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Total Questions : 398 | Page 7 of 40 pages
Question 61. India’s first port-based Special Economic Zone named International Container Trans-shipment Terminal (ICTI) is being set-up at?
  1.    Goa
  2.    Kandla
  3.    Tuticorin
  4.    Kochi
 Discuss Question
Answer: Option D. -> Kochi
Answer: (d)The Kochi International Container Transhipment Terminal (ICTT), locally known as the Vallarpadam Terminal, is a container trans-shipment facility which is part of the Cochin Port in Kochi, India.
Question 62. In an oligopolistic or monopolistically competitive market, firms do not raise their prices because even a small price increase will lose many customers. Which among the following is the most suitable terms used for this concept ?
  1.    Swing Demand
  2.    Imperfect
  3.    Supracompetitive pricing
  4.    Kinked Demand
 Discuss Question
Answer: Option D. -> Kinked Demand
Answer: (d)
Question 63. In light of the recent COVID-19 pandemic, which of the following acts were invoked in reference to ‘masks’ and ‘hand sanitisers’:

  1. Essential Commodities Act 1955

  2. Prevention of Black Marketing and Maintenance of Supplies of Essential Commodities Act, 1980

  3. Disaster Management Act 2005


Which of the statements given above is/are correct?
  1.    (i) only
  2.    (ii) & (iii) only
  3.    (i) & (iii) only
  4.    All of the above
 Discuss Question
Answer: Option D. -> All of the above
Answer: (d)
All three acts were invoked.
The Centre on 15th March 2020 brought masks and hand sanitisers under the Essential Commodities Act, 1955 to make sure that these products, key for preventing the spread of Covid-19 infection, are available to people at the right price and in the right quality.
Taking note of the fact that masks and hand sanitisers are not easily available and vendors are charging exorbitant prices for them, the government declared these items as essential commodities till June 30 2020 under the EC Act. Under this Act, the States and Union Territories can ask manufacturers to enhance their production capacity so that these products are widely available to consumers.
An offender under the EC Act 1955 may be punished with imprisonment of up to seven years or fine, or both, and under the Prevention of Black Marketing and Maintenance of Supplies of Essential Commodities Act, 1980, he can be detained for up to six months.
The central government on 14th March 2020 declared/notified COVID-19 as a national 'disaster' and announced to provide ex-gratia relief of Rs 4 lakh to the families who died of the virus. The move by the centre would allow the states to spend a larger chunk of funds from the State Disaster Response Fund (SDRF) to fight the pandemic.
Govt. of India, in the exercise of the powers conferred under Section 3 and 5 of the Essential Commodities Act, 1955 has delegated the powers in respect of some sections of EC Act 1955 to National Pharmaceutical Pricing Authority (NPPA) to exercise the functions of the Central Government.
Under section 10 of the Disaster Management Act, 2005, the Ministry of Health and Family Welfare, on 13th March 2020, directed National Pharmaceutical Pricing Authority (NPPA) (to implement plans to tackle disaster and accordingly) to ensure the availability and prices of the Surgical and protective masks, Hand sanitisers and Gloves. Accordingly, NPPA vide order dated 13th March 2020 has directed to all State /UT Governments, in the public interest, in order to deal with the situation arising out of COVID-19, to take necessary steps to ensure sufficient availability of Surgical and protective masks, Hand sanitisers and Gloves at prices not exceeding the MRP printed on the pack size.
For Essential Commodities Act 1955; AND Prevention of Black Marketing and Maintenance of Supplies of Essential Commodities Act, 1980, please refer to the following article
Question 64. According to the data studied by Planning commission in 2011–12, how much the population of India falls under the poverty line?
  1.    31.2%
  2.    14.2%
  3.    34.2%
  4.    21.9%
 Discuss Question
Answer: Option D. -> 21.9%
Answer: (d)According to the data studied by Planning Commission in 2011–12, 21.9% of the population of India falls under the poverty line.
Question 65. Which of the following agency/ministry regulates tariffs for aeronautical services at the airports?
  1.    Airport Authority of India (AAI)
  2.    Directorate General of Civil Aviation (DGCA)
  3.    Airport Economic Regulatory Authority (AERA)
  4.    Ministry of Civil Aviation
 Discuss Question
Answer: Option C. -> Airport Economic Regulatory Authority (AERA)
Answer: (c)
The Airports Economic Regulatory Authority (AERA) is a statutory body constituted under the Airports Economic Regulatory Authority of India Act, 2008 with its head office at Delhi.
The statutory functions of the AERA as enshrined in the Airports Economic Regulatory Authority of India Act, 2008 are as below:
To determine the tariff for the aeronautical services taking into consideration of the various expenses
To determine the amount of the Development Fees in respect of major airports.
To determine the amount of Passenger Service Fee
To monitor the set Performance Standards relating to quality, continuity and reliability of service
Airports Authority of India (AAI) was constituted by an Act of Parliament and came into being on 1st April 1995 and it is entrusted with the responsibility of creating, upgrading, maintaining and managing civil aviation infrastructure both on the ground and air space in the country.
The Directorate General of Civil Aviation (DGCA) is the regulatory body in the field of Civil Aviation, primarily dealing with safety issues. It is responsible for the regulation of air transport services to/from/within India and for enforcement of civil air regulations, air safety, and airworthiness standards.
The DGCA also coordinates all regulatory functions with the International Civil Aviation Organisation (ICAO).
Question 66. Recently foundation stone of a new Rail Coach Factory has been laid at
  1.    Rai Bareli
  2.    Saharsa
  3.    Chennai
  4.    Amritsar
 Discuss Question
Answer: Option A. -> Rai Bareli
Answer: (a)
Recently, the foundation stone of a new Rail Coach Factory has been laid at Rai Bareli.
The factory will present the eco-friendly side of Indian Railways sporting smokeless chimneys and neutralising effluents from the plant.
As many as 14 types of coaches, including ‘AC double-decker day cars’ would roll out from the factory.
Question 67. Which of the following statements are true with reference to Special Economic Zones (SEZ)?

