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CBSE Questions for Class 8 General Knowledge Indian Economy Quiz 9 - MCQExams.com
CBSE
Class 8 General Knowledge
Indian Economy
Quiz 9
Consider the following statements:
1) Reserve Bank of India can print and issue currency notes of denominations from two rupee notes to ten-thousand rupee notes.
2) Reserve Bank of India maintains a separate issue department to look after currency issue.
Which of the statement(s) given above is/are correct?
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Only 1
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Only 2
0%
Both 1 and 2
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Neither 1 nor 2
Explanation
As per RBI Act, RBI can issue notes of any denomination not exceeding Rs 10000. Government notifies the denomination of notes and the RBI acts accordingly.
RBI has a separate Issue department whose assets and liabilities are kept separate from the Banking department.
With reference to Indian economy, consider the following:
1) Bank rate
2) Open market operations
3) Public debt
4) Public revenue
Which of the above is/are component/components of Monetary policy?
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Only 1
0%
2, 3 and 4
0%
1 and 2
0%
1, 3 and 4
Explanation
Bank rate is the rate at which RBI lends long term to its clients. Open market operations refer to buying and selling of Govt securities by RBI in order to control the money supply in the market. Both are instruments of monetary policy.
Public debt and public revenue are part of fiscal policy.
With reference to India, consider the following statements about the cultural services of the economy.
$$1.$$ Indian film industry is the largest in the world.
$$2.$$ High rates of entertainment tax and lack of uniformity in tax structure across states are major factors inhibiting growth of the film industry.
Which of the statements given above is/ are correct?
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Only $$1$$
0%
Only $$2$$
0%
Both $$1$$ and $$2$$
0%
Neither $$1$$ nor $$2$$
Which one of the following sectors of the Indian Economy got the highest growth in the term GDP contribution after the adoption of LPG model of economic development?
Report Question
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Agricultural Sector
0%
Fishing and Forestry Sector
0%
Mining and Quarrying Sector
0%
Services Sector
Explanation
Services sector has been the major contributor to GDP after the LPG model was implemented. Agriculture which contributed more than 50% to the country's GDP, stood at 17% as of 2013 while the contribution of services sector has grown to around 57%, registering the highest growth across all sectors.
Consider the following statements:
India has about 15% of livestock population of the world.
India is second to China in the population of buffalo livestock in the world.
Which of the statements given above is/are correct?
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Only 1
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Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Explanation
According to livestock census conducted in 2012, total livestock population in India was approximately 512 million, which is roughly 15% of the total livestock population of the world.
India has the world's largest buffalo population.
Consider the following statements about the LPG model of economic development process in India.
Disinvestment of profit making public sector enterprises.
Permitting private sectors to establish industrial units without taking a licence.
Chronically sick industries were referred to BIFR for the formulation of revival or rehabilitation plan.
Which of the processes given above is/are taken after adoption of LPG model?
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1,2 and 3
0%
1 and 3
0%
2 and 3
0%
Only 2
Explanation
LPG model which is abbreviation for Liberalization, Privatization and Globalization was implemented in 1991. The model abolished licensing for all except six industries which are strategically important. Also government stakes in profit-making PSUs were to be divested to provide greater
autonomy and reduce government interference in decision making. However, chronically sick industries were referred to the Board for Industrial and Financial reconstruction, to turnaround the industries.
Consider the following statements
The state sets broad parameters and goals for the economy.
The targets to be achieved are broadly set by the state.
The plan is made for the specific time period of about 15 years.
Which of the statements given above is/are correct about the Indicative Planning?
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1,2 and 3
0%
1 and 2
0%
1 and 3
0%
Only 1
Which one of the following states has the highest share of the Services sector in the Gross State Domestic Product in India?
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Maharashtra
0%
Goa
0%
Haryana
0%
Tamil Nadu
Explanation
Among the mentioned states, Maharashtra has the highest share of services sector in the Gross State Domestic Product in India. Among all the Indian states and Union territories, Chandigarh tops the list of entity with highest share of services sector in GSDP, followed by Delhi.
