91. Which of the following areas make the largest contribution to national income in India?
| Answer : Option B |
| Explanation : |
| Assuming national income being measured as the Gross DomesticProduct (GDP), the lion's share in the national income of India is of the SERVICE sector (tertiary sector) which stands at 57% in 2013. India's dynamic services sector has grown rapidly in the last decade with almost 72.4 per cent of the growth in India's GDP in 2014-15 coming from this sector. (Source: Economic Survey 2015-16). |
92. Fixed cost is known as
| Answer : Option C |
| Explanation : |
| Fixed costs are business expenses that are not dependent on the level of goods or services produced by the business. They tend to be time-related, such as salaries or rents being paid per month, and are often referred to as overhead costs. This is in contrast to variable costs, which are volume-related (and are paid per quantity produced) |
93. Which of the following yields the largest revenue to the Government of India?
| Answer : Option A |
| Explanation : |
| Income Tax (corporate and non-corporate combined) contribute about 56 per cent of tax revenue of India. But, income tax, apart from agricultural income is shared between the Union and states. Among the given options, Excise duty is the chief and single largest source of revenue income. The Government of India earns maximum from Union Excise Duty. |
94. The Centre for Agricultural Marketing is located at
| Answer : Option B |
| Explanation : |
| The Chaudhary Charan Singh (CCS) National Institute of Agricultural Marketing (NIAM) is a premier National level Institute set up by the Government of India in August 1988 to offer specialized Training, Research, Consultancy and Education in Agricultural Marketing. NIAM is an autonomous body under the aegis of the Ministry of Agriculture, Government of India. It was set up as a Registered Society to cater to the needs of Agricultural Marketing personnel in India as well as from South East Asian countries. The Union Minister for Agriculture is the President of the Generalbody of NIAM and Secretary, Department of Agriculture and Cooperation is the Chairman of the Executive Committee. The Campus of the National Institute of Agricultural Marketing is situated m a 32 acre plot of land on the outskirts of Jaipur City. |
95. One of the essential conditions of perfect competition is :
| Answer : Option A |
| Explanation : |
| The fundamental condition of perfect competition is that there must be a large number of sellers or firms. Homogeneous Commodity is the second fundamental condition of a perfect market. The products of all firms in the industry are homogeneous and identical. In other words, they are perfect substitutes for one another. There are no trademarks, patents etc. to distinguish the product of one seller from that of another. Under perfect competition, the control over price is completely eliminated because all firms produce homogeneous commodities. This condition ensures that the same price prevails in the market for the same commodity. |
96. Fiscal policy in India is formulated by
| Answer : Option C |
| Explanation : |
| Fiscal policy is the use of government revenue collection (mainly taxes) and expenditure (spending) to influence the economy. In India, the fiscal policy is formulated by the Union Ministry of Finance. Fiscal policy is distinguished from monetary policy that deals with the money supply, lending rates and interest rates and is formulated by the Reserve Bank of India. |
97. The Ganga Action Plan was directed by :
| Answer : Option D |
| Explanation : |
| The Ganga Action Plan was launched by Rajiv Gandhi in April 1986 to reduce the pollution load on the river . |
98. Antyodaya Programme is associated with
| Answer : Option B |
| Explanation : |
| Antyodaya Anna Yojana (AAY) is a centrally sponsored scheme launched on December 2000 for one crore of the poorest families. It is on the lookout for the 'poorest of the poor' by providing them 35 kilos of rice and wheat at Rs.2 per kg. |
99. Which of the following 'Public Undertakings' has not been conferred with 'Maharatna' Status ?
| Answer : Option C |
| Explanation : |
| There are 5 Maharatna companies: Coal India Limited, Indian Oil Corporation Limited, NTPC Limited, Oil and Natural Gas Corporation Limited and Steel Authority of India limited. Bharat Heavy Electricals Limited (BHEL) is a navaratna company. |
100. Monetary policy in India is formulated by :
| Answer : Option C |
| Explanation : |
| The Reserve Bank of India formulates Monetary Policy in India. |
101. Who coined the term 'Hindu rate of growth' for Indian economy?
| Answer : Option D |
| Explanation : |
| The Hindu rate of growth refers to the low annual growth rate of the socialist economy of India before 1991, which stagnated around 3.5% from 1950s to 1980s, while per capita income growth averaged 1.3%. The term was coined by Indian economist Raj Krishnaa. It suggests that the low growth rate of India, a country with a high Hindu population was in a sharp contrast to high growth rates in other Asian countries, especially the East Asian Tigers, which were also newly independent. This meaning of the term, popularised by Robert McNamara, was used disparagingly and has connotations that refer to the supposed Hindu outlook of fatalism and contentedness. |
102. The most distinguishing feature of oligopaly is
| Answer : Option D |
| Explanation : |
| An oligopoly is a market form in which a market or industry is dominated by a small number of sellers (oligopolists). Because there are few sellers, each oligopolist is likely to be aware of the actions of the others. The decisions of one firm influence, and are influenced by, the decisions of other firms. Some of its characteristics are: Profit maximization conditions; Number of firms; Product differentiation; Interdependence; Non-Price Competition, etc. The distinctive feature of an oligopoly is interdependence. Oligopolies are typically composed of a few large firms. Each firm is so large that its actions affect market conditions. Therefore the competing firms will be aware of a firm's market actions and will respond appropriately. This means that in contemplating a market action, a firm must take into consideration the possible reactions of all competing firms and the firm's countermoves. |
103. When was RBI established?
| Answer : Option B |
| Explanation : |
| The Reserve Bank of India (RBI) was founded on 1 April 1935 in accordance with the provisions of the Reserve Bank of India Act, 1934. Following India's independence on 15 August 1947, the RBI was nationalised on 1 January 1949. |
104. In the post-independence period, economic reforms were first introduced in India under
| Answer : Option D |
| Explanation : |
| The economic liberali-sation in India refers to ongoing economic reforms in India that started on 24 July, 1991. In 1991, the government of P. V. Narasimha Rao and his finance minister Manmohan Singh (currently the Prime Minister of India) started breakthrough reforms which included opening for international trade and investment, deregulation, initiation of privatization, tax reforms, and inflationcontrolling measures. |
105. India's biggest nationalised enterprise today
| Answer : Option A |
| Explanation : |
| Indian Railways is an Indian state-owned enterprise, owned and operated by the government of India through the Ministry of Railways. Railways were first introduced to India in 1853 from Bombay to Thane. In 1951 the systems were nationalized as one unit, the Indian Railways, becoming one of the largest networks in the world. IR operates both long distance and suburban rail systems on a multi-gauge network of broad, metre and narrow gauges. |
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