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- Question 1 of 20
1. Question
Assertion (A) : Ceiling on foreign exchange for a host of current account transaction heads was lowered in the year 2000.
Reason (R) : There was a fall in foreign currency assets also. [2001]CorrectIncorrectUnattempted - Question 2 of 20
2. Question
The prices at which the government purchases food grains for maintaining the public distribution system and for building up buffer-stock is known as: [2001]
CorrectProcurement price is the support price at which the government will buy whatever quantum farmers wants to sell to the government in the event of private traders not buying the product. This is done to give a fair price to the farmer and to create a buffer stock of food grains to meet public distribution system requirements.
IncorrectProcurement price is the support price at which the government will buy whatever quantum farmers wants to sell to the government in the event of private traders not buying the product. This is done to give a fair price to the farmer and to create a buffer stock of food grains to meet public distribution system requirements.
UnattemptedProcurement price is the support price at which the government will buy whatever quantum farmers wants to sell to the government in the event of private traders not buying the product. This is done to give a fair price to the farmer and to create a buffer stock of food grains to meet public distribution system requirements.
- Question 3 of 20
3. Question
With reference to Power Sector in India, consider the following statements: [2002]
1. Rural electrification has been treated as a Basic Minimum Service under the Prime Minister’s Gramodaya Yojana
2. 100 percent Foreign Direct Investment in power is allowed without upper limit
3. The Union Ministry of Power has signed a Memoranda of Understanding with 14 States
Which of these statements is/are correct?CorrectPradhan Mantri Gramodaya Yojana was launched in order to achieve the objective of sustainable human development at the village level. It has 6 components viz., primary health, Primary education, rural shelter, rural drinking water, nutrition and Rural electrification. Upto 100% FDI is allowed in respect of projects relating to electricity generation, transmission and distribution, other than atomic reactor power plants.
IncorrectPradhan Mantri Gramodaya Yojana was launched in order to achieve the objective of sustainable human development at the village level. It has 6 components viz., primary health, Primary education, rural shelter, rural drinking water, nutrition and Rural electrification. Upto 100% FDI is allowed in respect of projects relating to electricity generation, transmission and distribution, other than atomic reactor power plants.
UnattemptedPradhan Mantri Gramodaya Yojana was launched in order to achieve the objective of sustainable human development at the village level. It has 6 components viz., primary health, Primary education, rural shelter, rural drinking water, nutrition and Rural electrification. Upto 100% FDI is allowed in respect of projects relating to electricity generation, transmission and distribution, other than atomic reactor power plants.
- Question 4 of 20
4. Question
With reference to the Indian Public Finance, consider the following statements: [2002]
1. External liabilities reported in the Union Budget are based on historical exchange rates
2. The continued high borrowing has kept the real interest rates high in the economy
3. The upward trend in the ratio of Fiscal Deficit of GDP a recent years has an adverse effect on private investment
4. Interest payments is the single largest component of the non-plan revenue expenditure of the Union Government
Which of these statements are correct?CorrectIncorrectUnattempted - Question 5 of 20
5. Question
Consider the following statements: [2002]
Full convertibility of the rupee may mean:
1. Its free float with the international currencies
2. Its direct exchange with any other international currency at any prescribed place inside and outside the country
3. It acts just like any other international currency
Which of these statements are correct?CorrectCapital account convertibility means free conversion of cross-border capital flows, implying that anybody can convert domestic currency into hard currency at the market rate and take the hard currency out of the country.
IncorrectCapital account convertibility means free conversion of cross-border capital flows, implying that anybody can convert domestic currency into hard currency at the market rate and take the hard currency out of the country.
UnattemptedCapital account convertibility means free conversion of cross-border capital flows, implying that anybody can convert domestic currency into hard currency at the market rate and take the hard currency out of the country.
- Question 6 of 20
6. Question
Consider the following statements: [2003]
In India, stamp duties on financial transactions are:
1. levied and collected by the State Government
2. appropriated by the Union Government
Which of these statements is/are correct?CorrectStamp duty is a form of tax that is levied on documents. It is levied by the union or the central government and collected and appropriated by the state governments. (Entry 91 in the union list; entry 63 in the state list of Seventh Schedule of Constitution of India)
IncorrectStamp duty is a form of tax that is levied on documents. It is levied by the union or the central government and collected and appropriated by the state governments. (Entry 91 in the union list; entry 63 in the state list of Seventh Schedule of Constitution of India)
UnattemptedStamp duty is a form of tax that is levied on documents. It is levied by the union or the central government and collected and appropriated by the state governments. (Entry 91 in the union list; entry 63 in the state list of Seventh Schedule of Constitution of India)
- Question 7 of 20
7. Question
Which one among the following States has the highest female literacy rate as per the Census 2001? [2003]
CorrectAs per the census of 2001, Chhattisgarh has the highest female literacy of 51.85, Orissa has 50.51%, Madhya Pradesh – 50.29 and Rajasthan has 43.85%.
