Monday, November 21, 2011

SOCIO ECONOMIC DEVELOPMENTS MCQs

1. A major Financial Newspaper while writing about the present status of economy in India wrote “the outlook in the agricultural sector gives room for optimism”. What does it really mean ?
[Pick up most appropriate statement(s)]
1. Agricultural Sector which was not playing any significant role in Indian economy is now growing very fast and significantly.
2. Agricultural sector is not going to play any major role in economy as its progress is still very slow.
3. Govt. will not require to provide any boost up package to agricultural sector as it is likely to be satisfactory this year.
(A) Only 1
(B) Only 2
(C) Only 3
(D) Either 1 or 3
(E) None of these

2. While addressing a conference of Bankers and top Industrialists, the Prime Minister made a statement that “Domestic Credit Flow for Productive Needs had to be maintained at a reasonable Cost”. What does it really mean ?
(Pick up the most appropriate statements).
1. Banks should further raise their deposit base and provide very low cost credit to Industry which is badly in need of the same.
2. Banks should neither reduce their lending rates further nor increase the rates on deposits as this may create a critical imbalance in the financial/money market of the country.
3. Banks should see that ample credit is provided to the industries at an affordable cost without diluting the credit norms.
(A) Only 1
(B) Only 2
(C) Only 3
(D) Both 1 and 2 only
(E) None of these

3. Which of the following taxes is not levied by the Union Govt. ?
(A) Customs
(B) Corporate Tax
(C) Land Revenue
(D) Income Tax
(E) Surcharge on Income Tax

4. Service Tax was introduced in India for the first time in the year ……….
(A) 1990-91
(B) 1991-92
(C) 1994-95
(D) 1980-81
(E) 2000-01

5. The Govt. of India allowed the Income Tax Department to set up its centralized IT processing centre in ……….
(A) Bangalore
(B) Chennai
(C) Mumbai
(D) Kolkata
(E) Hyderabad

6. As per news reports MTNL launched it “3G Services” and became the first telecom operator to launch the same in India. What is the full form of ‘G’ in 3G ?
(A) Global
(B) Generation
(C) Growth
(D) Gravity
(E) None of these

7. We very frequently read about the activities of the Foreign Exchange Market in newspapers/magazines. Which of the following is/are the major functions of the same ?
1. Transfer of purchasing power from domestic to foreign market.
2. Providing credit for financing foreign trade.
3. Power to purchase gold from foreign countries as most of the nations still work on Gold Standards.
(A) Only 1
(B) Only 2
(C) Only 3
(D) Both 1 and 2 only
(E) Both 2 and 3 only

8. Which of the following is/are the components of the Fiscal Deficit ?
1. Budgetary Deficit
2. Market Borrowings
3. Expenditure made from Pradhan Mantri Rahat Kosh
(A) Only 1
(B) Only 2
(C) Only 3
(D) All 1, 2 and 3
(E) None of these

9. Which of the following is not a Welfare scheme launched by the Govt. of India ?
(A) Village Grain Bank Scheme
(B) Sampoorna Gramin Rozgar Yojana
(C) Annapurna Scheme
(D) Midday Meal Scheme
(E) Bharat Nirman Yojana

10. Which of the following are the instruments of Credit Control in the hands of the RBI ?
1. Lowering or raising the discount and interest rates.
2. Raising the minimum support price of the major agro products.
3. Lowering or raising the minimum cash reserves maintained by the commercial banks.
(A) Only 1
(B) Only 2
(C) Only 3
(D) Both 1 and 3 only
(E) Both 2 and 3 only

11. Which of the following programmes was launched to further improve the facilities of irrigation in rural India ?
(A) National Social Assistance programme
(B) Construction of Kiosks for poor
(C) Sampoorna Grameen Rozgar Yojana
(D) Annapurna Scheme
(E) National Watershed Development Programme

12. Which of the following bodies is responsible for the distribution of revenues between the Centre and the States?
a) Planning Commission
b) Finance
c) Inter-State Council
d) National Development Council

13. How far does the Exclusive Economic Zone of a country extend from its coast?
a) 120 km
b) 220 km.
c) 320 km.
d) 420 km.

14. Which of the following agencies recently laid down guidelines for foreign companies who wish to raise money from the Indian Capital Markets?
(1) RBI
(2) IRDA
(3) Registrar of Companies
(4) SEBI
(5) None of these

15. More and more banks in India these days are setting up their ATMs and discourage people to visit their branches for transaction.
Which of the following is/are the limitation(s) of the ATMs which force people to go to branch for transactions?
(A) Lack of human interface
(B) Communication gap
(C) Limited cash dispensing ability
(1) Only (A) (2) Only (B)
(3) Only (C) (4) (A) and (B)
(5) (A), (B) and (C)

16. Which of the following is NOT one of the core areas identified under the Bharat Nirman Programme?
(1) Irrigation
(2) Rural electrification
(3) Drinking water supply
(4) Computer Education in schools
(5) None of these