Which one of the following economists proposed the LPG model of economic development in India?
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Dr C Rangarajan
0%
Dr Montek Singh Ahluwalia
0%
Dr Amartya Sen
0%
Dr Manmohan Singh
Explanation
Dr Manmohan Singh was the finance minister in the Narasimha Rao government and he proposed the opening of economy for trade. This ushered in an era of liberalisation, privatisation and globalisation. The focus shifted to encouraging exports and imports and maintain optimum current account deficit.
With reference to Cooperative Credit Structure of the Indian economy , consider the following statements
1 . Central Cooperative Bank is the federation of the primary agriculture Credit Societies in a specified area .
2 . State cooperative banks from the apex of the Cooperative Credit Structure .
Which of the statement given above is / are correct ?
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only 1
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Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Consider the following statements
$$1.$$ In India, imposition of taxes on the services as a separate services taxes has been started since independence.
$$2.$$ BPO, ITeS and Software Products are only taxed by the Indian Government under Services Taxes.
Which of the statements given above is/ are correct?
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Only $$1$$
0%
Only $$2$$
0%
Both $$1$$ and $$2$$
0%
Neither $$1$$ nor $$2$$
Which one of the following is the correct sequence of employment generation by the different sectors of Indian Economy?
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$$Primary > Secondary > Tertiary$$
0%
$$Primary > Tertiary > Secondary$$
0%
$$Tertiary > Primary > Secondary$$
0%
$$Tertiary > Secondary > Primary$$
Explanation
Primary sector which comprises agriculture and allied services generates employment for 60% of the population. It is followed by tertiary or the services sector which provides employment to almost 24% of the population. Residual 16% employment generation is accomplished by the industrial (secondary ) sector.
Which one of the following is not the aim of the Rainbow Revolution of Indian economy formulated in the National Agricultural Policy, 2000?
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Target to achieve 4% growth rate in agriculture.
0%
Greater private sector participation in agriculture.
0%
National Agriculture Insurance Scheme for all farmers.
0%
Import of High Yielding Varieties of crops from other countries.
Consider the following statements
In India, the Nutrient Based Subsidy (NBS) Policy for fertilisers was implemented in 2010.
The Nutrient Based Subsidy (NBS) Policy for fertiliers is applied only to the phosphorus based-fertilisers.
Which of the statements given above is/are correct?
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Consider the following statements about the National Mission for Sustainable Agriculture (NMSA) started in India in 2010
National Mission for Sustainable Agriculture (NMSA) aims at enhancing food security and protection of resources such as land, water, biodiversity, and genetic resources.
National Mission for Sustainable Agriculture (NMSA) is one of the very important programme under the National Action Programme on Climate Change.
Which of the statements given above is/are correct?
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Consider the following statements
The Minimum Support Price (MSP) Policy of India covers only wheat, paddy and coarse cereals.
The Minimum Support Price (MSP) for Grade-A Paddy is always higher than the common paddy.
Which of the statements given above is/are correct?
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Only 1
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Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
The price at which the government purchases foodgrains for maintaining the public distribution system and for building up buffer stocks are known as
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0%
Minimum Support Prices
0%
Procurement Prices
0%
Issue Prices
0%
Ceiling Prices
Consider the following statements
The Food Corporation of India conducts effective price support operations for safeguarding the interests of the farmers.
FCI has an objective to make food grains available at reasonable prices, particularly to vulnerable section of the society.
Which of the statements given above is/are true?
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Consider the following statements:
Agriculture and allied sectors contribute less than 20% of Gross Domestic Product of India.
Around 60% of net sown agricultural area of India is dependent on rainfall.
Which of the statements given above is/are correct?
Report Question
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Explanation
Agriculture and allied sectors account for less than 20% of GDP of India, though they employ more than 50% of our workforce. Services sector contributes the maximum to the GDP.
