Indian Economy - General Knowledge Questions

A)
National Income to rise by Rs. 1000
B)
Gross National product to rise by Rs. 1000
C)
Gross Domestic Product to rise by Rs. 1000
D)
No impact on Gross National Product

Correct Answer :   No impact on Gross National Product

Gross National Product (GNP) is the market value of all products and services produced in one year by labor and property supplied by the residents of a country. Unlike Gross Domestic Product (GDP), which defines production based on the geographical location of production, GNP allocates production based on ownership. Therefore if the firm sells new shares directly to individuals it has no effect on the Gross National product as there is no direct relation between two.

A)
Upliftment of the poorest of the poor
B)
Bringing up cultural revolution in India
C)
Demands of textile labourers
D)
Liberation of bonded labour

Correct Answer :   Upliftment of the poorest of the poor

Antyodaya Anna Yojana (AAY) is a centrally sponsored scheme launched on December 2000 for one crore of the poorest families. It is on the lookout for the ‘poorest of the poor’ by providing them 35 kilos of rice and wheat at Rs.2 per kg.

A)
Determination of money supply
B)
Price determination
C)
Collection of estimates of national income
D)
Collection of detail data regarding employment

Correct Answer :   Collection of estimates of national income

The Central Statistics Organization, established in 1951, is responsible for coordination of statistical activities in the country, and evolving and maintaining statistical standards. Its activities include National Income Accounting; conduct of Annual Survey of Industries, Economic Censuses and its follow up surveys, compilation of Index of Industrial Production, as well as Consumer Price Indices for Urban NonManual Employees, Human Development Statistics, Gender Statistics, imparting training in Official Statistics, Five Year Plan work relating to Development of Statistics in the States and Union Territories; dissemination of statistical information, work relating to trade, energy, construction, and environment statistics, revision of National Industrial Classification, etc.

A)
Corporation tax
B)
Income tax
C)
Excise duty
D)
Sales tax

Correct Answer :   Sales tax

A sales tax is a consumption tax charged at the point of purchase for certain goods and services. The tax is usually set as a percentage by the government charging the tax. Sales tax can be levied either by the Central or State Government or Central Sales tax department. The revenue from this tax was assigned to the States by amending Article 269 of the Constitution. Thus, sale within the State (IntraState sale) is within the authority of State Government, while sale outside State (Inter-State sale) is within the authority of Central Government.

A)
BOLT
B)
RBIDOT
C)
RBISAT
D)
RBINET

Correct Answer :   RBINET

RBINet is a communica-tion software, developed in ‘C’ and available for both DOS and UNIX machines. It allows free format messaging and file transfer on the existing BANKNET infrastructure with the help of UNIX servers installed at the 4 NCCs. Each RBINet user interacts with the local UNIX server through PADs connected to the X.25 switch. The UNIX servers in turn communicate with each other using TCP/IP over the X.25 protocol. The software allows free format messaging without any restrictions on the length of the message, enables file transfer of both ASCII-text and Binary (spreadsheets, data bases, programs etc.) files, facilitates dial-up access, and has security features such as end-to-end encryption, audit trail, etc.

A)
Gujarat
B)
Bihar
C)
Orissa
D)
Rajasthan

Correct Answer :   Bihar

According to the latest figures released by Government – Goa leads the country with per capita income of Rs. 1,92,652/-, while Bihar has the lowest with a per capita income of only Rs. 24,681/-. An average Goan earns 6 times more than an average Bihari.

A)
Central Statistical Organisation
B)
Indian Statistical Institute
C)
Reserve Bank of India
D)
National Council for Applied Economics and Research

Correct Answer :   Central Statistical Organisation

The government is planning to merge Central Statistical Organisation (CSO) and National Sample Survey Organisation (NSSO) for promoting statistical network in the country. The newly merged unit will be named as National Statistical Organisation (NSO).

A)
HDFC
B)
PNB
C)
SBI
D)
ICICI

Correct Answer :   SBI

The State Bank of India, in September 2007, became the first public sector bank to touch a market capitalisation of Rs 1,00,000 crore following a surge of over three per cent in its share price. The bank’s shares closed at Rs 1950.70 per share on the BSE, giving it a market cap of about Rs 1,02,665.12 crore. Earlier in the day, the shares rose to a life-time high of Rs 1,969.80 crore before ending with the gain of 3.43 per cent over the previous close. SBI is the only second bank in India to have attained a market capitalisation of more than Rs 1,00,000 crore. Besides, SBI, ICICI Bank has also achieved this milestone and its market cap.

A)
a MNC which manu-factures chemicals
B)
Chamber of Commerce and Industry
C)
a private sector bank
D)
Indian Cement Industry

Correct Answer :   a MNC which manu-factures chemicals

Imperial Chemical Industries (ICI) was a British chemical company. It was, for much of its history, the largest manufacturer in Britain. It was formed by the merger of four leading British chemical companies in 1926.

A)
Reduce personal and regional inequality in the distribution
B)
Maintain price stability through creation of buffer stocks
C)
Protect the interests of both consumers and poor farmers
D)
Control the production of food grains

Correct Answer :   Control the production of food grains

Since 1951 public distribution of food grains has been retained as deliberate social policy by India with the objectives of: Providing food grains and other essential items to vulnerable sections of the society at reasonable (subsidized) prices; put an indirect check on the open market prices of various items and to attempt socialization in the matter of distribution of essential commodities. PDS is an important constituent of the strategy for poverty eradication and is intended to serve as a safety net for the poor. Controlling the production of food grains is not the avowed aim of this system. It is a welfare measure, not some economic regulatory system.