Which of the following is the role of Finance Commission ?

• Sharing of net proceeds of taxes between the Centre and States.
• Recommending principles for governing the grants-in-aid to the States by the Centre
• Recommendations on matters referred to it by the President for the interest of finance
• All of the above
Solution
Correct Option: D  [ All of the above ]

Explanation:

Mixed economy means an economy where:

• There is co-existence of public sector along with private sector
• Both agriculture and Industry are equally promoted by the state
• There is importance of small scale industries along with heavy industries
• Economy is controlled by military as well as civilian rulers
Solution
Correct Option: A  [ There is co-existence of public sector along with private sector ]

Explanation:

In India, which sector generally suffers from the problem of surplus labour ?

• Agriculture
• Industry
• Service
• All of these
Solution
Correct Option: A  [ Agriculture ]

Explanation:

Whose signature is found on the 1000 rupee note of India?

• Finance Secretary of India
• Finance Minister Of India
• Governor, Reserve Bank of India
• President Of India
Solution
Correct Option: C  [ Governor, Reserve Bank of India ]

Explanation:

Plan finance creates increase of money supply if there is

• increase in taxes
• increase in loan from the Reserve Bank of India
• increase in loan from commercial Banks
• increase in loan from general public
Solution
Correct Option: A  [ increase in taxes ]

Explanation:

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
Solution
Correct Option: C  [ universalisation of elementary education ]

Explanation:

In India the Repo rate is announced by:

• the Ministry of Finance, Government of India
• the Prime Minister of India
• the Reserve Bank of India
• the President of India
Solution
Correct Option: C  [ the Reserve Bank of India ]

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:

When was National Bank of Agriculture and Rural Development (NABARD) established ?

• 6th Dec, 1947
• 6th Dec, 1982
• 5th Nov, 1982
• 7th Oct, 1982
Solution
Correct Option: C  [ 5th Nov, 1982 ]

Explanation:

The equilibrium condition for money market is:

• demand for money should be equal to supply of money
• cash in hand should be equal to deposits in bank
• saving is equal to investment
• bank rate is equal to repo rate
Solution
Correct Option: A  [ demand for money should be equal to supply of money ]

Explanation: