied on Imports of goods and services?
    Solution

  • Question 10
    1 / -0
    FEMA stands for _____________________.
    Solution

    The Foreign Exchange Management Act, 1999 (FEMA) is an Act of the Parliament of India "to combine and adjust the law involving to foreign exchange with the purpose of facilitating external trade and payments and for promoting the arranged development and protection of the foreign exchange market in India". 

    It was passed in the winter session of Parliament in 1999; replace the Foreign Exchange Regulation Act (FERA). This act makes offences related to foreign exchange civil offences. It extends to the whole of India, replacing FERA, which had become mismatched with the pro-liberalization policy of the Government of India. 

    It enables a new foreign exchange management regime reliable with the rising framework of the World Trade Organization (WTO). It also covered the way for the introduction of the Prevention of Money Laundering Act, 2002, which came into effect from 1 July 2005.

    Thus, the correct option is D.

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