IncorrectAs per the census of 2001, Chhattisgarh has the highest female literacy of 51.85, Orissa has 50.51%, Madhya Pradesh – 50.29 and Rajasthan has 43.85%.
UnattemptedAs per the census of 2001, Chhattisgarh has the highest female literacy of 51.85, Orissa has 50.51%, Madhya Pradesh – 50.29 and Rajasthan has 43.85%.
- Question 8 of 20
8. Question
Which of the following is not a recommendation of the task force on direct taxes under the chairmanship of Dr. Vijay L. Kelkar in the year 2002? [2004]
CorrectIncrease in exemption limit to Rs 1 lakh to for the general categories of taxpayers. A higher exemption limit of Rs 1.50 lakh for widows and senior citizens was one of the recommendation of the task, force on direct taxes under the chairmanship of Dr. Vijay L. Kelkar in the year 2002.
IncorrectIncrease in exemption limit to Rs 1 lakh to for the general categories of taxpayers. A higher exemption limit of Rs 1.50 lakh for widows and senior citizens was one of the recommendation of the task, force on direct taxes under the chairmanship of Dr. Vijay L. Kelkar in the year 2002.
UnattemptedIncrease in exemption limit to Rs 1 lakh to for the general categories of taxpayers. A higher exemption limit of Rs 1.50 lakh for widows and senior citizens was one of the recommendation of the task, force on direct taxes under the chairmanship of Dr. Vijay L. Kelkar in the year 2002.
- Question 9 of 20
9. Question
As per 1991 Census, which one of the following groups of Union Territories had the highest literacy rate? [2004]
CorrectAs per 1991 census, Pondicherry and Delhi had the literacy rates of 75.3 and 74.7 respectively.
IncorrectAs per 1991 census, Pondicherry and Delhi had the literacy rates of 75.3 and 74.7 respectively.
UnattemptedAs per 1991 census, Pondicherry and Delhi had the literacy rates of 75.3 and 74.7 respectively.
- Question 10 of 20
10. Question
Consider the following statements: [2004]
As per 2001 Census
1. the two States with the lowest sex ratio are Haryana and Punjab
2. the two States with the lowest population per sq. km. of area are Meghalaya and Mizoram
3. Kerala has both the highest literacy rate and sex ratio
Which of the statements given above is/are correct?CorrectAs per census 2001, child sex ratio in Haryana was 861, in Punjab 876 and in Sikkim 875. Hence, Haryana and Sikkim were the two states with lowest sex ratios. The population per sq. km. of area in Arunachal Pradesh was 13, in Meghalaya was 103 and in Mizoram was 42. Hence, the two states with the lowest population per sq. km of area are Arunachal Pradesh and Mizoram. Kerala has both the highest literacy rate and sex ratio.
IncorrectAs per census 2001, child sex ratio in Haryana was 861, in Punjab 876 and in Sikkim 875. Hence, Haryana and Sikkim were the two states with lowest sex ratios. The population per sq. km. of area in Arunachal Pradesh was 13, in Meghalaya was 103 and in Mizoram was 42. Hence, the two states with the lowest population per sq. km of area are Arunachal Pradesh and Mizoram. Kerala has both the highest literacy rate and sex ratio.
UnattemptedAs per census 2001, child sex ratio in Haryana was 861, in Punjab 876 and in Sikkim 875. Hence, Haryana and Sikkim were the two states with lowest sex ratios. The population per sq. km. of area in Arunachal Pradesh was 13, in Meghalaya was 103 and in Mizoram was 42. Hence, the two states with the lowest population per sq. km of area are Arunachal Pradesh and Mizoram. Kerala has both the highest literacy rate and sex ratio.
- Question 11 of 20
11. Question
Consider the following statements: [2005]
1. Poverty Reduction and Growth Facility (PRGF) has been established by the International Development Association (IDA) to provide further assistance to low income countries facing high level of indebtedness.
2. Singapore regional Training Institute (STI) is one of the institutes that provides training in macroeconomic analysis and policy and related subject as a part of programme of the IMF institute.
Which of the statements given above is/are correct?CorrectIn 1999, the IMF established the Poverty Reduction and Growth Facility (PRGF) to make the objectives of poverty reduction and growth more central to lending operations in its poorest member countries.
