The highest body which approves the Five Year Plan in India is :

• Parliament
• Planning Commission
• National Development Council
• Finance Commission
Correct Option: C  [ National Development Council ]

Remark:

Government imposes taxes to:

• run the machinery of State
• uplift of weaker sections
• check the accumulation of wealth among the rich
• None of the above
Correct Option: A  [ run the machinery of State ]

Remark:

Existence of huge black money creates

• increase in the inequality of income
• decrease in the quality of output
• high living standard for all
• Both (B) and (C)
Correct Option: A  [ increase in the inequality of income ]

Remark:

What is the 'Repo rate' ?

• It is the rate at which International Aid Agencies lend to RBI
• It is the rate at which the banks lend to RBI
• It is the rate at which RBI borrows from the market
• It is the rate at which RBI lends to banks
Correct Option: D  [ It is the rate at which RBI lends to banks ]

Remark:

"SEBI" stands for the:

• State Earnings Board of India
• Securities and Exchange Bank of India
• Securities and Exchange Board of India
• State Exchange Bank of India
Correct Option: C  [ Securities and Exchange Board of India ]

Remark: The Securities and Exchange Board of India was constituted as a non-statutory body on April 12, 1988 through a resolution of the Government of India.
The Securities and Exchange Board of India was established as a statutory body in the year 1992

The earlier name of WTO was:

• UNCTAD
• GATT
• UNIDO
• OECD
Correct Option: B  [ GATT ]

Remark: General Agreement on Trade and Tariffs (GATT) under the Marrakesh Agreement. The World Trade Organization (WTO) began journey on 1 January 1995.

In order to control inflationary price rise, Reserve Bank directs Banks to

• Reduce rate of interest on credit
• Reduce Statutory Liquidity Ratio (SLR)
• Increase Cash Reserve Ratio (CRR)
• Buy bonds from capital market
Correct Option: C  [ Increase Cash Reserve Ratio (CRR) ]

Remark:

Sarva Shiksha Abhiyan (SSA) was launched in the IXth Five Year Plan for:

• education for all
• education for the weaker sections
• universalisation of elementary education
• bridge all the genders and social gaps in education
Correct Option: C  [ universalisation of elementary education ]

Remark:

A closed economy is an economy in which:

• the money supply is fully controlled
• deficit financing takes place
• only exports take place
• Neither exports nor imports take place.
Correct Option: D  [ Neither exports nor imports take place. ]

Remark:

The architect of the Second Five Year Plan was :

• Mahatma Gandhi
• Subhash Chandra Bose
• P. C. Mahalanobis
• None of them
Correct Option: C  [ P. C. Mahalanobis ]

Remark: