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CBSE Questions for Class 8 General Knowledge Indian Economy Quiz 13 - MCQExams.com
CBSE
Class 8 General Knowledge
Indian Economy
Quiz 13
Consider the following taxes
Taxes on passenger
Taxes on electricity consumption
Entertainment tax
Which of the taxes given above are the main taxes under the commodities and services in the Indian states ?
Report Question
0%
1 and 2
0%
1 and 3
0%
2 and 3
0%
All of these
Which one of the following currencies is used by RBI to construct the Nominal Effective Exchange Rate (NEER)and Real Effective Exchange Rate (REER) of Indian Currency ?
Report Question
0%
Japanese Yen
0%
Chinese Renminbi
0%
Pound Sterling
0%
All of the above
Corporation tax is imposed by
Report Question
0%
State Government
0%
Central Government
0%
Local Government
0%
State as well as Central
Consider the following statement regarding $$14$$th finance commission.
$$1$$. It was headed by Y. V. Reddy.
$$2$$. It has increased the share of state from divisible pool of tax to $$42\%$$.
$$3$$. It has recommended distribution of grants to state for local bodies using $$2011$$ population data with weight of $$90\%$$ and area with weight of $$10\%$$.
Choose the correct option.
Report Question
0%
Only $$1$$
0%
$$1$$ and $$2$$
0%
$$2$$ and $$3$$
0%
All of these
Explanation
The 14th Finance Commission was constituted in January 2014. The Commission's chairman was former RBI governor Y. V. Reddy and its members were Sushma Nath, M. Govinda Rao, Abhijit Sen and Sudipto Mundle. The government has accepted FC’s recommendation to increase the devolution of tax receipts from the centre to the states to 42 percent. FC also recommended the distribution of grants of Rs 2 .88 lakh crore to states for strengthening duly elected gram panchayats and municipal bodies for five years. All the given statements are true here.
Who among the following is the founder of World Economic Forum?
Report Question
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Klaus Schwab
0%
John Kenneth Galbraith
0%
Robert Zoellick
0%
Paul Krugman
Explanation
Klaus Schwab is the Founder and Executive Chairman of the World Economic Forum, the International Organization for Public-Private Cooperation. He has encouraged the establishment of many communities providing global expertise and knowledge for problem-solving. He has also received numerous international and national honours.
There has been a persistent deficit budget year after year, which of the following actions can be taken by the government to reduce the deficit ?
Reducing revenue expenditure
Introducing new welfare schemes
3. Rationalising subsidies
Expanding industries
Report Question
0%
1 and 3
0%
2 and 3
0%
Only 1
0%
1, 2, 3 and 4
Consider the following important sources of tax revenue for the central government.
Corporation tax.
Taxes on income other than corporation tax .
Customs.
Consumer price Index for urban Non - manual employees.
Which of the above in&es is/are compiled by Central Statistical Organisation (CSO) ?
Report Question
0%
3 and 4
0%
1, 2 and 3
0%
Only 4
0%
1, 2, 3 and 4
Human Poverty Index(HPI) developed by UNDP is based on which of the following deprivations?
$$1$$. Income deprivation
$$2$$. Literacy deprivation
$$3$$. Social services deprivation
$$4$$. Employment deprivation.
Select the correct answer using the codes given.
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0%
$$1, 2, 3$$ and $$4$$
0%
$$1, 2$$ and $$3$$
0%
$$1, 3$$ and $$4$$
0%
$$2$$ and $$4$$
Explanation
The Human Poverty Index (HPI) was first introduced into the Human Development Report by the United Nations Development Programme (UNDP) in 1997 in an attempt to bring together a composite index the different features of deprivation in the quality of life to arrive at an aggregate judgement on the extent of poverty in a community.
The Human Poverty Index (HPI) measures deprivation in basic human development by combining basic dimensions of poverty and reveals the differences between human poverty and income poverty. It uses indicators of the most basic dimensions of deprivation, namely, a short life, lack of basic education and lack of access to public and private resources.
