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Indian Economy - General Knowledge Multiple Choice Questions and Answers | Page-5

Questions
41 For which tax, was constitutional status given much later after its introduction in a small way in 1994-95?
A Income Tax
B Taxes on Services
C Corporation Tax
D Customers Duty

Answer: Option [B]

The correct answer is Taxes on Services. Dr. Manmohan Singh, the then Union Finance Minister, in his Budget speech for the year 1994-95 introduced the new concept of Service Tax. It was given constitutional status by Chapter VA of the Finance Act, 2003.

42 Social accounting system in India is classified into
A Enterprise, households and government
B Assets, liabilities and debt position
C Income, product and expenditure
D Public sector, private sector and joint sector

Answer: Option [C]

Social accounting system in India is classified into Income, product and expenditure. Social accounting is a method by which a firm seeks to place a value on the impact on society of its operations. It is a systematic analysis of the effects of the organisation on its shareholders, with stakeholder input as part of the data that are analysed for the accounting statement. One social accounting system primarily attempts to measure National Income, final product, consumption and accumulation of capital.

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43 Which Five Year Plan duration was of four years only?
A Third
B Fourth
C Fifth
D Seventh

Answer: Option [C]

The correct answer is Fifth. 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.

44 The First Five Year Plan of the Government of India was based on
A Harrod-Domar model
B Mahalanobis four-sector model
C Leontief input-output model
D Mahalanobis two-sector model

Answer: Option [A]

The First Five Year Plan of the Government of India was based on Harrod-Domar model. The First Five Year Plan model was based on Harrod Domar Model. It was launched by the Government of India in the year of 1951. The first five year plan mainly focused on the development of the primary sector of the economy.

45 SEBI was set up in
A 1985
B 1986
C 1987
D 1988

Answer: Option [D]

The correct answer is 1988. The Securities and Exchange Board of India was constituted as a non-statutory body on April 12, 1988 through a resolution of the Government of India.

46 What is NABARD’s primary role?
A To act as re-finance institution
B To provide term loans to state co-operative banks
C To assist state governments for share capital contribution
D All of the above

Answer: Option [D]

The correct answer is All of the above.

47 Which of the following PSUs has been privatized?
A HZL
B CMC
C NALCO
D Hotel Corporation of India

Answer: Option [A]

The correct answer is HZL. Major disinvestment steps were taken in the past by the BJP-led NDA government between 1999 and 2004. BJP privatized the central government establishments such as central public sector units which included Bharat Aluminium Company (BALCO), Hindustan Zinc (both to Sterlite Industries), Indian Petrochemicals Corporation Limited (to Reliance Industries) and VSNL (to the Tata group) and various state government establishments which included many state public sector units.

48 What is the purpose of the India Brand Equity Fund?
A To organize trade fairs
B To make ‘Made in India’ a label of quality
C To promote in-bound tourism
D To provide venture capital to IT sector

Answer: Option [B]

The correct answer is to make ‘Made in India’ a label of quality. India Brand Equity Foundation (IBEF) is a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India in 2003 with the objective of promoting and creating international awareness of the Made in India label in markets overseas and to facilitate dissemination of knowledge of Indian products and services.

49 The best way, a bank can avoid loss is to
A Accept sound collateral
B Give only short-term loans
C Lend only to bank’s old customers
D Lend only to individuals known to the bank

Answer: Option [A]

The best way, a bank can avoid loss is to Accept sound collateral. India Brand Equity Foundation (IBEF) is a Trust established by the Department of Commerce, Ministry of Commerce and Industry, Government of India in 2003 with the objective of promoting and creating international awareness of the Made in India label in markets overseas and to facilitate dissemination of knowledge of Indian products and services. Towards this objective, IBEF works closely with stakeholders across government and industry.

50 Which of the following is not an objective of the monetary policy of the RBI?
A Boost economic development
B Control inflationary pressure
C Ensure social justice
D Direct credit in desirable direction

Answer: Option [C]

The correct answer is Ensure social justice.

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