16. Indian economy is a
| Answer : Option B |
| Explanation : |
| Indian economy is an example of mixed economy, an economic system that contains a mixture of markets and economic planning, in which both the private sector and state direct the economy. It is a mixture of public ownership and private ownership; and market economies with strong regulatory oversight and governmental provision of public goods. |
17. The excess of price a person is to pay rather than forego the consumption of the commodity is called
| Answer : Option A |
| Explanation : |
| 'Producer Surplus' is an economic measure of the difference between the amount that a producer of a good receives and the minimum amount that he or she would be willing to accept for the good. The difference, or surplus amount, is the benefit that the producer receives for selling the good in the market. |
18. Which one of the following disburses long term loans to privateindustry in India ?
| Answer : Option B |
| Explanation : |
| The medium and long term of loans are disbursed to the farmers through Primary Land Development Banks who draw their finances from Central Land Development Banks who in turn draw their finances from NABARD. As for the short term credit, this is disbursed to the farmers through Primary Agricultural Credit Societies who draw their finances from Central Cooperative Banks who in turn draw their finances from the State Cooperative Banks. |
19. The new Agricultural Strategy in India was introduced in
| Answer : Option B |
| Explanation : |
| In India, a new agricultural strategy was initiated in 1966-67. This initiative heralded the introduction of High Yield Variety of wheat to tackle food security and led to the Green Revolution in India. |
20. Who advocated the adoption of 'PURA' mbdel to eradicate rural poverty ?
| Answer : Option A |
| Explanation : |
| Providing Urban Amenities to Rural Areas (PURA) is a strategy for rural development. The concept was given by former President Dr. APJ Abdul Kalam. |
21. When there is a change in demand leading to a shift of the Demand Curve to the right, at the same price as before, the quantity demanded will
| Answer : Option D |
| Explanation : |
| In economics, the demand curve is the graph depicting the relationship between the price of a certain commodity and the amount of it that consumers are willing and able to purchase at that given price. The shift of a demand curve takes place when there is a change in any non-pricedeterminant of demand, resulting in a new demand curve. There is movement along a demand curve when a change in price causes the quantity demanded to change. When there is a change in an influencing factor other than price, there may be a shift in the demand curve to the left or to the right, as the quantity demanded increases or decreases at a given price. For example, if there is a positive news report about the product, the quantity demanded at each price may increase, as demonstrated by the demand curve shifting to the right. |
22. As per newspapers report what percent of Government stake will be disinvested in Rashtriya Ispat Nigam Ltd. (RINL) ?
| Answer : Option D |
| Explanation : |
| Rashtriya Ispat Nigam Ltd (RINL), on 23 September 2014, filed a draft prospectus with market regulator SEBI for an initial public offering (IPO) through which the government will sell 10 per cent of its stake in the company. The government proposes to raise Rs 43,425 crore through disinvestment in PSUs. |
23. Chairman of the Eleventh Finance Commission was
| Answer : Option D |
| Explanation : |
| The Eleventh Finance Commission of India was appointed by the President on July 3, 1998 for the period 2000-05. It was chaired by Prof. A.M. Khusro and its members were Shri N.C Jain, Shri J.C Jetly, Dr. Amaresh Bagchi, and T.N. Srivastava. Note : The Finance Commission came into existence in 1951. It was established under Article 280 of the Indian Constitution by the President of India. The chairman of 14th and current finance commission is former RBI governor Y.V.Reddy. |
24. Which of the following tax systems will help to reduce economic inequalities in India ?
| Answer : Option B |
| Explanation : |
| A progressive tax is a tax in which the tax rate increases as the taxable amount increases. Progressive taxes are imposed in an attempt to reduce the tax incidence of people with a lower ability to pay, as such taxes shift the incidence increasingly to those with a higher ability-to-pay. It reduces tax burdens on people who can least afford to pay them and is, thus, considered as effective in reducing economic inequalities. |
25. The fringe benefit tax was introduced in the budget of
| Answer : Option D |
| Explanation : |
| The fringe benefits tax (FBT) was introduced in India in the year 2005-2006. Fringe Benefit Tax (FBT) is fundamentally a tax that an employer has to pay in lieu of the benefits that are given to his/her employees. It was an attempt to comprehensively levy tax on those benefits, which evaded the taxman. The list of benefits encompassed a wide range of privileges, services, facilities or amenities which were directly or indirectly given by an employer to current or former employees, be it something simple like telephone reimbursements, free or concessional tickets or even contributions by the employer to a superannuation fund. FBT was introduced as a part of the Finance Bill of 2005 and was set at 30% of the cost of the benefits given by the company, apart from the surcharge and education cess that also needed to be paid. |
26. 'NABARD' is a/an
| Answer : Option A |
| Explanation : |
| The National Bank for Agriculture and Rural Development (NABARD) is the apex development Bank for agriculture and rural development. It was set up on July 12, 1982. |
27. The Report of Vijay Kelkar Committee relates to
| Answer : Option B |
| Explanation : |
| Vijay Kelkar, former finance secretary and advisor to the finance minister almost a decade ago, was mandated by the finance minister to give a report outlining a roadmap for fiscal consolidation. Kelkar, who headed the 13th Finance Commission, was told to present a fiscal road map for the medium term |
28. The Employment Guarntee Scheme, which is now an important component of the NCMP, was first introduced in which State ?
| Answer : Option A |
| Explanation : |
| The Employment Guarantee Scheme (EGS) underlying the National Rural Employment Guarantee Act is by far one of the largest social safety-net programmes launched anywhere in the developing world. Maharashtra became the first state in India to guarantee work in 1979 following a severe drought. The EGS began in 1972 during the drought period. However, it received statutory basis in 1977 when the Maharashtra Legislative Assembly unanimously voted it as a law of the land. The law became operative from January 26, 1979 with the consent of the President of India. |
29. Regional Rural Banks are sponsored by
| Answer : Option C |
| Explanation : |
| Regional Rural Banks (RRBs) were set up as governmentsponsored, regional based rural lending institutions under the Regional RuralBanks Act, 1976. Every RRB is owned by three entities with their respective shares as follows: Central Government (50%); State government (15%); Sponsor bank (35%). Each Regional Rural Bank is sponsored by a PublicSector Bank. |
30. Which of the following is not the source of the revenue of central Government?
| Answer : Option D |
| Explanation : |
| The shareable central taxes include corporation tax, income tax, wealth tax, customs, excise duty and service tax. The taxes, which are not shared with states include some cesses like education and road. Income Tax in India includes all income except the agricultural income that is levied and collected by the central government. |
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