Service tax in India was introduced in the year
Report Question
0%
1994-95
0%
1996-97
0%
1998-99
0%
1991-92
Which one among the following is not a source of tax revenue for the central government in India ?
Report Question
0%
Income tax
0%
Customs duties
0%
Service tax
0%
Motor vehicle tax
Explanation
Motor Vehicle tax is not a source of tax revenue for the Central Government in India. It is type of revenue part of State tax.
+ Solution
Better Life Index is released by ______.
Report Question
0%
APEC
0%
EU
0%
OECD
0%
OPEC
Explanation
The mission of the Organisation for Economic Co-operation and Development (OECD) is to promote policies that will improve the economic and social well-being of people around the world. The Better Life Index by OECD is designed to let people visualise and compare some of the key factors like education, housing, environment, and so on that contribute to well-being in OECD countries. It’s an interactive tool that allows people to see how countries perform according to the importance they give to particular topics that make for a better life.
Which of the following is not matched correctly.
Report Question
0%
IMF- Global financial stability report
0%
World bank- World development report
0%
WTO- World economic outlook report
0%
World economic forum- Global competitiveness report
Explanation
The World economic outlook report is a survey conducted and published by International Monetary Fund (IMF). It is published biannually and partly updated two times a year. It portrays the world economy in the near and medium context, with growth projections for up to four years into the future. forecasts include key macroeconomic indicators, such as GDP, inflation, fiscal balance and current account of more than 180 countries around the globe. It also deals with major economic policy issues.
Consider the following statements about India and Bangladesh Highway Link Project
Bangladesh agreed to start the construction of a highway that link to Kolkata.
The highway will connect the North-Eastern states with port city of Kolkata.
The project is financed by the Asian Development Bank.
The project is part of the larger Asian Highway network project connecting the Asian nation.
Which of the statements given above are correct?
Report Question
0%
1, 2 and 3
0%
1, 2 and 4
0%
1, 3 and 4
0%
2, 3 and 4
Who was the head of the -10th Finance Commission?
Report Question
0%
Manmohan Singh
0%
Vasant Sathe
0%
Shiv-Shankar
0%
K.C Pant
Special Economic zones are ____________.
Report Question
0%
the places where industries can operate without any control
0%
the places wherein any person can start any industry
0%
the places where industries get certain tax advantages
0%
the places wherein the national wherein the national labour laws do not apply
Explanation
A special economic zone (SEZ) is an area in which business and trade laws differ from the rest of the country. SEZs are located within a country's national borders, and their aims include: increased trade increased investment, job creation and effective administration.
Consider the following statements
A Comprehensive Economic Partnership Agreement (CEPA) between India and Republic of Korea was signed in 2009 which came into force in 2010.
The India-Korea CEPA is India's first FTA with an OECD country and second comprehensive agreement signed by India, after the 2005 India-Sri lanka CECA.
Which of the statements given above is/are correct?
Report Question
0%
Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Capital account convertibility signifies ________________________.
Report Question
0%
guaranteeing the right to investment to foreigners
0%
ensuring the right of buyers to make international payments
0%
ensuring free international movement of capital
0%
ensuring the right of an individual to invest in foreign capital markets
Explanation
Capital account convertibility is a feature of a nation's financial regime that centers on the ability to conduct transactions of local financial assets into foreign financial assets freely or at country determined exchange rates.
Tick the correct option of GDP (Gross Domestic Product) contributed by service sector in the past:
Report Question
0%
During 2000-01 (GDP-65.54%)
0%
During 1980-81 (GDP-50.00%)
0%
During 1950-5 1 (GDP-34.63%)
0%
During 2011-12 (GDP-57.00%)
A company is said to be 'Sick' when the accumulated loss at the end of any financial year leads to erosion of___________ percent of its net wealth.
Report Question
0%
100 %
0%
75 %
0%
50 %
0%
25 %
Explanation
Industrial sickness is defined in India as " an industrial company (being a company registered for net less than five years) which has, at the end of any financial year, accumulated losses equal to, or exceeding, its entire net worth and has also suffered cash losses in such financial year and the financial year immediately preceding such financial year".
