People As Resource Test

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People As Resource Test - 13

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Weekly Quiz Competition

Question 1
1 / -0

Convertibility of rupee means _________.

A
determination its own exchange rate in international market

B
conversion of rupee into any foreign currency

C
transfer of funds in international market

D
none of these

Solution

Convertibility of rupees refers to the ability of rupees to be converted into any foreign currency backing with the exchange rate that prevails at the time of conversion.
Question 2
1 / -0

Custom Duties are levied on ______________.

A
Exports and imports

B
Manufacture of excisable goods/commodities

C
Services rendered

D
Sale made by a dealer in the course of inter-state or intra-state or commerce

Solution

Custom Duties are levied on exports and imports. Custom duty can also be defined as a type of tax which should be paid by people for exporting to foreign countries and importing goods from foreign countries.
Question 3
1 / -0

All of the following developments were noticed during 1991 (when economic reforms were enforced) except one. Identify it.

A
National Debt was nearly 60% of the GNP of India

B
Inflation crossed double digits

C
Foreign Reserves were maintained at a very high level

D
None of the above

Solution

All the following developments ( such as National Debt was nearly 60% of the GNP of India, Inflation crossed double digits) were noticed during 1991, when economic reforms were enforced, except "Foreign Reserves were maintained at a very high level. During 1991, Indian Government adopted New Economic Policy which emphasized liberalization, privatization and globalization.
Question 4
1 / -0

In the pre-reforms period (i.e. before 1991), banking scene was dominated by the __________ sector.

A
private

B
public

C
both (a) and (b)

D
neither (a) nor (b)

Solution

India adopted the socialist form of economy prior to 1991 which involved a lot of government intervention in all the sectors including banking sector which made Indian economy a little conservative compared to other economic structures prevalent then. But after 1991, the government disinvested all its share from most of the sectors including banking sector which brought privatization in banking sector where public sector used to dominate prior to 1991.
Question 5
1 / -0

Ram : My corn harvest this year is poor.
Krishna : Don't worry. Price increases will compensate for the fall in quantity supplied.
Vinod : Climate affects crop yields. Some years are bad, others are good.
Madhur : The Government ought to guarantee that our income will not fall.
In the conversation the normative statement is made by ______________.

A
Ram

B
Krishna

C
Vinod

D
Madhur

Solution

Normative Statement refers to "What ought to be" or it makes an assessment of an activity and offers advice. Hence the statement made by Madhur is a normative statement.
Question 6
1 / -0

Which one of the following taxes belong exclusively to the State Governments?

A
Income Tax

B
Agricultural Tax

C
Excise Tax

D
Wealth Tax

Solution

Agricultural tax belong exclusively to the State Governments. This means that tax from agricultural sector or primary sector of the economy is collected only by the state government. Central government has no authority of collecting agricultural tax.
Question 7
1 / -0

Which of the following is an objective of VAT?

A
To avoid double taxation effect or cascading effect

B
To promote cost-efficiency, by permitting credit on inputs

C
To ensure equitable distribution of tax impact amongst Dealers

D
All of the above

Solution

VAT stands for Value Added Tax. Enactment of VAT on goods has certain objectives:
a) To avoid double taxation effect or cascading effect
b) To promote cost-efficiency, by permitting credit on inputs
c) To ensure equitable distribution of tax impact amongst Dealers
Question 8
1 / -0

New Economic Reforms in India were introduced in ___________.

A
1999

B
1991

C
2001

D
2003

Solution

During 1991, some new economic reforms where introduced in India which were also known as LPG ( Liberalization, Privatization, and Globalization). These reforms where taken to make the economy stable and take it out from the national crisis which it was facing.
Question 9
1 / -0

Which of the following is not true about the pre-reforms period (i.e. before 1991)?

A
Shortage of Foreign Exchange

B
Heavy Government Borrowings

C
Huge Losses of Public Sector Enterprises

D
Surplus Budget in each financial year

Solution

In pre-reform period, that is, before the year of 1991, Surplus Budget in each financial year. Surplus Budget in each financial year introduced after the year of 1991. Budget can be defined as a statement of receipts and expenditure of an economy.
Question 10
1 / -0

In the pre-reforms period (i.e. before 1991), Import of food grains was permitted ______________.

A
In order to meet domestic demand in case of shortage of foodgrains

B
To help Indians consume nutritious food

C
Whenever there was a favourable Balance of Trade

D
All of the above

Solution

In the pre-reforms period (i.e. before 1991), Import of food grains was permitted in order to meet domestic demand in case of shortage of foodgrains. Demand for food grains by the nation used to fall short in the pre-reform period, hence to cope up with the shortage of food grains, import was done from the foreign countries.

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Re-Attempt Weekly Quiz Competition

People As Resource Test - 13

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People As Resource Test - 13

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SHARING IS CARING

Question 1

determination its own exchange rate in international market

conversion of rupee into any foreign currency

transfer of funds in international market

none of these

Solution

Question 2

Exports and imports

Manufacture of excisable goods/commodities

Services rendered

Sale made by a dealer in the course of inter-state or intra-state or commerce

Solution

Question 3

National Debt was nearly 60% of the GNP of India

Inflation crossed double digits

Foreign Reserves were maintained at a very high level

None of the above

Solution

Question 4

private

public

both (a) and (b)

neither (a) nor (b)

Solution

Question 5

Ram

Krishna

Vinod

Madhur

Solution

Question 6

Income Tax

Agricultural Tax

Excise Tax

Wealth Tax

Solution

Question 7

To avoid double taxation effect or cascading effect

To promote cost-efficiency, by permitting credit on inputs

To ensure equitable distribution of tax impact amongst Dealers

All of the above

Solution

Question 8

1999

1991

2001

2003

Solution

Question 9

Shortage of Foreign Exchange

Heavy Government Borrowings

Huge Losses of Public Sector Enterprises

Surplus Budget in each financial year

Solution

Question 10

In order to meet domestic demand in case of shortage of foodgrains

To help Indians consume nutritious food

Whenever there was a favourable Balance of Trade

All of the above

Solution

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