According to various surveys conducted by the government, only about 40% of the net sown agricultural area is irrigated in India and the rest is mainly dependent on rainfall.
Consider the following statements
In last decade, the area under oilseeds has been decreasing at the faster pace.
India still imports about 50% of its requirement of edible oil from the foreign countries.
Which of the statements given above is/are correct?
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Kisan Credit Card was launched by Indian Government to facilitate the short-term loan and cash delivery to farmers. Which one of the following agencies is not included in the operation of the Kisan Credit Cards?
Report Question
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Scheduled Commercial Banks
0%
Co-operative Banks
0%
Regional Rural Banks
0%
NABARD
Explanation
Kisan Credit Card Scheme is implemented by Scheduled Commercial banks, Co-operative banks and Regional Rural banks. NABARD had contributed in designing the scheme by taking various inputs from the banks and in light of the recommendations of the RV Gupta Committee.
Which one of the following agencies assigns the Agricultural Income Tax to states in India?
Report Question
0%
Inter-State Council
0%
National Development Council
0%
Agricultural Finance Corporation
0%
Finance Commission
Explanation
Agricultural income tax to states in India is assigned by the Constitution of India. The agency responsible for it is Finance Commission whose function is distribution of net proceeds of taxes between Centre and the States, to be divided as per their respective contributions to the taxes.
Consider the following statements
NABARD inherited all the apex roles from Reserve Bank of India.
NABARD gives long-term loans to State governments to enable them to subscribe to the share of cooperative credit societies.
Which of the statements given above is/are correct?
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Consider the following statements
Regional Rural Banks grant direct loans and advances to marginal farmers and rural artisans.
NABARD is responsible for laying down policies and to oversee the operations of the RRBs.
Which of the statements given above is/are correct?
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Explanation
National Bank for Agriculture and Rural Development(NABARD) is an apex development bank in India. It was established on
12
12
July,
1982
1982
in sixth five year plan and its main focus was to uplift rural India by increasing the credit flow for elevation of agriculture and rural non-farm sector for elevation of agriculture and rural non-farm sector and laying down policies and to oversee the operations of the RRBs. Moreover Regional Rural Banks grant direct loans and advances to marginal farmers and rural artisans. So both statements are correct.
Consider the following statements about the Agriculture Income Tax
Agriculture Income Tax is levied and collected by the Union Government.
Agriculture Income Tax is levied throughout the country in India.
Which of the statements given above is/are correct?
Report Question
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Explanation
Agricultural income tax is levied on the income from Agriculture. At present agriculture is subjected to - two direct taxes and they are Agricultural Income Tax and Land Tax. They are levied by the state governments. Not all states levy agricultural income tax.
Consider the following statements
NABARD was established by the Act of Parliament to take over the role of Agricultural Refinance Development Corporation.
Rural Infrastructure Development Fund (RIDF) to extend loans to state government is managed by commercial banks.
Which of the statements given above is/are correct?
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Consider the following statements about NABARD
NABARD can accept the short-term deposits from public.
NABARD depends on the general line of credit received from the Reserve Bank of India to finance the agricultural credits.
Which of the statements given above is/are correct?
Report Question
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Consider the following statements about the different seed production cycles
Breeder seed is the primary stage of the seed production cycle.
Certified seed is the secondary stage of the seed production cycle.
Foundation seeds are produced and distributed to all farmers and regions.
Which of the statements given above is/are correct?
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Only 1
0%
1 and 2
0%
1 and 3
0%
All of these
The importance of agriculture in Indian economy is indicated by its contribution to which of the following?
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0%
National Income and employment
0%
Industrial development and international trade
0%
Supply of foodgrains
0%
All of the above
Explanation
The importance of agriculture in Indian Economy is indicated by its contribution to national income industrial development and supply of food grains. It contributes around 13.7% to GEP, supplies row material for development of industries along with supplying food grains for livelihood
Agriculture plays a vital role in the Indian economy over 70% of the rural households depend upon Agricultural. Agriculture in an important sector of Indian economy as it contributes about 17% to the total GDP and provide employment to over 60% of population.