Choose the correct answer form the alternatives given.
Which State has launched the Aarogyasri a health Insurance Scheme for families below poverty line?
Report Question
0%
Andhra Pradesh
0%
Uttar Pradesh
0%
Maharashtra
0%
Kerala
Explanation
Aarogyasri or ntr Vaidya seva is the program of the Government of Andra Pradesh. It covers those below the poverty line. The Government issues an Aarogyasri card and the beneficiary can use it at government and private hospital to obtain services free of cost.
In India, Special Economic Zones were established to enhance:
Report Question
0%
Free trade
0%
Foreign Investment
0%
Employment
0%
Technology Development
Which country is hosting the Eastern Economic Forum (EEF-2017)
Report Question
0%
India
0%
United States
0%
Russia
0%
France
Finance Minister Arun Jaitley launched a new ETF under the name Bharat 22, comprising shares of 22 companies from 6 sectors of the economy. What is 'F' and stands for in ETF?
Report Question
0%
Foreign
0%
Finance
0%
Fund
0%
Farmers
Ujjivan Small Finance Bank Ltd has been given scheduled bank status by RBI Headquarters of Ujjivan Small Finance Bank is located in which of the following city?
Report Question
0%
Mumbai
0%
Chennai
0%
Trissur
0%
Bengaluru
The largest contribution to the total combined annual tax revenue of the Centre States
and Union Territories in India is made by :
Report Question
0%
Sales tax
0%
Income and Corporation Tax
0%
Custom duties
0%
Union Excise duties
Which of the following city has been named world's most liveable city for a record seventh year in a row, according to the Economist Intelligence Unit's Global Liveability Report 2017?
Report Question
0%
Melbourne
0%
London
0%
Tokyo
0%
New York
Corporation Tax:
Report Question
0%
is levied by the Union and collected and appropriated by the States
0%
is levied by the Union and belongs to it exclusively
0%
is levied and appropriated by the States
0%
is levied by the Union and shared by the Union and the States
Who has been appointed as Secretary in the Department of Financial Services (DFS)?
Report Question
0%
Rahul Kumar
0%
Ranjeet Kumar
0%
Roshan Kumar
0%
Rajiv Kumar
Which is the first Bank in India to offer cashbacks on deposits?
Report Question
0%
India Post Payments Bank Ltd
0%
Airtel Payments Banks Ltd.
0%
Paytm
0%
None of the above
In India both direct and indirect taxes are levied by the Central and State Government. Which of the following is levied by the State Governments?
Report Question
0%
Excise Duty on liquor
0%
Capital gains Tax
0%
Customs Duty
0%
Corporation Tax
Which one of the following is/are all-India services?
I. Indian Administrative Service
II. Indian Foreign Service
III. Indian Police Service
IV. Indian Defence Service.
Report Question
0%
I and II
0%
I and III
0%
II, III and IV
0%
I, II, III and IV
Finance Commission is appointed by the President of India after every
Report Question
0%
10 years
0%
5 years
0%
6 years
0%
4 years
The timing is ________. The economy is booming, and consumer interest is _______.
Report Question
0%
Inappropriate __________ waning
0%
Right _________ high
0%
Important ________ important
0%
Perfect __________ on the rise
0%
Apt _________ waning
Explanation
A close choice is in between [b] and [d] but 'high' is grammatically wrong in this context. Hence, [d].
With reference to the Finance Commission of India, which of the following statements is correct?
Report Question
0%
It encourages the inflow of foreign capital for infrastructure development
0%
It facilitates the proper distribution of finances among the Public Sector Undertakings
0%
It ensures transparency in financial administration
0%
None of the statements (a), (b) and (c) given above is correct in this context
India is a long way from the $$21$$st century ________. But, look at the tens of crores of illiterate poor. With so many people spending their lives in a struggle for their next meal, how can the country get anywhere?
Report Question
0%
It is a really poor country
0%
This is $$1997$$- so, $$3$$ years away
0%
You might argue otherwise, pointing out numerous technical advancements
0%
I think you will agree with me
0%
I think you will disagree with me
Explanation
The word 'but' suggests a contradiction. Here thematically [c] provides that thematic juxtaposition. Hence, [c].
