Indian Economy Test 45

Result

Indian Economy Test 45

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Weekly Quiz Competition

Question 1
1 / -0

Consider the following objectives of the National Manufacturing Policy (NMP) of Indian Economy
1. To enable the manufacturing sector to contribute at least 25% of GDP by 2022.
2. To create 500 million additional jobs in the manufacturing sector by 2022.
3. To create the appropriate skill sets among the rural migrant and urban poor for their easy absorption in manufacturing sector.
4. To allow more Foreign Direct Investment (FDI) in Manufacturing sector by 2017.
Which of the statements given above are correct?

A
1, 2, 3 and 4

B
2 and 3

C
1 and 3

D
2 and 4
Question 2
1 / -0

With reference to agricultural sector of India, consider the following statements
1. Rural Infrastructure Development Fund disperses loans to the states to complete the minor irrigation projects.
2. Rural Infrastructure Development Fund is managed by the public sector commercial banks.
Which of the statements given above is/are correct?

A
Only 1

B
Only 2

C
Both 1 and 2

D
Neither 1 nor 2
Question 3
1 / -0

Consider the following statements
1. The USSR assisted in building of Bhilai Steel Plant.
2. The British assisted in the building of the Bokaro Steel Plant.
Which of the statements given above is/are correct?

A
Only 1

B
Only 2

C
Both 1 and 2

D
Neither 1 nor 2
Question 4
1 / -0

Choose the correct statement(s) in the context of Cooperative banks in India
1. Cooperative banks operate on no profit no loss basis.
2. Cooperative banks are allowed to operate only in the agricultural sector.
3. NABARD is a Cooperative bank.

A
Only 1

B
1 and 2

C
1 and 3

D
All of the above

Solution

Cooperative Banks operate on no profit no loss basis, and they operate in all sectors including agriculture sector. NABARD is not a Cooperative Bank. National Bank for Agriculture and Rural Development (NABARD) is an apex development bank in India.
Question 5
1 / -0

A labour intensive industry is one that

A
require hard manual labour

B
pay adequate wages to the labour

C
employs more hands

D
provide facilities to labour

Question 6

1 / -0

Match List I with List II and select the correct answer using the codes given below the lists:

List I (Term)	List II (Explanation)
A. Fiscal deficit	1. Excess of total expenditure over receipts
B. Budget deficit	2. Excess of revenue expenditure
C. Revenue deficit	3. Excess of total expenditure over total receipts less borrowings
D. Primary deficit	4. Excess of total expenditure over total receipts less borrowings and interest payments

A-3 B-1 C-2 D-4

A-2 B-3 C-4 D-1

A-4 B-3 C-1 D-2

A-4 B-1 C-3 D-2

Solution

A. Fiscal deficit - Excess of total expenditure over total receipts less borrowings

B. Budget deficit - Excess of total expenditure over receipts.

C. Revenue deficit - Excess of revenue expenditure.

D. Primary deficit - Excess of total expenditure over total receipts less borrowings and interest payments.

Question 7
1 / -0

Fiscal deficit in the Union Budget means ___________.

A
Difference between current expenditure and current revenue

B
Net Increase in Union Government's borrowings from the Reserve Bank of India

C
The sum of budgetary deficit and net increase in internal and external borrowing

D
The sum of monetised deficit and budgetary deficit

Solution

The difference between total revenue and total expenditure of the government is termed as fiscal deficit. It is an indication of the total borrowings needed by the government. While calculating the total revenue, borrowings are not included.
Question 8
1 / -0

Which one of the following acts is going to be replaced by the Direct Taxes Code (DTC) in India?

A
Income Tax Act 1961

B
Wealth Tax Act 1957

C
Custom Duty Act 1966

D
Both 'a' and 'b'

Solution

DTC will revise, consolidate and simplify the structure of direct tax laws in India into a single legislation. The DTC, when implemented will replace the Income-tax Act, 1961 (ITA), and other direct tax legislations like the Wealth Tax Act, 1957. The Direct Taxes Code (DTC) Bill was introduced in Parliament in 2010 but lapsed with the dissolution of the 15th Lok Sabha. Recently new task force was setup to re-draft the Direct Taxes Code.
Question 9
1 / -0

Which one of the following sectors of the Indian Economy established a committee under Sam Pitroda to implement smart grid to predict and intelligently respond to the behaviour and actions of all users connected to it?

A
Telecom sector

B
Electricity sector

C
Transport sector

D
Banking sector
Question 10
1 / -0

Which one of the following forms the important receipts of the Capital Budget?

A
Net market borrowing

B
Net small savings

C
Provident funds collections

D
All of the above

Solution

Capital Budget consists of capital receipts and payments. It also incorporates transactions in the public account. Capital receipts are loans raised by the government from the public which are called market loans, borrowings by the government from the Reserve Bank and other parties through sale of treasury bills, loans received from foreign bodies and governments, and recoveries of loans granted by the central government to state and union territory governments and other parties. Net small savings and Provident funds collections form a part of the Public account. Thus, the answer is all of the above.

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Re-Attempt Weekly Quiz Competition

Indian Economy Test 45

Result

Indian Economy Test 45

Score

-

Rank

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SHARING IS CARING

Question 1

1, 2, 3 and 4

2 and 3

1 and 3

2 and 4

Question 2

Only 1

Only 2

Both 1 and 2

Neither 1 nor 2

Question 3

Only 1

Only 2

Both 1 and 2

Neither 1 nor 2

Question 4

Only 1

1 and 2

1 and 3

All of the above

Solution

Question 5

require hard manual labour

pay adequate wages to the labour

employs more hands

provide facilities to labour

Question 6

A-3 B-1 C-2 D-4

A-2 B-3 C-4 D-1

A-4 B-3 C-1 D-2

A-4 B-1 C-3 D-2

Solution

Question 7

Difference between current expenditure and current revenue

Net Increase in Union Government's borrowings from the Reserve Bank of India

The sum of budgetary deficit and net increase in internal and external borrowing

The sum of monetised deficit and budgetary deficit

Solution

Question 8

Income Tax Act 1961

Wealth Tax Act 1957

Custom Duty Act 1966

Both 'a' and 'b'

Solution

Question 9

Telecom sector

Electricity sector

Transport sector

Banking sector

Question 10

Net market borrowing

Net small savings

Provident funds collections

All of the above

Solution

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