The Green Revolution in India has contributed to
Report Question
0%
inter-regional inequality
0%
inter-class inequality
0%
inter-crop inequality
0%
All of the above
Explanation
The Green Revolution in India has contributed to inter-regional, inter-class and inter-crop inequality as certain regions like UP and Pu njab which used HYVs performed much better than others and become more advanced than other states
Consider the following statements
Agricultural commodities are the major products that have a large share of the commodities traded in the commodity futures market.
The commodity futures market facilitates the price discovery process and provides a platform for price risk management in commodities.
Which of the statements given above is/are correct?
Report Question
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Which one of the following is the main objective of the Farm Income Insurance Scheme?
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To provide income protection to the farmers by insuring production
0%
To provide income protection to the farmers by insuring market risks
0%
To provide income protection to the farmers by providing the insured seeds to farmers
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Both 'a' and 'b'
Which one of the following sequences is the correct sequence about the uses of raw material for the thermal power generation from highest to lowest?
Gas turbine
Lignite
Coal
Diesel
Select the correct answer from codes given below
Report Question
0%
1, 3, 2, 4
0%
1, 3, 4, 2
0%
3, 2, 1, 4
0%
3, 1, 2, 4
Consider the following statements
India continues to be dependent on imports to meet the requirement of oil seeds in the country because.
farmers prefer to grow foodgrains with high remunerative support prices.
most of the cultivation of oil crops continued to be dependent on rainfall.
oil from the seeds of free-origin and rice bran have remained unexploited.
it is far cheaper to import oilseeds than to cultivate the oilseed crops.
Which of the statements given above are correct?
Report Question
0%
1,2 and 3
0%
1 and 2
0%
2 and 3
0%
2 and 4
Consider the following statements
The Union Government fixes the Statutory Minimum Price of sugarcane for each sugar season.
Sugar and sugarcane are essential commodities under the Essential Commodities Act.
Which of the statements given above is/are correct?
Report Question
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Consider the following reasons
Lack of irrigation facilities, low productivity of land.
Single crop mode of cultivation.
Indian agriculture's dependence on the monsoon.
Which of the reasons given above is/are responsible for the migration of people from rural to urban areas for the search of livelihood in Indian economy?
Report Question
0%
1,2 and 3
0%
1 and 3
0%
2 and 3
0%
Only 2
In India, contribution of food inflation to overall inflation is around $$\frac{1} {3}$$ to $$\frac{2} {5}$$ . Within food inflation, contribution of food articles is higher because price rise in food articles is
Report Question
0%
higher and their weight is also higher compared to food products.
0%
higher but their weight is lower compared to food products.
0%
lower but their weight is higher compared to food products.
0%
lower and their weight is also lower compared to food products.
Which one of the following Five Year Plans of Indian Government promoted the well-spread out storage grid from the farm to the national level?
Report Question
0%
First and Second Five Year Plans
0%
Sixth and Seventh Five Year Plans
0%
Eighth and Ninth Five Year Plans
0%
Tenth and Eleventh Five Year Plans
With reference to agricultural sector of India, consider the following statements
Rural Infrastructure Development Fund disperses loans to the states to complete the minor irrigation projects.
Rural Infrastructure Development Fund is managed by the public sector commercial banks.
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
Consider the following statements
In India, more than 85% agricultural workers are mainly casual labourers.
Agricultural labourers in India are mainly dominated by the backward classes.
Which of the statements given above is/are correct?
Report Question
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Consider the following statements
Agriculture including allied activities accounted for about 55% employment in the country according to Census 2011.
The growth in agriculture and allied sectors is a necessary condition for inclusive growth in India.
Which of the statements given above is/are correct?
Report Question
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Choose the correct statement(s) in the context of Cooperative banks in India
Cooperative banks operate on no profit no loss basis.
