Know Your World - 54

1. In India, which first bank of limited liability managed by Indians and founded in 1881?

Oudh Commercial Bank

2. How many countries are represented in International Monetary Fund (IMF)?

163

3. Why has the per capita income been low in India?

Because of population growth

4. What is the ideal average NPK ratio aggregated for the country as a whole?

0.16806713

5. Participatory Notes (PNs) are associated with which investors?

Foreign Institutional Investors

6. In which plan was the objective of self-reliance and zero net foreign aid declared?

Fourth 5-Yr Plan

7. How is the standard of living in a country represented?

Per capita income

8. Which is the best measure of economic growth of a country?

GNP

9. How is development?

Wider than economic growth

10. Which groups suffer the most from inflation?

Creditors

11. What does Dear Money Policy imply?

High interest rates

12. Who is the author of the book ‘Development as Freedom’?

Amartya Sen

13. New exim policy has chosen which town for ‘the pottery export?

Khurja

14. The present demographic transition of India is indicative of which thing?

Typically increasing urbanization

15. What is the mean of Ad Valorem?

According to value

16. Who sings on One-rupee currency notes?

Finance Secretary of India

17. How is Indian economy?

Mixed economy

18. What is Broad money in India?

M

19. Regional Rural Banks are designed to work in which ideal?

Help the targeted groups

20. Which bank gives long term loan to farmers?

Land Development Bank

21. Which first Bank was established in India?

Bank of Hindustan

22. Which treated as artificial currency?

SDR

23. Prof. Amartya Sen has earned worldwide distinction in which field /area?

Economics

24. How many members of African Development Bank are there?

78

25. How is the tax which is paid by the person on whom the tax is incident?

Direct tax

26. Which is an extra Constitutional and non-statutory body?

Planning Commission

27. When was decimal coinage introduced in India?

1957

28. How many of Banks were nationalized since 1969?

20

29. Which place does Buyer’s market denote?

The demand exceeds the supply

30. What is deficit financing?

Spending in excess of revenue

Know Your World - 53

1. Which state ranks first in terms of the maximum number of agro-based industries?

Punjab

2. Of which bills Open market operations of a Central Bank are sale and purchase?

Trade bills

3. For international payments, to which currency is the Indian currency linked?

American Dollar

4. Where are the headquarters of IMF and World Bank located?

Both Washington DC

5. In which year was Railway Budget in India separated from general budget?

1924-25

6. With which India’s progress has been reasonably satisfactory in connection?

Growth of GNP

7. Upon which development the Second Five Year Plan laid mote stress?

Industrialisation

8. Which authority sanctions foreign exchange for the import of goods?

Reserve Bank of India

9. What is the inflation experienced in the country at present?

Cost-push inflation

10. How is Share of Direct tax in post economic reform?

Increasing

11. Who is the author of the book’ Economic Nightmare of India’?

Charan Singh

12. What is the grouping of organisms into categories according to a systematic plan?

Classification

13. Which is the updated base for Wholesale Price Index (WPI) ?

2004-2005

14. What is the highest denomination of currency notes in circulation as legal tender in India at present?

Rs. 1000

15. What is the main source of fund for the National Highway Authority of India?

Cess

16. In India, in which was the service tax first introduced?

1994

17. Under which do all taxes come?

Revenue receipts

18. How many members are there in the International Finance Corporation?

184

19. Who is called the ‘Father of Economics’?

Adam Smith

20. By whom was concept of Five Year Plans in India introduced?

Jawaharlal Nehru

21. Finance Commission consists of how many members?

A Chairman and three other members

22. Which Public Sector bank’ emblem figures a dog and the words ‘faithful, friendly’ in it?

Syndicate Bank

23. What is the mean of Cheap Money?

Low Rate of Interest

24. According to the law of demand, what happens when price increases?

Demand decreases

25. Who is known as father of taxonomy?

Linnaeus

26. For how many years is rolling plan?