  1. SEZ units may import/procure goods and services from the Domestic Tariff Area (DTA) without payment of customs/import duty

  2. Customs duty is imposed on sale from SEZ to DTA

  3. SEZ units should be net foreign exchange-earners


Select the correct answer using the code given below:
  1.    (i) only
  2.    (iii) only
  3.    (i) & (iii) only
  4.    All of the above
 Discuss Question
Answer: Option D. -> All of the above
Answer: (d)
“Domestic Tariff Area” (DTA) means the whole of India (including the territorial waters and continental shelf) but does not include the areas of the Special Economic Zones (SEZs).
“Special Economic Zone” (SEZ) is a specifically delineated duty-free enclave and shall be deemed to be foreign territory for the purposes of trade operations and duties and tariffs. SEZ units may be set up for the manufacture of goods and rendering of services.
Goods and services going into the SEZ area from DTA shall be treated as exports and goods coming from the SEZ area into DTA shall be treated as if these are being imported.
Some important points related to duties in SEZs:
SEZ units may import/procure goods and services from DTA without payment of duty for setting up, operation and maintenance of units in the Zone.
SEZ unit may sell goods, including by-products, and services in DTA in accordance· with the import policy in force, on payment of applicable (customs etc.) duty.
SEZ unit shall be a positive Net Foreign exchange Earner. Net Foreign Exchange Earning (NFE) shall be calculated cumulatively for a period of five years from the commencement of production.
Question 68. According to the data of Finance Ministry the foreign debt of India in March 2013 was–
  1.    390 Billion Dollar
  2.    190 Billion Dollar
  3.    490 Billion Dollar
  4.    290 Billion Dollar
 Discuss Question
Answer: Option A. -> 390 Billion Dollar
Answer: (a)
India’s external debt, as of end-March 2013, was placed at US$ 390.0 billion showing an increase of USD 44.6 billion or 12.9 per cent over the level at end-March 2012.
The increase in total external debt during financial year 2012-13 was primarily on account of rise in short-term trade credit.
There has been sizeable rise in external commercial borrowings (ECBs) and rupee denominated Nonresident Indian deposits as well.
Question 69. Consider the following statements about the second Five Year Plan :
  1. Priorities were given in the production of iron and steel and heavy engineering and machine building industries.
  2. Strengthening the oil exploration and coal in India.
Which of the statements given above are correct?
  1.    2 only
  2.    Both 1 and 2
  3.    1 only
  4.    Neither 1 nor 2
 Discuss Question
Answer: Option B. -> Both 1 and 2
Answer: (b)According to the Second Five Year Plan the priorities were given in the production of iron and steel and heavy engineering and also to strengthen the oil exploration and coal.
Question 70. HAL is related to manufacturing of
  1.    Space missiles
  2.    Telecommunication equipments
  3.    Aircrafts
  4.    War missiles
 Discuss Question
Answer: Option C. -> Aircrafts
Answer: (c)
HAL, the government-owned corporation is primarily involved in the operations of the aerospace industry.
These include manufacturing and assembly of aircraft, navigation and related communication equipment.

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