Where is the Indian Institute of Foreign Trade Located ?
(1) New Delhi
(2) Hyderabad
(3) Mumbai
(4) Ahmedabad
Solution: (1)
The Indian Institute of Foreign Trade (IIFT) is an autonomous public business school established in 1963 by the government of India to help professionalize the country’s foreign trade management and increase exports by developing human resources, generating, analyzing and disseminating data. It is located in New Delhi, India.
The Centre for Agricultural Marketing is located at
(1) Jaipur
(2) New Delhi
(3) Nagpur
(4) Hyderabad
Solution: (1)
The Chaudhary Charan Singh (CCS) National Institute of Agricultural Marketing (NIAM) is a premier National level Institute set up by the Government of India in August 1988 to offer specialized Training, Research, Consultancy and Education in Agricultural Marketing. NIAM is an autonomous body under the aegis of the Ministry of Agriculture, Government of India. It was set up as a Registered Society to cater to the needs of Agricultural Marketing personnel in India as well as from South East Asian countries. The Union Minister for Agriculture is the President of the General body of NIAM and Secretary, Department of Agriculture and Cooperation is the Chairman of the Executive Committee. The Campus of the National Institute of Agricultural Marketing is situated m a 32 acre plot of land on the outskirts of Jaipur City.
Per capita income is obtained by dividing National Income by
(1) Total population of the country
(2) Total working population
(3) Area of the country
(4) Volume of capital used
Solution: (1)
Per capita income or average income or income per person is the mean income within an economic aggregate, such as a country or city. It is calculated by taking a measure of all sources of income in the aggregate (such as GDP or Gross National Income) and dividing it by the total population.
The Narasimham Committee (1991) on financial reforms proposed for establishment of a
(1) Two tier hierarchy of the Banking structure
(2) Three tier hierarchy of the Banking structure
(3) Four tier hierarchy of the Banking structure
(4) Unified control by the apex institutions
Solution: (3)
Two expert Committees were set up in 1990s under the chairmanship of M. Narasimhan (an exRBI (Reserve Bank of India) governor). The first Narasimhan Committee (Committee on the Financial System – CFS) was appointed by Manmohan Singh as India’s Finance Minister on 14 August 1991, and the second one (Committee on Banking Sector Reforms) was appointed by P. Chidambaram as Finance Minister in December 1997. The 1991 committee submitted its report to the Finance Minister in November 1991 which was placed on the table of Parliament on December 17, 1991. It recommended the introduction of a four tier banking system in the country: I tier: 3 or 4 International Banks; II tier: 8 to 10 National Banks; III tier Regional Banks; and IV tier: Rural Banks.
GDP at Factor Cost is
(1) GDP minus indirect taxes plus subsidies
(2) GDP minus depreciation allowances
(3) NNP plus depreciation allowances
(4) GDP minus subsidies plus indirect taxes
Solution: (1)
Gross value added at factor cost (formerly GDP at factor cost) is derived as the sum of the value added in the agriculture, industry and services sectors. If the value added of these sectors is calculated at purchaser values, gross value added at factor cost is derived by subtracting net product taxes from GDP. GDP at Factor Cost is called Real GDP. This is because it takes into account various other factors which give a clearer picture of the GDP.
The term ‘Mixed Economy’ denotes
(1) existence of both rural and urban sectors
(2) existence of both private and public sectors
(3) existence of both heavy and small industries
(4) existence of both developed and underdeveloped sectors
Solution: (2)
Mixed economy is an economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies. The basic idea of the mixed economy is that the means of production are mainly under private ownership; that markets remain the dominant form of economic coordination; and that profit-seeking enterprises and the accumulation of capital remain the fundamental driving force behind economic activity. However, unlike a free-market economy, the government would wield considerable indirect influence over the economy through fiscal and monetary policies.
Rs. 50 banknote of Mahatma Gandhi (New) series has base colour of ______.
(1) chocolate brown
(2) stone grey
(3) fluorescent blue
(4) lavender
Solution: (3)
The Rs. 50 banknote of the Mahatma Gandhi (New) series has a base color of fluorescent blue. It is part of the new series of Indian currency notes introduced by the Reserve Bank of India (RBI). The color fluorescent blue is chosen to enhance the security features of the banknote and make it more difficult to counterfeit. The reverse of the new 50 rupee banknote in the Mahatma Gandhi (New) series has a motif of the Hampi with Chariot. Hampi is an ancient city located in the state of Karnataka, India. It is a UNESCO World Heritage Site and was once the capital of the Vijayanagara Empire. Simlarly,
Rs. 5 is in Green-Orange with motif -Tractor
Rs. 10 is in Chocolate Brown with -Sun Temple, Konark
Rs. 20 is in Greenish Yellow with motif -Ellora Caves
Rs. 50 is in Fluorescent blue with motif Hampi
Rs. 100 is in Lavendar with motif – Rani ki Vav
Rs. 200 is in Bright Yellow with motif – Sanchi Stupa
Rs. 500 is in Stone Grey with motif – Red Fort
The present Indian monetary system is based on
(1) Gold Reserve System
(2) Proportional Reserve System
(3) Convertible Currency System
(4) Minimum Reserve System
Solution: (4)
Since 1957, the Reserve Bank of India is required to maintain gold and foreign exchange reserves of Rs. 200 crore, of which at least Rs. 115 crore should be in gold and Rs. 85 crore in the form of Government Securities. The system as it exists today is known as the minimum reserve system.
Gross Domestic Product is defined as the value of all
(1) goods produced in an economy in a year
(2) goods and services produced in an economy in a year
(3) final goods produced in an economy in a year
(4) final goods and services produced in an economy in a year
Solution: (4)
Gross domestic product (GDP) is the market value of all officially recognized final goods and services produced within a country in a given period of time. GDP was first developed by Simon Kuznets for a US Congress report in 1934. After the Bretton Woods conference in 1944, GDP became the main tool for measuring the country’s economy.
The Annapurna Scheme was implemented in the year
(1) 1998
(2) 1996
(3) 1999
(4) 2000
Solution: (4)
The Annapurna Scheme was launched by the Ministry of Rural Development on April 1, 2000 as a 100 per cent Centrally Sponsored Scheme aiming at providing food security to meet the requirement of those destitute senior citizens who though eligible have remained uncovered under the National Old Age Pension Scheme (NOAPS). From 2002-2003, this scheme was transferred to State Plan along with the NSAP. Indigent senior citizens or 65 years of age or above who though eligible for old age pension under the National Old Age Pension Scheme (NOAPS) but were not getting the pension were covered under the Scheme. 10 kgs of foodgrains per person per month was supplied free of cost under the scheme.
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