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CBSE Questions for Class 8 General Knowledge Indian Economy Quiz 18 - MCQExams.com
CBSE
Class 8 General Knowledge
Indian Economy
Quiz 18
In abc classification of inventory maximum attention has to be paid on
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a category
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b category
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c category
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all of them
Which account is not a liability account?
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Account payable
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Accrued Expenses
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Cash
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Notes payable
planning is a continuous activity done jointly by the scrum master and product owner?
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planning is a continuous activity done jointly by the scrum master and product owner
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detailed planning is done up front and not revisited.
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the whole team together does just enough upfront planning followed by continuous planning throughout the project.
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Only planning in scrum is the Sprint Planning.
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Daily Scrum is one of the planning events.
What is the difference between the actual output and generated output known as?
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Output difference
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Accuracy
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Output Modulus
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Cost
Which economic indicator describes the process of generally declining prices?Which economic indicator describes the process of generally declining prices?
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inflation
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deflation
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gross domestic product
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recession
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unemployment
Which of the given options is not a accounting principle
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Materiality
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Goodwill
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Consistency
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Revenue Recognition
Which of the following does not fit with an efficient supply chain
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Highly predictable demand
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product with shotlife cycles that change frequently
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Low contribution margin
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Stable product line
Consider the following:
Swarnajayanti Gram Swarozgar Yojana
Pradhan Mantri Gram Sadak Yojana
Sampoorna Grameen Rozgar Yojana
Indira Awas Yojana
Select the correct chronological order of the above yojanas?
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2-3-4-1
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4-1-2-3
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1-2-3-4
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4-3-1-2
Explanation
Indira Awas Yojana was shelved out of the Jawahar Rozgar Yojana in 1997-98, while Swarnjayanti Gram Swarozgar Yojana commenced in 1999 to provide consistent income to the poorest of poor in rural areas. Pradhan Mantri Gram Sadak Yojana intended to connect all villages to good all-weather roads and was launched in 2000. In 2001, Atal Bihari Vajpayee launched the Sampoorna Grameen Rozgar Yojana so that the poor in rural areas can gain from employment income.
Consider the following statements:
$$1.$$ Foreign Exchange Management Act (FEMA) was passed in $$1991$$ to replace Foreign Exchange Regulation Act.
$$2.$$ FEMA serves to make transactions for external trade (exports and imports) easier.
Which of the statements given above is/ are correct?
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Only $$1$$
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Only $$2$$
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Both $$1$$ and $$2$$
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Neither $$1$$ nor $$2$$
Explanation
The Government notified the Foreign Exchange Management Act (FEMA) 1999, to replace the Foreign Exchange Regulation Act (FERA), 1974.
After the amendment of FERA in 1993, it was decided that the act would become the FEMA. This was done in order to relax the controls on foreign exchange in India, as a result of. FEMA served to make transactions for external trade and easier – transactions involving current account for external trade no longer required RBI’s permission.
Which of the following is/are the selective credit control measures of RBI?
1) Cash Reserve Ratio
2) Statutory Liquidity Ratio
3) Margin requirements
4) Moral suasion
Choose the correct answer using the codes given below.
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1 and 2
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3 and 4
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Only 4
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All of these
Explanation
There are two different types of credit control measures used by RBI : Quantitative and Qualitative.
Quantitative measures are used to regulate the volume of credit and these include Open Market Operations, SLR, CRR etc.
Qualitative or selective credit control measures are used to regulate the flow of credit. These include Margin Requirements, Consumer Credit Regulation, Rationing of credit, Moral Suasion etc.
Which one of the following indicators is not used in the determination of Gender Development Index (GDI) in the Human Development Report (HDR)?
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Life expectancy of female
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Female adult literacy and gross enrollment
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Female political empowerment
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Female per capita income
Explanation
Gender Development Index measures the gender gap based on disparities between male and female, and it considers three factors of human development: long and healthy life, knowledge and standard of living. Longevity is measured by life expectancy, while knowledge is calibrated on female literacy and schooling or enrollment. To quantify standard of living, GDI measures the female per capita income against the male to calculate the Gender Development Index (GDI).
In 1980s, Indian economy was in the process of the Hindu rate of growth. Which one of the following is associated with the Hindu rate of growth?
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Growth rate of Naxalism
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Growth rate of foodgrain production
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Growth rate of Gross Domestic Product
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Population growth rate
Explanation
India's GDP growth before liberalization (1950s - 1980s) had settled for a meager 3.5% and this was called the Hindu rate of growth by Professor Rajkrishna, an Indian economist then. It was the time when other economies were ambitious for achieving higher growth rates while India was content with a 3.5%.
The Second Five Year Plan that called for the establishment of Socialist pattern of society was commonly referred to as the ___________.
