MCQs
Total Questions : 650
| Page 64 of 65 pages
Question 631. The following objective helps in the development of India’s economic development since independence.
Which among the following is/are the objective?
- A rapidly and technologically progressive economy by democratic means
- A social order based on justice, offering equal opportunity to every citizen of the country.
- An increasing population of the country
Which among the following is/are the objective?
Answer: Option A. -> 1 and 2
Answer: (a)
Since independence, India’s economic development has been guided by the twin objectives
a rapidly and technologically progressive economy by democratic means; and
a social order based on justice, offering equal opportunity to every citizen of the country.
Answer: (a)
Since independence, India’s economic development has been guided by the twin objectives
a rapidly and technologically progressive economy by democratic means; and
a social order based on justice, offering equal opportunity to every citizen of the country.
Answer: Option C. -> Personal income- direct taxes + fees+ fines+ social security contribution by employers
Answer: (c)
Personal income- direct taxes + fees+ fines+ social security contribution by employers. The amount of money that households have available for spending and saving after income taxes have been accounted for.
Disposable personal income is often monitored as one of the many key economic indicators used to gauge the overall state of the economy. Disposable income is total personal income minus personal current taxes.
Answer: (c)
Personal income- direct taxes + fees+ fines+ social security contribution by employers. The amount of money that households have available for spending and saving after income taxes have been accounted for.
Disposable personal income is often monitored as one of the many key economic indicators used to gauge the overall state of the economy. Disposable income is total personal income minus personal current taxes.
Answer: Option A. -> Entertainment tax
Answer: (a)
Entertainment tax is an indirect tax that is levied by the State Governments in India. it is levied on every financial transaction that is related to entertainment such as movie tickets, major commercial shows and big private festivals.
Some other forms of entertainment that are included in the purview of entertainment taxes :
Amusement parks
Video games
Arcades
Exhibitions
Celebrity stage shows
Sports activities
Answer: (a)
Entertainment tax is an indirect tax that is levied by the State Governments in India. it is levied on every financial transaction that is related to entertainment such as movie tickets, major commercial shows and big private festivals.
Some other forms of entertainment that are included in the purview of entertainment taxes :
Amusement parks
Video games
Arcades
Exhibitions
Celebrity stage shows
Sports activities
Answer: Option D. -> Damodar Valley Corporation
Answer: (d)
Damodar Valley Corporation is a thermal and hydropower generating public organization of India. It emerged as a culmination of attempts made over a whole century to control the wild and erratic Damodar River.
By April 1947, a full agreement was practically reached between the three Governments of Central, Bengal and Bihar on the implementation of the scheme and in March 1948, the Damodar Valley Corporation Act (Act No. XIV of 1948) was passed by the Central Legislature, requiring the three governments – the Central Government and the State Governments of West Bengal and Bihar (now Jharkhand) to participate jointly for the purpose of building the Damodar Valley Corporation.
The Corporation came into existence on 7 July 1948 as the first multipurpose river valley project and the first Public Sector Corporation of independent India.
Answer: (d)
Damodar Valley Corporation is a thermal and hydropower generating public organization of India. It emerged as a culmination of attempts made over a whole century to control the wild and erratic Damodar River.
By April 1947, a full agreement was practically reached between the three Governments of Central, Bengal and Bihar on the implementation of the scheme and in March 1948, the Damodar Valley Corporation Act (Act No. XIV of 1948) was passed by the Central Legislature, requiring the three governments – the Central Government and the State Governments of West Bengal and Bihar (now Jharkhand) to participate jointly for the purpose of building the Damodar Valley Corporation.
The Corporation came into existence on 7 July 1948 as the first multipurpose river valley project and the first Public Sector Corporation of independent India.
Answer: Option A. -> Sri A.P.J. Abdul Kalam
Answer: (a)
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.
Answer: (a)
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.
Answer: Option D. -> Minimum Reserve System
Answer: (d)
Since 1957, the Reserve Bank of India is required to maintain gold and foreign exchange reserves of Rs.200 crore, of which at least Rs.115 crore should be in gold and Rs.85 crore in the form of Government Securities. The system as it exists today is known as the minimum reserve system.
Answer: (d)
Since 1957, the Reserve Bank of India is required to maintain gold and foreign exchange reserves of Rs.200 crore, of which at least Rs.115 crore should be in gold and Rs.85 crore in the form of Government Securities. The system as it exists today is known as the minimum reserve system.
Answer: Option A. -> National Rural Livelihoods Mission
Answer: (a)
The Swarna Jayanti Swarozgar Yojana (SGSY) has been renamed as National Rural Livelihood Mission (NRLM).
NRLM is a poverty alleviation project implemented by the Ministry of Rural Development, Government of India. This scheme is focused on promoting self-employment and the organization of rural poor.
Answer: (a)
The Swarna Jayanti Swarozgar Yojana (SGSY) has been renamed as National Rural Livelihood Mission (NRLM).
NRLM is a poverty alleviation project implemented by the Ministry of Rural Development, Government of India. This scheme is focused on promoting self-employment and the organization of rural poor.
Answer: Option B. -> Repo rate
Answer: (b)
The rate at which RBI gives short term loans to commercial banks against securities is known as the Repo rate. A reduction in the repo rate helps banks to get money at a cheaper rate.
When the repo rate increases, borrowing from the central bank becomes more expensive. In contrast, the reverse repo rate is the rate at which banks can park surplus funds with RBI.
Answer: (b)
The rate at which RBI gives short term loans to commercial banks against securities is known as the Repo rate. A reduction in the repo rate helps banks to get money at a cheaper rate.
When the repo rate increases, borrowing from the central bank becomes more expensive. In contrast, the reverse repo rate is the rate at which banks can park surplus funds with RBI.
Question 639. In India, rural incomes are generally lower than urban incomes. Which of the following reasons account for this?
- A large number of farmers are illiterate and know little about scientific agriculture.
- Prices of primary products are lower than those of manufactured products.
- Investment in agriculture has been lower when compared to investment in the industry.
Answer: Option C. -> 1, 2 and 3
Answer: (c)
In India a large number of farmers are illiterate and know little about scientific agriculture, prices of primary products are lower than those of manufactured products and Investment in agriculture has been lower when compared to investment in the industry.
All these reasons are responsible for lower rural income.
Answer: (c)
In India a large number of farmers are illiterate and know little about scientific agriculture, prices of primary products are lower than those of manufactured products and Investment in agriculture has been lower when compared to investment in the industry.
All these reasons are responsible for lower rural income.
Answer: Option A. -> Reserve Bank of India
Answer: (a)
In terms of Section 22 of the Reserve Bank of India Act, the RBI has been given the statutory function of note issue on a monopoly basis. The note issue in India was originally based upon the “Proportional Reserve System”.
The Government of India issues rupee coins in the denomination of Rs.1, 2, and 5 to the public. These coins are required to be circulated to the public only through the Reserve Bank under Section 38 of the RBI Act.
Answer: (a)
In terms of Section 22 of the Reserve Bank of India Act, the RBI has been given the statutory function of note issue on a monopoly basis. The note issue in India was originally based upon the “Proportional Reserve System”.
The Government of India issues rupee coins in the denomination of Rs.1, 2, and 5 to the public. These coins are required to be circulated to the public only through the Reserve Bank under Section 38 of the RBI Act.
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