We posted 7 questions in 10 PM Daily Quiz on 8th April, 2016. Thanks for the amazing response. These questions will help you polish concepts based on current affairs. In case you have not attempted them, please attempt them by clicking below.
Q.1) The provisions of the Administrative Tribunals Act, 1985 do not apply to which of the following:
- Members of paramilitary forces
- Armed forces of the Union
- Officers or employees of the Supreme Court
Select the correct answer using the codes given below
a) 1 and 2
b) 1 and 3
c) 2 and 3
d) 1, 2 and 3
Answer- d
Explanation:-
The provisions of the Administrative Tribunals Act, 1985 do not apply to the following:
- Members of paramilitary forces
- Armed forces of the Union
- Officers or employees of the Supreme Court
- Persons appointed to the Secretariat Staff of either House of Parliament or the Secretariat staff of State/ Union Territory Legislatures.
Q.2) Devang Khakhar committee is related to which of the following?
a) Liberalised remittance scheme
b) Liberal education loan linkage for IIT students
c) Central Administrative Tribunal (CAT)
d) Income Tax Act
Answer-b
Explanation:- Devang Khakhar committee recommended the liberal education loan linkage for IIT students, with no collateral requirements.
Q.3) Consider the following statements regarding Open Market Operations
- Open market operations (OMO) refer to the buying and selling of government securities in the open market by the government.
- In the case of excess liquidity, RBI resorts to purchase of Government-securities.
Select the correct answer using the codes given below
a) 1 only
b) 2 only
c) Both are true
d) Neither is true
Answer-d
Explanation:- Open Market Operations refer to the purchase and sale of the Government securities (G-Secs) by RBI from / to market. The objective of Open Market Operations is to adjust the rupee liquidity conditions in the economy on a durable basis.
- When RBI sells government security in the markets, the banks purchase them.
- When the banks purchase Government securities, they have a reduced ability to lend to the industrial houses or other commercial sectors.
- This reduced surplus cash, contracts the rupee liquidity and consequently credit creation / credit supply.
- When RBI purchases the securities, the commercial banks find them with more surplus cash and this would create more credit in the system.
- Thus, in the case of excess liquidity, RBI resorts to sale of G-secs to suck out rupee from system. Similarly, when there is a liquidity crunch in the economy, RBI buys securities from the market, thereby releasing liquidity. It’s worth note here that the market for government securities is not well developed in India but still OMO plays very important role.
Q.4) Consider the following statements regarding GDP deflator
- The GDP deflator is the ratio of real GDP to nominal GDP in country.
- While the GDP deflator reflects the prices of goods, it does not account for the quantities of goods for the economy.
Select the correct answer using the codes given below
a) 1 only
b) 2 only
c) Both are true
d) Neither is true
Answer-b
Explanation:- The GDP deflator is used to measure economic conditions throughout history. Essentially, The GDP deflator is the ratio of nominal GDP to real GDP in country. It is used to reflect the prices of goods and services sold within the country. While the GDP deflator reflects the prices of goods, it does not account for the quantities of goods for the economy. This is an important distinction between the GDP deflator and CPI, as CPI accounts for quantities. The equation below is the GDP deflator.
GDP Deflator = Nominal GDP ÷ Real GDP × 100
Q5). Consider the following statements regarding Minimum Wages Act 1948
- The Act provides for fixing wage rate for any industry that has at least 2000 workers.
2. It is mandatory for the employer to maintain records of all employee’s work, wages and receipts - The number of hours that are to be fixed for a normal working day should have one or more intervals/breaks included.
Select the correct answer using the codes given below
a) 1 and 3 only
b) 2 and 3 only
c) 3 only
d) All of these
Answer – b
Explanation
The Act provides for fixing wage rate (time, piece, guaranteed time, overtime) for any industry that has at least 1000 workers.
1) While fixing hours for a normal working day as per the act should make sure of the following:
- The number of hours that are to be fixed for a normal working day should have one or more intervals/breaks included.
At least one day off from an entire week should be given to the employee for rest.
Payment for the day decided to be given for rest should be paid at a rate not less than the overtime rate.
2) If an employee is involved in work that categorises his service in two or more scheduled employments, the employee’s wage will include respective wage rate of all work for the number of hours dedicated at each task.
3) It is mandatory for the employer to maintain records of all employee’s work, wages and receipts .
4) Appropriate governments will define and assign the task of inspection and appoint inspectors for the same.
Q.6). Consider the following statements regarding Open-source software (OSS)
- Source code is publicly accessible, students can learn to make better software by studying what others have written.
- It is not free of charge and some compulsory fee has to be paid.
- It is not secure platform
Select the correct answer using the codes given below
a) 1 only
b) 1 and 2 only
c) 1 and 3 only
d)All of these
Answer – a
Explanation
What is open source
- Open source software is software whose source code is available for modification or enhancement by anyone
- Open source doesn’t just mean something is free of charge
- Because open source code is publicly accessible, students can learn to make better software by studying what others have written.
Why open source
- Open source software is preferred because they have more control over that kind of software
- Some people prefer open source software because they consider it more secure and stable than proprietary software.
- The flexibility and sophistication of the Web we use today depends on freely available scripting languages, such as Perl and PHP, invented by developers who deliberately did not seek patent monopolies for them.
- Facebook runs on PHP. The current generation innovators — various open-source foundations like the Mozilla, Linux and Apache foundations, Facebook, eBay, LinkedIn, Tumblr and innumerable other start-ups — all share the same credo: royalty-free open source.
Q.7) Consider the following statements
- For the first time in february 1991 RBI announced a scheme called Liberalised remittance scheme where an Individual can take $ 25000 a year abroad.
2. Limit of 25000$ changed to 250,000$ in 2016.
3. RBI also allows setting up of companies abroad in 2013
4. Overseas Direct Investment Scheme where an Individual could go and set up 100% subsidiary or could also invest in a joint venture
Select the correct statements using the codes given below:
a) 1 and 2 only
b) 2 and 3 only
c) 2 and 4 only
d) 3 and 4 only
Answer c
Explanation: Click
Leave a Reply