Cooperative banks are allowed to operate only in the agricultural sector.
NABARD is a Cooperative bank.
Report Question
0%
Only 1
0%
1 and 2
0%
1 and 3
0%
All of the above
Explanation
Cooperative Banks operate on no profit no loss basis, and they operate in all sectors including agriculture sector. NABARD is not a Cooperative Bank. National Bank for Agriculture and Rural Development (NABARD) is an apex development bank in India.
Container Corporation of India Limited (CONCOR), a public sector undertaking is under the administration control of which of the following ministries?
Report Question
0%
Heavy industry
0%
Small scale
0%
Ministry of Railways
0%
Shipping, Road Transport and Highways
Explanation
Container Corporation of India Ltd (CONCOR) is a Navratna Public sector undertaking under the Indian Ministry of Railways. Incorporated in March 1988 under the Companies Act CONCOR commenced operations in November 1989 taking over an existing network of seven inland container depots (ICDs) from Indian Railways. It now has a network of 61 ICDs / CFSs (Container Freight Stations) throughout India.
The sales tax you pay while purchasing a toothpaste is a __________________.
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0%
tax imposed by the Central Government
0%
tax imposed by the Central Government, but collected by the State Government
0%
tax imposed by the State Government, but collected by the Central Government
0%
tax imposed and collected by the State Government
Explanation
Sales tax is imposed and collected by the state governments the sale of goods at the consumer's end. Centre also imposes sales tax (i.e., CST), but it is collected at the time the goods are leaving the manufacturing points - being and 'origin-based' tax this will be phased out once the GST (a destination based tax) is implemented.
In India, in the overall index of industrial production, the indices of eight core industries have a combined weight of 37-90%. Which of the following are among those eight core industries?
Cement
Fertilisers
Natural gas
Refinery products
Textiles
Select the correct answer using the codes given below
Report Question
0%
1, and 5
0%
2, 3 and 4
0%
1,2, 3 and 4
0%
1,2, 3, 4 and 5
Consider the following statements
In Indian economy, the share of Industry sector in employment generation is more than 20%.
In the Eleventh Five Year Plan, the industrial growth measured in terms of IIP shows fluctuating trends.
Which of the statements given above is/are correct?
Report Question
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Consider the following statements about the Navratna Status Industries
Navratna was originally assigned to nine Public Sector Enterprises in 1997.
The number of PSEs having Navratna status is now more than 15 industries.
Which of the statements given above is/are correct?
Report Question
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Explanation
Navratna was the title given originally to 9 Public Sector Enterprises (PSEs) identified by the government in 1997 as public sector companies that have comparative advantages enjoying greater autonomy to compete in the global market so as to support in their drive to become global giants. However, the number of PSEs having gNavaratna status is now more than 15 industries
During the Eleventh Five Year Plan agricultural sector in India witnessed a growth rate of 3.3% per annum which is higher than 2.4% annum in the previous Five Year Plan. This is largely due to better performance of
Report Question
0%
crops and livestock
0%
oilseeds and fibres
0%
fishing and oilseeds
0%
fibres and fishing
Consider the following statements
The USSR assisted in building of Bhilai Steel Plant.
The British assisted in the building of the Bokaro Steel Plant.
Which of the statements given above is/are correct?
Report Question
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Only 1
0%
Only 2
0%
Both 1 and 2
0%
Neither 1 nor 2
Which of the following are the components of National Commission on farmers?
Soil health enhancement with special focus on dry farming
Irrigation water supply augmentation and demand management
Credit and insurance facilities like creation of agricultural risk fund
Technological reforms in the forms of proper integration of production and post-harvest technologies, development of cadre of Rural Farm Science Managers and lab-to-land demonstrations
Assured and remunerative marketing
Choose the right answer from the following codes
Report Question
0%
1, 3 and 5
0%
2 and 4
0%
1, 2,3 and 4
0%
All of the above
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