One year

27. Which are referred to as the developed economies?

Countries having large per capita income

28. Who was the Finance Minister of India in the Interim Government during 1946-1947?

R. K. Shanmukham Chetty

29. Who long do the World Bank and IMF give respectively?

Long term and short term credits

30. Chief Ministers of all the States are ex-officio members of which council?

National Development Council

Know Your World - 52

1. What was Karaj in the thirteenth century?

Tax on cultivation

2. What is termed as the period of high inflation and low economic growth?

Stagflation

3. In India, the bank NABARD does not provide refinance to which bank?

Export-Import Banks

4. Who wrote the book ‘Planned Economy for India’?

M. Visvesvaraya

5. A crossed cheque is one, which can be enchased only at which bank?

State Bank of India.

6. What do Quantitative credit controls not include?

RBI directives

7. The Centre-State financial distribution takes place on the recommendation by which ministry?

Finance Minister

8. Which is the oldest Development Financial Institution of India?

IFCI

9. During which five year plan were the steel plants at Durgapur, Bhilai and Rourkela established?

Second Five Year Plan

10. During which Five Year Plan was the total expenditure on agriculture the highest?

Fourth Five Year Plan

11. By whom the salary and perquisites of the Prime Minister of India are decided?

Parliament

12. Who are Debenture holders of a company?

Its creditors

13. Through which methods is the national income of India estimated mainly?

Production and income methods

14. In which year were Private Sector Mutual Funds in India permitted?

1993

15. From which export does India earn maximum foreign exchange?

Gems and jewellery

16. What is the source of maximum income to Panchayati Raj?

Government grants

17. The Govt. of India does not provide any direct financial assistance to which scheme?

Jeevan Sathi Yojana

18. Bagasse, a by-product of sugar manufacturing industry, is used for the production of which thing?

Paper

19. From which sector does the highest sector wise contribution to gross domestic saving comes?

Household sector

20. Which formulates fiscal policy?

Finance Ministry

21. In which plan was the growth rate of agricultural production negative?

Third Plan

22. In which of the Five Year Plans, preference was given to the weaker sections of the society?

Fifth

23. How many member states are in ‘Common Market‘ for Eastern and Southern Africa?

20

24. How can the States in India borrow from the market?

Only with the consent of the Centre

25. What is One of the main factors that led to rapid expansion of Indian exports?

Liberalization of the economy

26. How is the difference between visible exports and visible imports defined?

Balance of trade

27. Which case does stagflation imply?

Recession plus inflation

28. In which activity percentage share of cooperative sector is the highest?

Sugar production

29. In India, which is regulated by the forward Markets Commission?

Commodities Futures Trading

30. Among the remedies of inflation, what can we include?

Lowering bank rate

Know Your World - 51

1. When had India a plan holiday?

After the drought of 1966

2. During which Plan did prices show a decline?

First

3. Which bank is the Banker of the Banks?

RBI

4. When was the Reserve Bank of India taken over by the Government?

1948

5. Which is the tax that takes away a higher proportion of one’s income as the income rises?

Progressive tax

6. With which country is “Orange Revolution” associated?

Ukraine

7. What is the mean of Invisible Export?

Export Services

8. Which committee was assigned to recommend reforms in the insurance sector?

Malhotra Committee

9. When was the Rolling plan designed?

1978-83

10. Why does the Issue Department of the RBI maintain against printing of note?

Minimum Reserve System

11. From when was the Zero Base Budgeting in India first experimented?

April, 1987

12. What is an essential attribute of inflation?

Increase in prices

13. What is the best means of saving during inflation?

Money

14. Which is the oldest ‘stock exchange of India?

Bombay Stock Exchange

15. Which situation makes a firm most efficient?

Lowest average costs

16. What is meant by ‘Underwriting’, the term frequently used in financial sector?

Under valuation of the assets.

