1. Which among the following is a tax levied by Centre and not shared with States ?
| Answer : Option C |
| Explanation : |
| Taxes levied, collected and retained by the Centre are: Ø Corporation Tax (Corporate tax) Ø Customs Duties. Ø Surcharge on Income Tax. Ø Taxes on capital value of assets of individual and companies. Ø Fees on matters of the Union list. These taxes belong to the centre exclusively. In other words, no part of the proceeds of these taxes can be assigned to the states. |
2. After ONGC, OIC, NTPC and SAIL, the 'Navratna' PSU which was awarded 'Maharatna' status is
| Answer : Option A |
| Explanation : |
| In April 2011, Coal India Limited (CIL) was conferred the Maharatna status by the Union Government of India and ranked as one of India's most valuable companies by market value. It is the world's largest coal miner with revenue exceeding Rs. 624.15 billion in 2012. |
3. The Planning Commission of India was constituted in the year
| Answer : Option B |
| Explanation : |
| The Planning Commission is an institution in the Government of India, which formulates India's Five- Year Plans, among other functions. It was set up on 15 March 1950, with Prime Minister Jawaharlal Nehru as the chairman. Planning Commission though is a non statutory as well extra constitutional body, i.e. has been brought by an executive order. The Planning Commission does not derive its creation from either the Constitution or statute, but is an arm of the Central/Union Government. |
4. Which one of the following is not a scheme/project of the present Government?
| Answer : Option A |
| Explanation : |
| Swachh Bharat is India's biggest ever cleanliness campaign that was originally known as Nirmal Bharat Abhiyan and Total Sanitation Campaign from 1999 to 2012. On 2 October 2014, the Nirmal Bharat Abhiyan campaign was relaunched as Swachh Bharat Abhiyan (Clean India Mission) which aims to eradicate open defecation by 2019. |
5. When there is one buyer and many sellers then that situation is called
| Answer : Option D |
| Explanation : |
| In economics, a monopsony (mono: single) is a market form in which only one buyer faces many sellers. It is an example of imperfect competition, similar to a monopoly, in which only one seller faces many buyers. As the only purchaser of a good or service, the monopsonist may dictate terms to its suppliers in the same manner that a monopolist controls the market for its buyers. It is also known as Single buyer Right. A singlepayer universal health care system, in which the government is the only'buyer' of health care services, is an example of a monopsony. Another possible monopsony could develop in the exchange between the food industry and farmers. |
6. Which Indian company secured the highest export revenue from IT software and services during the past two years ?
| Answer : Option D |
| Explanation : |
| Tata Consultancy Services (TCS) is India's top software services exporter. TCS is part of the Tata Group conglomerate that also manufactures cars and steel, and serves customers including Citigroup Inc and BP Plc. It is one of India's most valuable companies and is the largest India-based IT services company by 2012 revenues. |
7. In a developing country like India, in which sector a high rate of disguised unemployment exists ?
| Answer : Option C |
| Explanation : |
| Agriculture sector has a high rate of disguised unemplyment. The surplus labours in agriculture sector forms 'disguised unemployment'. |
8. How do you calculate the poverty line?
| Answer : Option A |
| Explanation : |
| The poverty line in India defines a threshold income; households earning below this threshold are considered poor. In 2011, the Suresh Tendulkar Committee defined the poverty line on the basis of monthly spending on food, education, health, electricity and transport. According to this estimate, a person who spends Rs. 27.2 in rural areas and Rs. 33.3 in urban areas a day are defined as living below the poverty line. |
9. Labour Intensive Technique would get chosen in a
| Answer : Option B |
| Explanation : |
| 'Labour' refers to the people required to carry out a process in a business. Labour-intensive processes are those that require a relatively high level of labour compared to capital investment. These processes are more likely to be used to produce individual or personalised products, or to produce on a small scale. The costs of labour are: wages and other benefits, recruitment, training and so on. Labour intensive processes are more likely to be seen in Job production and in smaller-scale enterprises. |
10. Which one of the following is an example for Non-Banking Financial institution ?.
| Answer : Option D |
| Explanation : |
| A non-bank financial institution (NBFI) is a financial institution that does not have a full banking license or is not supervised by a national or international banking regulatory agency. LIC is an example for Non- Banking Financial intitution. |
11. India is called a mixed economy because of the existence of (a ) Public Sector (b ) Private Sector (c ) Joint Sector (d ) Cooperative Sector
| Answer : Option D |
| Explanation : |
| India is called a mixed economy because there is both private owned enterprises and state owned enterprises and the government does not intervene on the decisions of enterprises owned by individuals except to govern law and to correct market failures. The product market in this case is determined by the market demand and market supply rather than the decisions of the policy makers. |
12. All of the goods which are scarce and limited in supply are called
| Answer : Option D |
| Explanation : |
| In economics, a good is something that is intended to satisfy some wants or needs of a consumer and thus has economic utility. An economic good is a consumable item that is useful to people but scarce in relation to its demand, so that human effort is required to obtain it. In contrast, free goods (such as air) are naturally in abundant supply and need no conscious effort to obtain them. |
13. The PURA Scheme which envisages the provision of urban amenities in rural areas in India was advocated for the first time by
| Answer : Option B |
| Explanation : |
| Provision of Urban Amenities to Rural Areas (PURA) is a strategy for rural development in India. This concept was given by former president Dr. A.P.J. Abdul Kalam and discussed in his book Target 3 Billion which he co-authored with Srijan Pal Singh. PURA proposes that urban infrastructure and services be provided in rural hubs to create economic opportunities. |
14. Which State Government has launched the Smart Village Programme, to improve public facilities in village?
| Answer : Option D |
| Explanation : |
| The Gujarat government, on 22 May 2014, launched the Smart Village programme to improve public facilities in villages. The objective of the programme is to make villages self-reliant, clean, and hygienic. It has been conceptualized on the lines of Smart Cities initiative of the Union Government under which 100 cities were chosen for infrastructure development. |
15. The income elasticity of demand being greater than one, the commodity must be
| Answer : Option C |
| Explanation : |
| In economics, income elasticity of demand measures the responsiveness of the demand for a good to a change in the income of the people demanding the good, ceteris paribus. It is calculated as the ratio of the percentage change in demand to the percentage change in income. For example, if, in response to a 10% increase in income, the demand for a good increased by 20%, the income elasticity of demand would be 20%/10% = 2. A positive income elasticity of demand is associated with normal goods; an increase in income will lead to a rise in demand. If income elasticity of demand of a commodity is less than 1, it is a necessity good. If the elasticity of demand is greater than 1, it is a luxury good or a superior good. |
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