IncorrectIn 1999, the IMF established the Poverty Reduction and Growth Facility (PRGF) to make the objectives of poverty reduction and growth more central to lending operations in its poorest member countries.
UnattemptedIn 1999, the IMF established the Poverty Reduction and Growth Facility (PRGF) to make the objectives of poverty reduction and growth more central to lending operations in its poorest member countries.
- Question 12 of 20
12. Question
Which one of the following statements is correct?
Fiscal Responsibility and Budget Management Act (FRBMA) concerns: [2006]CorrectFiscal responsibility and budget management act aims to bring down Fiscal deficit to 3% by 2008 and the revenue deficit to zero by 2008.
IncorrectFiscal responsibility and budget management act aims to bring down Fiscal deficit to 3% by 2008 and the revenue deficit to zero by 2008.
UnattemptedFiscal responsibility and budget management act aims to bring down Fiscal deficit to 3% by 2008 and the revenue deficit to zero by 2008.
- Question 13 of 20
13. Question
Which one of the following is the correct sequence in the decreasing order of contribution of different sectors to the Gross Domestic Product of India? [2007]
CorrectContribution of different sectors to national income. Services – 55.1%, Industry – 26.4%, Agriculture – 18.5%
IncorrectContribution of different sectors to national income. Services – 55.1%, Industry – 26.4%, Agriculture – 18.5%
UnattemptedContribution of different sectors to national income. Services – 55.1%, Industry – 26.4%, Agriculture – 18.5%
- Question 14 of 20
14. Question
Participatory Notes (PNs) are associated with which one of the following? [2007]
CorrectParticipatory Notes (PNs / P-Notes) are instruments used by investors or hedge funds that are not registered with the SEBI (Securities and Exchange Board of India) to invest in Indian securities. Participatory notes are instruments that derive their value from an underlying financial instrument such as an equity share and, hence, the word, ‘derivative instruments’. SEBI permitted FIIs to register and participate in the Indian stock market in 1992.
IncorrectParticipatory Notes (PNs / P-Notes) are instruments used by investors or hedge funds that are not registered with the SEBI (Securities and Exchange Board of India) to invest in Indian securities. Participatory notes are instruments that derive their value from an underlying financial instrument such as an equity share and, hence, the word, ‘derivative instruments’. SEBI permitted FIIs to register and participate in the Indian stock market in 1992.
UnattemptedParticipatory Notes (PNs / P-Notes) are instruments used by investors or hedge funds that are not registered with the SEBI (Securities and Exchange Board of India) to invest in Indian securities. Participatory notes are instruments that derive their value from an underlying financial instrument such as an equity share and, hence, the word, ‘derivative instruments’. SEBI permitted FIIs to register and participate in the Indian stock market in 1992.
- Question 15 of 20
15. Question
Which of the following pairs about India’s economic indicator and agricultural production (all in rounded figures) are correctly matched? [2008]
1. GDP per capita (current prices): Rs. 37,000
2. Rice : 180 million tons
3. Wheat : 75 million tons
Select the correct answer using the code given below:
Codes:CorrectRice production was 96.69 Million tonnes in 2007-08.
IncorrectRice production was 96.69 Million tonnes in 2007-08.
UnattemptedRice production was 96.69 Million tonnes in 2007-08.
- Question 16 of 20
16. Question
Consider the following statements with reference to Indira Gandhi National Old Age Pension Scheme (IGNOAPS): [2008]
1. All persons of 60 years or above belonging to the households below poverty line in rural areas are eligible.
2. The Central Assistance under this Scheme is at the rate of Rs. 300 per month per beneficiary. Under the Scheme, States have been urged to give matching amounts.
Which of the statements given above is/are correct?CorrectIncorrectUnattempted - Question 17 of 20
17. Question
Consider the following: [2009]
1. Fringe Benefit Tax
2. Interest Tax
3. Securities Transaction Tax
Which of the above is/are Direct Tax/Taxes?CorrectFringe Benefits Tax (FBT) was the tax applied to most, although not all, fringe benefits. A new tax was imposed on employers by India’s Finance Act 2005 and was introduced for the financial year commencing April 1, 2005. The Fringe Benefit Tax was abolished in the Finance Bill of 2009. Securities Transaction Tax (STT) is the tax payable on the value of taxable securities transaction. STT was introduced in India by the 2004 budget and is applicable with effect from 1st October 2004. Interest tax is imposed as a special tax on interest accrued in specified cases. The Interest Tax Act of 1974 governs the tax process associated with the imposition and collection of interest tax. The Act applies to all scheduled Banks that are required to pay tax on the chargeable interest amounts they have on their deposits. The act is no longer applicable with regard to chargeable interest accruing after 31 March 2000.