17. From the view of International economy, What does third World imply?

The developing countries

18. Which Committee was formed to suggest means for eradicating black money?

Cheiliah Committee

19. What is the situation with increasing unemployment and inflation termed?

Stagflation

20. If the cash-reserve ratio is lowered by the Central bank, what will be its effect on credit creation?

Increase

21. Which provides the largest part of the demand for loan able funds in India?

Corporate businesses

22. What is the main source of revenue to meet different expenditures?

Internal borrowings

23. From which sector is the largest contribution in India’s National Income?

Tertiary sector

24. In which policy India opted for ‘Mixed Economy’?

Industrial Policy of 1948

25. What is the task of the Planning Commission?

Preparation of the plan

26. Which Mahatma Gandhi series of currency notes issued by the RBI has “ecology” depicted on it?

Rs. 100

27. Which is the regulatory authority for giving clearance for External Commercial borrowing?

RBI

28. With which Economic growth is usually coupled?

Inflation

29. In which year was Minimum inflation in post economic reform?

1999-2000

30. What does Inflation imply?

Rise in general price index

Know Your World - 50

1. Terms of economics, which recession occurring two times with a small gap in between?

Deep Recession

2. Which is the place where bankers meet and settle their mutual claims and accounts?

Clearing House

3. Kautilya’s ‘Arthashastra’ deals with the aspects of which policies?

Political policies

4. Which organizations agency is involved in drafting the Union Budget of India?

Administrative Ministries only

5. What does National income ignore?

Salary of employees

6. Who is the founder of world Economic Forum?

Klaus Schwab

7. Stock Exchanges play a role in an economy how may it be termed?

Useful but need strict regulation

8. CENVAT is associated with which rate?

Rate of indirect tax

9. Taxation and the government’s expenditure policy are dealt under which policy?

Fiscal policy

10. For internal financing of Five Year Plans, the government depends on which source?

Taxation only

11. Which rural bank has been named after a river?

Varada Grameen Bank

12. ‘Asian Drama’, by Gunnar Karl Myrdal, is a book on which subjects?