Which of the following taxes is exclusively and totally assigned to the Central Government by the Constitution?
Report Question
0%
Estate Duty
0%
Sales Tax
0%
Corporation Tax
0%
Taxes on Railway fares and freight
The members of the Union Public Service Commission are
Report Question
0%
elected by the people
0%
elected by Union Parliament
0%
appointed by the President
0%
appointed by the Home Ministry
Whose signature is found on a Rs One currency note?
Report Question
0%
President of India
0%
Union Finance Secretary
0%
Governor, Reserve Bank of India
0%
Union Finance Minister
Who among the former RBI Governors was a Presidential candidate in 1969?
Report Question
0%
PC Bhattacharya
0%
HVR Iengar
0%
Dr IG Patel
0%
Dr CD Deshmukh
A Finance Bill is one which
Report Question
0%
authorises expenditure on the Contingency Fund of India
0%
is introduced every year to give effect to the financial proposals of the Union Government for the succeeding financial year
0%
authorises expenditure out of the Consolidated Fund of India
0%
outlines the state of economy of the nation presented to Parliament by the Union Finance Minister on the eve of presentation of the annual Budget
Choose the correct answer from the alternatives given.
Extension or contraction of demand of a commodity is a result of a change in the
Report Question
0%
Unit price of commodity
0%
Income of the consumer
0%
Tastes of the consumer
0%
Climate of the region
Choose the correct answer from the alternatives given.
Organisation which supervises inactivities of lenders in the informal sector
Report Question
0%
No organisation
0%
Reserve Bank of India (RBI)
0%
State Government
0%
Central Government
Explanation
The Reserve Bank of India is responsible for the functioning of formal sources of loans. Still, for informal sources of loan, there is no organization which is keeping an eye on the lender or regulating things in the open market.
Choose the correct answer from the alternatives given.
Fixed cost is known as
Report Question
0%
Special Cost
0%
Direct Cost
0%
Prime Cost
0%
Overhead Cost
Buyer's market denotes the place where
Report Question
0%
the supply exceed the demand
0%
the demand exceed the supply
0%
the demand and supply are well balanced
0%
commodities are available at competitive rates
This term is a financial term that means 'fall in value of goods over a period of time'. What is this term?
Report Question
0%
Annuity
0%
Arbitrage
0%
Depreciation
0%
Gratuity
Explanation
The monetary values of all tangible assets tend to reduce gradually over time due to factors like wear and tear.
The meaning of depreciation, in very simple words, is the rate at which this value drops. Hence, it compares an asset’s current value with its original cost at the time of acquisition or purchase.
Choose the correct answer from the alternatives given.
Division of labour is the result of
Report Question
0%
Complicated work
0%
Excessive pressure
0%
Excess supply of labour
0%
Specialisation
What is the accepted average Calorie requirement for rural area in India?
Report Question
0%
2100
0%
2200
0%
2300
0%
2400
Which one of the following was set as a target of average growth of GDP of India over the plan period 2012 - 2017 by the Approach Paper to the Twelfth Five Year Plan?
Report Question
0%
7 percent
0%
8 percent
0%
9 percent
0%
10 percent
Explanation
The 12th five year plan (2012-2017) was the last five year plan of India. The Planning commission was abolished by the Government i 2014 and NITI Aayog was established instead of that. In the approach paper to the 12th five year plan, the target for the GDP growth rate was set at 9%. In view of the ongoing global problems, the average annual growth target for the 12th Plan had been scaled down to 8.2 percent from 9 percent envisaged in the Approach Paper to the 12th Plan.
India's largest nationalised commercial bank is
Report Question
0%
State Bank of India
0%
ICICI Bank
0%
IDBI Bank
0%
Punjab National Bank
Choose the correct answer from the alternatives given.
Economic rent does not arise when the supply of a factor unit is
Report Question
0%
Perfectly inelastic
0%
Perfectly elastic
0%
Relatively elastic
0%
Relatively inelastic
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