MCQs
Total Questions : 650
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Answer: Option A. -> Socialist system
Answer: (a)
In India, a planned economy is based on the socialist system in which all have equal opportunities to education, healthcare, non-exploitation, equality of wealth etc.
The concept was borrowed from Russia and is based on achieving directive principles mentioned in our constitution.
Answer: (a)
In India, a planned economy is based on the socialist system in which all have equal opportunities to education, healthcare, non-exploitation, equality of wealth etc.
The concept was borrowed from Russia and is based on achieving directive principles mentioned in our constitution.
Answer: Option C. -> 1975
Answer: (c)
The Government of India set up Regional Rural Banks (RRBs) on October 2, 1975.
Initially, five RRBs were set up on October 2, 1975, which were sponsored by Syndicate Bank, State Bank of India, Punjab National Bank, United Commercial Bank and United Bank of India.
Capital share being 50% by the central government, 15% by the state government and 35% by the scheduled bank
Answer: (c)
The Government of India set up Regional Rural Banks (RRBs) on October 2, 1975.
Initially, five RRBs were set up on October 2, 1975, which were sponsored by Syndicate Bank, State Bank of India, Punjab National Bank, United Commercial Bank and United Bank of India.
Capital share being 50% by the central government, 15% by the state government and 35% by the scheduled bank
Answer: Option C. -> sum of all savings
Answer: (c)
The national income of a country can be measured by:
Product Method or the Output Method
Income Method, and
Expenditure Method.
The output approach focuses on finding the total output of a nation by directly finding the total value of all goods and services a nation produces.
The expenditure approach is basically an output accounting method.
Under the Income method, national income is measured as a flow of factor incomes.
Answer: (c)
The national income of a country can be measured by:
Product Method or the Output Method
Income Method, and
Expenditure Method.
The output approach focuses on finding the total output of a nation by directly finding the total value of all goods and services a nation produces.
The expenditure approach is basically an output accounting method.
Under the Income method, national income is measured as a flow of factor incomes.
Answer: Option D. -> Non-plan Expenditure
Answer: (d)
There are two components of expenditure - plan and non-plan. Of these, plan expenditures are estimated after discussions between each of the ministries concerned and the Planning Commission.
Non-plan revenue expenditure is accounted for by interest payments, subsidies (mainly on food and fertilisers), wage and salary payments to government employees, grants to States and Union Territories governments, pensions, police, economic services in various sectors, other general services such as tax collection, social services, and grants to foreign governments.
Answer: (d)
There are two components of expenditure - plan and non-plan. Of these, plan expenditures are estimated after discussions between each of the ministries concerned and the Planning Commission.
Non-plan revenue expenditure is accounted for by interest payments, subsidies (mainly on food and fertilisers), wage and salary payments to government employees, grants to States and Union Territories governments, pensions, police, economic services in various sectors, other general services such as tax collection, social services, and grants to foreign governments.
Answer: Option C. -> Fifth
Answer: (c)
The normal duration of the 5th Five Year Plan was 1974-1979.
However, the newly elected Morarji Desai government rejected the plan in 1978 and introduced a new Sixth Five-Year Plan (1978-1983). This plan was again rejected by the Indian National Congress government in 1980 and a new Sixth Plan was made.
Answer: (c)
The normal duration of the 5th Five Year Plan was 1974-1979.
However, the newly elected Morarji Desai government rejected the plan in 1978 and introduced a new Sixth Five-Year Plan (1978-1983). This plan was again rejected by the Indian National Congress government in 1980 and a new Sixth Plan was made.
Answer: Option B. -> Mahatma Gandhi
Answer: (b)
Answer: (b)
Answer: Option B. -> commercialisation of Indian agriculture
Answer: (b)
Answer: (b)
Answer: Option D. -> All of the above
Answer: (d)The definition of deficit financing is likely to vary with the purpose for which such a definition is needed.In one sense by deficit financing we mean the excess of government expenditure over its normal receipts raised by taxes, fees, and other sources. In this definition such expenditure whether obtained through borrowing or from the banking system measures the budget deficit. Deficit financing is said to have been used whenever government expenditure exceeds its receipts. In under-developed countries deficit financing may be in two forms:Difference between overall revenue receipts and expenditureDeficit financing may be equal to borrowing from the banking system of the country.
Answer: (d)The definition of deficit financing is likely to vary with the purpose for which such a definition is needed.In one sense by deficit financing we mean the excess of government expenditure over its normal receipts raised by taxes, fees, and other sources. In this definition such expenditure whether obtained through borrowing or from the banking system measures the budget deficit. Deficit financing is said to have been used whenever government expenditure exceeds its receipts. In under-developed countries deficit financing may be in two forms:Difference between overall revenue receipts and expenditureDeficit financing may be equal to borrowing from the banking system of the country.
Answer: Option B. -> Sales tax
Answer: (b)
The principal source of State own tax revenues is a sales tax which accounts for about 60 per cent of the total.
The other major components of States own tax revenues according to their revenue share are State excise, registration and stamp duty, motor vehicle and passenger tax, electricity duty, land revenues, professional tax, entertainment taxes and other sundry taxes.
In the wake of economic reforms, several States competitively announced various tax concessions, especially sales tax concessions, to attract private investments.
These tax wars resulted in a considerable reduction in the buoyancy of growth of tax revenues of the States without commensurate gains in terms of private investment.
Answer: (b)
The principal source of State own tax revenues is a sales tax which accounts for about 60 per cent of the total.
The other major components of States own tax revenues according to their revenue share are State excise, registration and stamp duty, motor vehicle and passenger tax, electricity duty, land revenues, professional tax, entertainment taxes and other sundry taxes.
In the wake of economic reforms, several States competitively announced various tax concessions, especially sales tax concessions, to attract private investments.
These tax wars resulted in a considerable reduction in the buoyancy of growth of tax revenues of the States without commensurate gains in terms of private investment.
Answer: Option D. -> Government of India
Answer: (d)
While the Reserve Bank of India (RBI) has the authority to issue banknotes of denominational values of Rs.2, Rs.5, Rs.10, Rs.20, Rs.50, Rs.100, Rs.500, Rs.1,000, Rs.5,000 and Rs.10,000, the one rupee note was printed and issued by the central government.
The Government of India also has the sole right to mint coins of all denominations.
Answer: (d)
While the Reserve Bank of India (RBI) has the authority to issue banknotes of denominational values of Rs.2, Rs.5, Rs.10, Rs.20, Rs.50, Rs.100, Rs.500, Rs.1,000, Rs.5,000 and Rs.10,000, the one rupee note was printed and issued by the central government.
The Government of India also has the sole right to mint coins of all denominations.
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