#GENERAL AWARENESS#(INDIAN ECONOMY)
1.General anti-avoidance rule (GAAR) is framed by the __________ department under __________ Ministry
1.Disinvestment, External Affairs
2.Financial Service, Finance
3.Economic affairs, Transport
4.Revenue, Finance
5.None of these
Answer & Explanation
Answer – 4.Revenue, Finance
Explanation :
General anti-avoidance rule (GAAR) is an anti-tax avoidance Rule of India. It is framed by the Department of Revenue under the Ministry of Finance.. The rules are framed in different countries to minimize such avoidance of tax. GAAR is a set of general rules enacted so as to check the tax avoidance.
2.In WTO terminology, Green Box contains _________ payments to producers for environmental programs
1.Fixed
2.Non Fixed
3.Variable
4.Non Varible
5.None of these
Answer & Explanation
Answer –1.Fixed
Explanation :
The Green Box contains fixed payments to producers for environmental programs, so long as the payments are “decoupled” from current production levels
3.Which of the following subsidies box contains subsidies which can be increased without limit ?
1.Yellow box
2.Blue box
3.Pink box
4.Black box
5.None of these
Answer & Explanation
Answer – 2.Blue box
Explanation :
Blue Box contains subsidies which can be increased without limit, so long as payments are linked to production-limiting programs.
4.____________ is designed to reduce distortion are placed in Blue Box.
1.Control box
2.Amber box
3.Main box
4.Red box
5.None of these
Answer & Explanation
Answer – 2.Amber box
Explanation :
The Amber box subsidies with conditions designed to reduce distortion are placed in Blue Box. They include the direct payment to the farmers to reduce production.
5.Which of the following service will be include in the Green Box subsidies ?
1.Research
2.Disease control
3.Food Security
4.Infrastructure
5.All of these
Answer & Explanation
Answer – 5.All of these
Explanation :
Green Box subsidies include the amounts spent on Government services such as research, disease control, and infrastructure and food security. This also includes the subsidies given to the farmers that directly don’t affect production such as for restructuring the agriculture.
6.What is ICOR ?
1.Incremental Common Output Rating
2.Income Capital Outsource Rate
3.Incremental Capital Output Ratio
4.Increase Capital Output Ratio
5.None of these
Answer & Explanation
Answer – 3.Incremental Capital Output Ratio
Explanation :
ICOR– Incremental Capital Output Ratio – A metric that assesses the marginal amount of investment capital necessary for an entity to generate the next unit of production.
7.Lead Bank Scheme (LBS) was introduced in which year ?
1.1969
2.1960
3.1956
4.1972
5.None of these
Answer & Explanation
Answer – 1.1969
Explanation :
Lead Bank Scheme (LBS) was introduced in 1969, based on the recommendations of the Gadgil Study Group
8.The Shadow Banking are banking like activities offered by
1.Ministry of Finance
2.Reserve Bank of India
3.Non banking financial intermediaries
4.Government of India
5.None of these
Answer & Explanation
Answer – 3.Non banking financial intermediaries
Explanation :
SHADOW BANKING are banking like activities offered by Non banking financial intermediaries. Their existence outside the regulatory ambit poses a threat to financial system.
9.The savings interest rate was deregulated in which year ?
1.2011
2.2010
3.2000
4.2012
5.None of these
Answer & Explanation
Answer – 1.2011
Explanation :
All the interest rates in India have been deregulated. The last one was savings interest rate which was deregulated in 2011.
10.CECA stands for ________________
1.Comprehensive Economic Cooperation Agreement
2.Common Economic Cooperation Association
3.Collective Economic Coordination Agreement
4.Comprehensive Economy Cooperation Associations
5.None of these
Answer & Explanation
Answer – 1.Comprehensive Economic Cooperation Agreement
Explanation :
CECA stands for Comprehensive Economic Cooperation Agreement while CEPA is an acronym for Comprehensive Economic Partnership Agreement. Both CECA and CEPA are forms of economic agreements between India and other countries such as Malaysia, Singapore, and Thailand (for CECA) and Japan, Sri Lanka, and South Korea (for CEPA).
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