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Harrod-Domar Plan
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Mahalanobis Plan
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Nehru Plan
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People's Plan
Explanation
The Feldman–
Mahalanobis model
is a Neo-Marxian model of economic development. It was created independently by Soviet economist Grigory Feldman in 1928, and Indian statistician Prasanta Chandra Mahalanobis in 1953. The model
suggested that there should be an emphasis on the heavy industries, which can lead the Indian Economy to a long-term higher growth path. The S
econd Five Year Plan and Industrial policy Resolution 1956 were based on Mahalanobis Plan.
MODVAT is different from VAT in the sense that:
Under MODVAT, tax is levied only on value addition while under VAT, excise Is imposed on final value and then rebate is given on inputs.
MODVAT is only at the production stage white VAT extends both to production and distribution stage.
Under MODVAT, excise is levied on final value and then rebate is given on inputs while under VAT, tax is levied only on value addition.
MODVAT implies rationalisation of excise duty only while VAT implies rationalisation of excise sales and turnover taxes etc also.
Which of the statements given above are correct?
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2, 3 and 4
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1, 2 and 3
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2 and 3
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3 and 4
Explanation
VAT is an indirect tax levied at different stages of trade by the government. The primary purpose of VAT is to ensure that there is no duplication or repetition of tax, thereby ensuring that no single entity is overburdened by it. VAT is typically collected by the state government in which the final transaction takes place, putting the onus on respective state commercial tax departments to ensure that it is collected.
CENVAT is an adaptation of VAT, which came into force in the country in 1986 in the form of MODVAT (Modified Value Added Tax). This MODVAT was converted into CENVAT in the early 2000’s with no major changes in its implementation or execution.
Today, MODVAT isn’t used as a term and CENVAT is the tax charged by the Central government on products or services at different levels of manufacture. Thus, MODVAT is only at the production stage white VAT extends both to production and distribution stage.
Under MODVAT, excise is levied on final value and then rebate is given on inputs while under VAT, tax is levied only on value addition.
MODVAT implies rationalisation of excise duty only while VAT implies rationalisation of excise sales and turnover taxes, etc. Thus statements 2, 3, 4 are correct.
GDI measures differences between male and female achievements in 3 basic dimensions of human development. Choose the correct statement regarding this:
(1) Life expectancy at birth is adjusted for the average of 5 years biological advantage that women have over men.
(2) It provides insights into gender disparity.
(3) It is calculated in entirely different manner as compared to HDI.
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Only 1
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Only 2
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1 and 2
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All of the above
Which of the following measures would result in an increase in the money supply in the economy ?
1) Purchase of government securities from the public by the Central Bank.
2) Deposit of currency in commercial banks by the public.
3) Borrowing by the government from the Central Bank.
4) Sale of government securities to the public by the Central Bank.
Select the correct answer using the codes given below
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Only 1
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2 and 4
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1 and 3
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2 , 3 and 4
Explanation
Money supply increases when money flows out of the RBI. Purchase of Govt securities from the public by the Central bank leads to transfer of money to the public thereby leading to increase in money supply in the economy. Similarly, borrowing by the government from Central bank leads to increased money supply.
However, deposit of currency in commercial banks by public doesn't lead to increase in money supply as the money just gets transferred from public to commercial banks.
The RBI was established on 1st April, 1935 on the recommendation of ___________.
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Khandwal Commission
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Narasimham Commission
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Nachiket Mor Commission
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Hilton Young Commission
Explanation
RBI was established in 1935 on the recommendations of Hilton-Young Commission which had recommended its creation in 1926. There were two chief reasons behind this recommendation:
To separate the control of currency and treasury from the Govt
To augment banking facilities across the country,
In sociology cultural beliefs that serve to legitimate key interests and hence justify social stratification is called
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Caste
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Symbol
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Ideology
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Race
A stratum of people of similar positions in the social status continuum are termed as.
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Social class
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clan or tribe
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Community
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None of these
If Reserve Bank of India reduces the cash reserve ratio, it will
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Increase credit creation
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Decrease credit creation
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Have no impact on credit creation
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Have no definite impact on credit creation
What is a Scheduled Bank ?
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A bank having Rs. 10 crore deposits
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A bank having Rs. 100 crore deposits
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A bank having Rs. 1000 crore deposits
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A bank included in the Second Schedule of RBI Act
In a cut motion, when the amount of demand is reduced by $$Rs. 100$$, it is known as
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Disapproval of policy cut
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Economy cut
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Vote on Account
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Token cut
Which of the following is NOT a characteristic in Glidden's account in Transformations of Intimacy of intimate relationships in post-traditional societies?
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confluent love
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social reflexivity
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liquid desire
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plastic sexuality
According to sociologists how are lives stratifies by generation and age?
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Age difference
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Aged
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Age stratification
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None of the above
Which one of the following is not a feature of informal sector?
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Absence of effective legal protection
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Absence of employment security
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Absence of effective trade unionism
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Absence of gender segregation
Democratic capitalism means that.
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all property belongs to the government
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the economy is regulated through legislation and taxation
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losers totally destroyed
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the individual is free to do anything as long as he/she has money
According to sociology people who join not for income but to pursue goals are called
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Normative organisations
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Coercive organisation
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Informal organisation
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Utilitarian organisation
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