17. The Basel II Accord for Banking Industry is based on three pillars. Which of the following is/are NOT included in the same?
(A) Minimum Capital Requirement
(B) Supervisory Review
(C) Market Discipline
(D) Credit Risk
(1) Only (A)
(2) Both (A) and (C)
(3) Only (D)
(4) (A), (B) and (C)
(5) None of these

18. ‘Sheqel’ is the currency of:
(1) Israel
(2) Kenya
(3) Iraq
(4) Iran
(5) None of these

19. Which of the following countries has largest stock of foreign exchange reserves in the world?
(1) USA
(2) China
(3) Japan
(4) India
(5) None of these

20. As per the reports published in the newspapers which of the following countries is first in production of Gold Jewellery?
(1) China
(2) India
(3) Turkey
(4) Italy
(5) None of these

21. Golden revolution refers to the development of—
(1) Oilseeds
(2) Pulses
(3) Horticulture
(4) Cereals
(5) Fodder

22. Commission for Agricultural Costs and Prices (CACP) recommends—
(1) Comfort Price
(2) State Advised Price
(3) Minimum Support Price
(4) Minimum Export Price
(5) Statutory Minimum Price

23. National Agricultural Cooperative Marketing Federation is known as—
(1) NIAM
(2) NAFED
(3) MARKFED
(4) NACMF
(5) NACOM

24. Which insect is known as farmers' enemy No.1?
(1) Bollworm
(2) Desert locust
(3) Aphids
(4) Stem borer
(5) Fruit fly

25. Which of the following statements are true about the Foreign Trade Policy 2009-14?
A. The new Foreign Trade Policy, coming in the backdrop of a 30 per cent contraction in exports in the last 10 months, seeks to identify 26 new markets for trade that would be eligible for sops. These include 16 in Latin America and 10 in Asia and Oceania.
B. At present, India's $ 168-b exports are highly concentrated in Europe (36 per cent), the US (18 per cent and Japan (16 per cent), and these are the worst hit by the biggest financial crisis since the 1930s.
C The new policy has sought to give special focus to help the gems and jewellery sector, one of the worst hit, by allowing duty drawback on exports. The handloom and handicrafts sector would be helped under the Market Development Scheme, while the government also announced the continuation of the DEPB scheme till December 2010.
D. These export-oriented units would be encouraged to look for new markets and they could be given incentives and tax sops to create a new basket of exports. In the short-term, the relief measures Include providing dollar credit to exporters that will be overseen by a high-level committee, comprising
Finance Secretary, Commerce Secretary, and the Indian Banks Association, to insulate the small-and medium-scale exporters
l) OnlyA,B&C
2)OnlyB,C&D
3)OnlyC&D
4) Only A, C & D
5) All the above

26. Which of the following is decided by commercial banks? .
1) Bank rate
2)CRR
3) SLR
4)BPLR
5) None of these

27. The Reserve Bank of India, which made third-party ATM transactions free from April, 2010 said not more than Rs 10,000 can be withdrawn each time they are used and limited the number of such transactions to _ _ a month.
1)2
2)5
3)10
4)15
5) None of these .

28. Which of the following is not a Navaratna (PSU) company?
a) Air India
b) BHEL
c) GAIL
d) IOC
e) Power Finance Corporation Ltd.

29. What is the expansion of BEE?
a) Bureau of Energy Efficiency
b) Bureau of Efficient Engineers
c) Bureau of Employess Efficiency
d) Bureau of Employers’ Efficiency
e) None of these.

30. A per the news published in the major financial newspapers/journals/magazines, India’s exports and imports both have come down in the last few years. Which of the following is/are the probable reason(s) for the same?
A) As per the new policy of the WTO, India can import only those commodities, which are not grown/produced in the country in adequate quantity/volume to meet its total demand. Commodities, which India needs to import, are very few. Hence import has gone down.
B) Since all the countries are required to pay for their imports partly by exporting some goods in exchange to other countries, exports from India have gone down.
C) This slowdown in imports/exports is only because there is a global economic crisis. This is why India’s exports and imports both have come down.
a) Only A
b) Only C
c) Only B
d) All A, B & C
e) None of these

31. The Economic and Social Commission for Asia and Pacific in one of its recently published reports has said some positive things about India’s economic resilience. What are these points? (The report was published in various newspapers/journals).
A) India has played the role of a sheet anchor behind the economic stability of the South Asian region.
B) India is helping other economies or the region to fight the global financial crisis better than some other more open economies of Asia Pacific Region.
C) India is likely to become the second largest economy of the world in the next five years, as it has been the most favourite destination for Foreign Direct Investment for almost 90% of the countries of the World.
a) Only A
b) Only B
c) Both A & B
d) All A, B & C
e) None of these

32. Which of the following schemes was launched to give a boost and incentives to increase public investment to achieve 4% growth in the area of agriculture and allied sectors during the 11th plan period?
a) National Technological Mission
b) National Bamboo Mission
c) Rashtriya Krishi Bima Yojana
d) National Rural Employment Guarantee Scheme
e) Rashtriya Krishi Vikas Yojana