IncorrectFringe Benefits Tax (FBT) was the tax applied to most, although not all, fringe benefits. A new tax was imposed on employers by India’s Finance Act 2005 and was introduced for the financial year commencing April 1, 2005. The Fringe Benefit Tax was abolished in the Finance Bill of 2009. Securities Transaction Tax (STT) is the tax payable on the value of taxable securities transaction. STT was introduced in India by the 2004 budget and is applicable with effect from 1st October 2004. Interest tax is imposed as a special tax on interest accrued in specified cases. The Interest Tax Act of 1974 governs the tax process associated with the imposition and collection of interest tax. The Act applies to all scheduled Banks that are required to pay tax on the chargeable interest amounts they have on their deposits. The act is no longer applicable with regard to chargeable interest accruing after 31 March 2000.
UnattemptedFringe Benefits Tax (FBT) was the tax applied to most, although not all, fringe benefits. A new tax was imposed on employers by India’s Finance Act 2005 and was introduced for the financial year commencing April 1, 2005. The Fringe Benefit Tax was abolished in the Finance Bill of 2009. Securities Transaction Tax (STT) is the tax payable on the value of taxable securities transaction. STT was introduced in India by the 2004 budget and is applicable with effect from 1st October 2004. Interest tax is imposed as a special tax on interest accrued in specified cases. The Interest Tax Act of 1974 governs the tax process associated with the imposition and collection of interest tax. The Act applies to all scheduled Banks that are required to pay tax on the chargeable interest amounts they have on their deposits. The act is no longer applicable with regard to chargeable interest accruing after 31 March 2000.
- Question 18 of 20
18. Question
Which one of the following statements is an appropriate description of deflation? [2010]
CorrectDeflation is a decrease in the prices of goods and services. It occurs when the annual inflation rate falls below 0% which is a negative inflation rate. This is different from Disinflation which is a slow-down in the inflation rate. This is a situation when inflation declines to lower levels but prices continue to rise.
IncorrectDeflation is a decrease in the prices of goods and services. It occurs when the annual inflation rate falls below 0% which is a negative inflation rate. This is different from Disinflation which is a slow-down in the inflation rate. This is a situation when inflation declines to lower levels but prices continue to rise.
UnattemptedDeflation is a decrease in the prices of goods and services. It occurs when the annual inflation rate falls below 0% which is a negative inflation rate. This is different from Disinflation which is a slow-down in the inflation rate. This is a situation when inflation declines to lower levels but prices continue to rise.
- Question 19 of 20
19. Question
Which of the following is/are treated as artificial currency? [2010]
CorrectADR is an American Depositary Receipt which represents ownership in the shares of a non-US company that trades in U. S. financial markets.
GDR is Global Depositary Receipt is a bank certificate issued in more than one country for shares in a foreign company. A GDR is very similar to ADR. SDR is special Drawing Rights. It is an international type of monetary reserve currency, created by the IMF in 1969. SDR can be thought as an artificial currency used by the IMF and defined as a basket of national currencies.IncorrectADR is an American Depositary Receipt which represents ownership in the shares of a non-US company that trades in U. S. financial markets.
GDR is Global Depositary Receipt is a bank certificate issued in more than one country for shares in a foreign company. A GDR is very similar to ADR. SDR is special Drawing Rights. It is an international type of monetary reserve currency, created by the IMF in 1969. SDR can be thought as an artificial currency used by the IMF and defined as a basket of national currencies.UnattemptedADR is an American Depositary Receipt which represents ownership in the shares of a non-US company that trades in U. S. financial markets.
GDR is Global Depositary Receipt is a bank certificate issued in more than one country for shares in a foreign company. A GDR is very similar to ADR. SDR is special Drawing Rights. It is an international type of monetary reserve currency, created by the IMF in 1969. SDR can be thought as an artificial currency used by the IMF and defined as a basket of national currencies. - Question 20 of 20
20. Question
When the Reserve Bank of India announces an increase of the Cash Reserve Rate, what does it mean? [2010]
CorrectCRR or the Cash Reserve Ratio is that ratio of the total deposits held by a bank which it has to keep with the central bank of country.
IncorrectCRR or the Cash Reserve Ratio is that ratio of the total deposits held by a bank which it has to keep with the central bank of country.
UnattemptedCRR or the Cash Reserve Ratio is that ratio of the total deposits held by a bank which it has to keep with the central bank of country.