Economics

13. What is the sum total of incomes received for the services of labour, land or capital in a country?

National income

14. Unemployment occurs when workers move from one job to another job?

Frictional unemployment

15. Which type of unemployment mostly found in India?

Disguised

16. Which is called a “banker’s cheque”?

Demand draft

17. Why is the Gross National Income always more than Net National Income?

Direct taxes

18. Who was the first Deputy Chairman of Planning Commission of India?

Shri V. T. Krishnamachari

19. To which duties is the system of value added taxation applicable?

Excise duties

20. How many of Banks were nationalized since 1969?

20

21. Which tax is levied by the Union and collected and appropriated by the States?

Stamp Duties

22. Is Tax on entertainment a direct tax?

no

23. Are Agricultural farmers protected against inflation?

no

24. By which bill does the government make arrangement for the collection of revenues for a year?

Finance Bill

25. Which is the ‘basis for determining the national income?

Production of goods and services

26. What is the mean of ‘Take off stage’ in an economy?

Steady growth begins

27. When was EXIM Bank set-up?

1982

28. Which is at the apex of Industrial Finance in India?

Industrial Development Bank of India

29. What is the most appropriate measure of a country’s economic growth?

Per capita real income

30. Of the various ways of financing government’s investment expenditure, what is the least inflationary?

Taxation

Know Your World - 49

1. The small and marginal farmers will get irrigation facilities through which plan?

Ganga Kalyan Yojna

2. The levying of which following taxes is outside the jurisdiction of Municipal Corporation?

Income Tax

3. Which is the most important item of non-plan expenditure?

Interest payment

4. What is the main objective of Antyodaya programme?

Uplift the poor

5. In which year Swarn Jayanti Gram Swa-Rozgar Yojna came into being?

01.04.1999

6. By whom is the Annual Financial Statement caused to be laid before both Houses of Parliament?

President

7. By which is National income of India compiled?

Central Statistical Organisation

8. If saving exceeds investment, how will the national income?

Remain constant

9. By which ministry is Economic survey published?

Ministry of Finance

10. In which of the Parliamentary Financial Committees is the Rajya Sabha not represented?

Estimates Committee

11. From which fund are the salaries of the Judges of the Supreme Court drawn?

Consolidated Fund

12. On which do Companies pay Corporation Tax?

Incomes

13. On which day is the budget, in normal circumstances, presented to the Parliament?

The last day of February

14. Which organization was established as the Bretton Woods Conference in 1944?

IMF

15. Which is the largest Committee of the Parliament?

The Estimates Committee

16. Which tax is not levied by the Union Government?

Profession Tax

17. Who signs on ten rupee notes?

Governor (Reserve Bank of India)

18. When was the decimal system of currency introduced in India?

1957

19. What is the investment in public works?

Capital expenditure

20. Which industry does not earn foreign exchange for India?

Fertilizers

21. What does Net factor income from abroad added to GDP give?

GNP

22. Why is Poverty in less developed countries largely?

Due to income inequality

23. Who is most benefitted from inflation?

Debtors

24. What are “Open Market Operations”?

Selling of gilt edged securities by the Government

25. Which is the ‘Slack Season’ in the Indian Economy?

Jan.-June

26. On which is based the India’s wage policy?

Cost of living

27. Which can be used for checking inflation temporarily?

Decrease in money supply

28. What does real national income denote?

National income at constant prices

29. Under VAT, how many slabs are there?

4

30. What is the cause of inflation?

Increase in money supply and fall in production

Know Your World - 48

1. By which band is Monetary policy regulated?

Central Bank

2. Which One feature is distinguishing the Rajya Sabha from the Bidhan Parishad?

Indirect election

3. If the price of an inferior good falls, what about its demand?

Remains constant

4. In which sector is 70% of working population of India engaged?

Primary sector

5. In India, in which banking is the Public Sector is most dominant?

Commercial banking

6. Which is the largest Public Sector Bank in India?

State Bank of India

7. Who is responsible for the collection and publication of monetary and financial information?

Reserve Bank of India

8. With which was Tarapore Committee associated?

Fuller capital account convertibility

9. To which Bill the President must accord his sanction without sending it back for fresh consideration?

Finance Bills

10. Among Indian Economists who had done pioneering work on National Income?

V. K. R. V. Rao

11. Who was the chairman of National Income Committee?

P. C. Mahalanobis

12. How is the contribution of agriculture to India’s economy?

Decreasing

13. Which body finalizes the Five Year Plan proposals?

National Development Council

14. Of which purpose was Nationalization of banks done?

Consolidating the economy

15. Word Bull and Big are associated with which branch of commercial activity?

Share Market

16. Chanda Kochhar leads to which of the organization?

ICICI Bank

17. Of which allocation does Gadgil Formula refer to?

Tax proceeds between the States

18. What is the principal source of revenue to the State Government in India?

Sales Tax

19. By whom was the first attempt to initiate economic planning in India made?

By M. Visvesvaraya

20. Bouncing of cheques has become an offence. What is the punishment for the same?

6 months imprisonment

21. In which year, some more commercial banks in addition to the first lot of 141 were nationalized in India?

1980

22. When did East African Development Bank come into force?

1967

23. Which forms the largest share of deficit in Govt. of India budget?

Fiscal deficit

24. Which scheme was intended to tap the black money?

India Development Bonds

25. Which bank prints currency notes of the denomination of Rs. 100?

The Bank Note Press, Dewas

26. Before 31st August, 1965 how many members were in the Economic and Social Council?

18

27. What is the effect of inflation on tax revenue results in a situation?

Fiscal drag

28. Which part of separated UTI is under SEBI’s regulation?

UTI-II

29. By which bank are the central banking functions in India performed?

Reserve Bank of India

30. From where does the National Stock Exchange functions?

Mumbai