33. Which of the following statements is/are correct about the Sampoorna Grameen Rozgar Yojana?
A) The scheme was launched in 2001 by merging some of the schemes running that time.
B) In this scheme preference is given to Below Poverty Line families for the jobs.
C) The wages under the scheme are paid partly in cash and partly by giving foodgrains.
a) Only A
b) Only B
c) Only C
d) All A, B & C
e) None of these

34. Which of the following Acts help(s) Union Govt control its fiscal deficit?
a) Finance Act
b) Fiscal Responsibility and Budget Management Act
c) Banking Companies Act
d) Both (1) and (2)
e) None of these

35. Which of the following housing schemes was/were launched by HUDCO to give special emphasis on the development of rural areas of the country?
A) Indira Awas Yojana
B) Adarsh Gram/Adarsh Basti Yojana
C) Pradhan Mantri Gram Sadak Yojana
a) Only A
b) Only B
c) Only C
d) All A, B & C
e) None of these

36. Many a time we read in financial newspapers about Public Debt. Which of the following is / are the components of Public Debt?
A) Market loans
B) External loans
C) Outstanding against saving schemes/provident funds.
a) Only A
b) Only B
c) Both A & B
d) Only C
e) All A, B & C

37. As agriculture is the mainstay of the Indian Economy, what is the contribution of agriculture and allied sectors in the total Gross Domestic Product of India? About.
a) 10%
b) 15%
c) 22%
d) 36%
e) 48%

38. As we know, the National Rural Employment Guarantee Act was implemented by Govt. of India. Now Govt has made certain changes in the Act so that it can boost up its policy of Financial Inclusion of the beneficiaries. Which of the following changes is/are done for this purpose?
A) NREGA functionaries are being trained to conduct social audits and public disclosure of the works undertaken by State Govts and Panchayats.
B) Workers who are engaged for various jobs under the scheme are paid their wages through post office and/or bank accounts.
C) Wages paid to the beneficiaries are revised and it is strengthening their livelihood resources.
a) Only A
b) Only B
c) Only C
d) All A, B & C
e) None of these

39. Which of the following is/are the major roles of the Union Ministry of Environment and Forests?
A) Prevention and control of pollution B) Ensuring the welfare of animals
C) Afforestation and regeneration of degraded area
a) Only A
b) Only B
c) Only C
d) All A, B&C
e) None of these

40. Which of the following schemes is NOT a part of National Social Assistance programme?
A) National Old Age Pension Scheme B) National Family Benefit Scheme
C) Services for the Poor programme
a) Only A b) Only B
c) Both A & B
d) Both B & C
e) None of these

41. How many banks were nationalized in 1969?
(1) 16
(2) 14
(3) 15
(4) 20
(5) None of these.

42. The Reserve Bank of India was established in :
(1) 1820
(2) 1920
(3) 1935
(4) 1940
(5) None of these.

43. The first Indian Bank was :
(1) Traders Bank
(2) Imperial Bank
(3) Presidency Bank of Calcutta
(4) Indian Bank
(5) None of these.

44. The rupee coin was first minted in India in :
(1) 1542
(2) 1601
(3) 1809
(4) 1677
(5) None of these.

45. The Export-Import (EXIM) Bank was set up in :
(1) 1980
(2) 1982
(3) 1981
(4) 1989
(5) None of these.

46. Planning Commission is :
(1) Advisory body
(2) Executive body
(3) Government body
(4) Autonomous body
(5) None of these.

47. The Community Development Programme was launched in :
(1) 1950
(2) 1952
(3) 1956
(4) 1960
(5) None of these.

48. The highest body which approves the Five-Year Plan is the :
(1) Finance Ministry
(2) Lok Sabha
(3) Rajya Sabha
(4) National Development Council
(5) None of these.

49. Which of the following commodities earn maximum foreign exchange for India?
(1) Jute
(2) Iron and Steel
(3) Tea
(4) Sugar
(5) None of these

50. The one rupee note bears the signature of :
(1) Secretary, Ministry of Finance
(2) Governor, Reserve Bank of India
(3) Finance Minister
(4) Prime Minister
(5) None of these.


ANSWERS:
1. (C) 2. (C) 3. (C) 4. (C) 5. (A) 6. (B) 7. (D) 8. (A) 9. (E) 10. (C)

11. (E) 12. (B) 13. (D) 14. (1) 15. (3) 16. (4) 17. (4) 18. (1) 19. (2) 20. (2)

21. (3) 22. (3) 23. (2) 24. (3) 25. (5) 26. (4) 27. (2) 28. (A) 29. (C) 30. (B)

31. (A) 32. (E) 33. (D) 34. (B) 35. (A) 36. (C) 37. (B) 38. (D) 39. (D) 40. (E)

41. (2) 42. (3) 43. (3) 44. (1) 45. (2) 46. (1) 47. (2) 48. (4) 49. (3) 50. (1)

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