The Special Economic Zones Act was passed by the Indian Parliament in 2005 and the Act came into force in:

• 2006
• 2009
• 2010
• 2012
Solution
Correct Option: A  [ 2006 ]

Explanation:

Who was the head of the 10th Finance Commission?

• K.C. Pant
• Manmohan Singh
• Vasant Sathe
• Shiv Shankar
Solution
Correct Option: A  [ K.C. Pant ]

Explanation:

Which of the following benefits is covered under social security schemes ?

• Retirement benefits
• Medical facility
• Compensation facilities
• All of the above
Solution
Correct Option: D  [ All of the above ]

Explanation:

Scheme run under MGNREGA are sponsored :

• by the Central Government alone
• by the State Government alone
• partly by the Central Government and partly by the State Government
• by Centre, State and Panchayat bodies together
Solution
Correct Option: C  [ partly by the Central Government and partly by the State Government ]

Explanation:

Fiscal Deficit is:

• Government expenditure minus borrowings
• Government expenditure minus revenue receipts
• Same as budget deficit
• Budget deficit minus borrowings and other liabilities
Solution
Correct Option: B  [ Government expenditure minus revenue receipts ]

Explanation:

The LPG model of development was introduced by India since:

• 1991
• 1992
• 1993
• 1994
Solution
Correct Option: A  [ 1991 ]

Explanation:

Which among the following in India has the function of recommending Minimum Support Prices for various commodities to the Government ?

• National Farmers Commission
• Commission for Agricultural Costs and Prices
• Central Statistical organization
• Department of Agriculture
Solution
Correct Option: B  [ Commission for Agricultural Costs and Prices ]

Explanation:

Which institution in India controls the monetary policy of Indian currency?

• Finance Commission
• The Finance Ministry of India
• The Reserve Bank of India
• None of the above
Solution
Correct Option: C  [ The Reserve Bank of India ]

Explanation:

The full form of GST is:

• General Sales Tax
• Goods and Services Tax
• Government Special Tax
• General Service Tax
Solution
Correct Option: B  [ Goods and Services Tax ]

Explanation:

Which of the following is true in respect of Centre-State financial relations ?

• Amount given by Centre is the only source of income to States
• States can by-pass Centre while taking foreign loans
• States can not levy income tax
• States can claim 100 % share in excise duty on goods produced in the State
Solution
Correct Option: C  [ States can not levy income tax ]

Explanation: