We posted 7 questions in 10 PM Daily Quiz on 15th 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) Zika virus was first discovered in 1947 and is named after the Zika forest in which of the following country?
a) Rwanda
b) Uganda
c) Kenya
d) Tanzania
Answer-b
Explanation:- Zika Virus
- Zika virus disease (Zika) is a disease caused by Zika virus that is spread to people primarily through the bite of an infected Aedes species mosquito.
- It is spread by mosquitoes, and so is called an “arbovirus”, in the same family as West Nile and dengue fever.
- Zika virus was first discovered in 1947 and is named after the Zika forest in Uganda.
Symptoms
The most common symptoms of Zika are fever, rash, joint pain, and conjunctivitis (red eyes). The illness is usually mild with symptoms lasting for several days to a week after being bitten by an infected mosquito.
Why in news?
- On Feb 1, 2016, the World Health Organization (WHO) declared Zika virus a public health emergency of international concern (PHEIC).
- Local transmission has been reported in many other countries and territories.
- Zika virus likely will continue to spread to new areas.
Q.2) Parliament has exclusive power to make laws with respect to any of the matters enumerated in List I in the Seventh Schedule. This provision is made under which of the following Article?
a) Article 244
b) Article 245
c) Article 246
d) Article 247
Answer- c
Explanation:- Article 246 in The Constitution Of India
- Subject matter of laws made by Parliament and by the Legislatures of States
(1) Notwithstanding anything in clauses ( 2 ) and ( 3 ), Parliament has exclusive power to make laws with respect to any of the matters enumerated in List I in the Seventh Schedule (in this Constitution referred to as the Union List)
(2) Notwithstanding anything in clause ( 3 ), Parliament, and, subject to clause ( 1 ), the Legislature of any State also, have power to make laws with respect to any of the matters enumerated in List III in the Seventh Schedule (in this Constitution referred to as the Concurrent List)
(4) Parliament has power to make laws with respect to any matter for any part of the territory of India not included (in a State) notwithstanding that such matter is a matter enumerated in the State List
Q.3) Consider the following statements:
- Economic Growth refers to the long and sustained rise in real Gross Domestic Product (GDP)
- Sustainable Development implies Long lasting development without negatively impacting the environment
- Sustainable economic growth depends upon Both saving and investment
- Economic development means Sustainable increases in Gross Domestic Product (GDP).
Select the correct answer using the codes given below:
a) 1, 2 and 3
b) 1,2 and 4
c) 2,3 and 4
d) 1,3 and 4
Answer: a
Explanation: Economic growth implies change or an increase in the real output of country. Such changes should not be momentarily. Such growth should be maintained for certain period of time. Increase in GDP owing to increase in prices cannot be termed as Economic Growth.
Brundtland commission in Our Common Future, also known as the Brundtland Report defined sustainable development: “Sustainable development is development that meets the needs of the present without compromising the ability of future generations to meet their own needs.
Saving makes the availability of fund for carrying out the investment activities. Investment cannot be carried out without saving. Further, saving is of no use until it is channelized into different investment activities.
Economic development means the change in growth along with progressive changes in socio-economic conditions of country. While Economic growth implies change or an increase in the real output of country.Growth must be accompanied by the progressive reduction in the inequalities and social vagaries for being called economic development. Economic growth does not take into account the social implications in form of reduction in inequalities. Change or increase in one component such as consumption or investment may be regarded as the economic growth.
Q.4) Consider the following statements regarding Wholesale Price Index(WPI) for agricultural prices
- 2015-16 has seen WPI based inflation increase by double digits
- In 2015-16 WPI based inflation of agricultural prices has been less than non agricultural prices
Select the correct answer using the codes below
a) 1 only
b) 2 only
c) Both are true
d) Neither is true
Answer -d
Explanation
Refer to the article “Why doubling farmers’ income by 2022 is possible”
Q.5) Consider the following statements regarding money bill
- Lok Sabha is bound to accept the recommendations of Rajya Sabha.
- There is no question of joint sitting of both houses if there is a tie
- President cannot return the bill for reconsideration of Lok Sabha
- Only those financial bills which contain provisions exclusively on matters listed in article 110 of the constitution are called Money Bills.
Select the correct answer using the codes below
a) 1,2 and 4 only
b) 1,3 and 4 only
c) 2,3 and 4 only
d) 1,2,3,4
Answer – c
Explanation
Money Bills
- Only those financial bills which contain provisions exclusively on matters listed in article 110 of the constitution are called Money Bills.
- On this basis, a bill is money bill if: It results in imposition, abolition, remission, alteration or regulation of any tax at union or state level but NOT at local level.
- Thus, money bills exist in Parliament and State legislature only. If a financial bill results in imposition, abolition, remission, alteration or regulation at local level by a local body, it is not considered to be a money bill. It results in regulation of borrowing of money or results in any guarantee by Government of India. Results in withdrawal of money from Consolidated or Contingency fund Receipt of money in consolidated fund and public account.
Procedure for Passing of the Money Bills
These special features are as follows:
- A money bill can be introduced / originated only in Lok Sabha {or in legislative assembly in case of bicameral legislature in states}.
- A money bill can be introduced only on prior recommendations of the President {or governor in case of state}
- A money bill can be a government bill only. No private bill can be a money bill.
- Once a money bill is passed in Lok Sabha, it is transmitted to Rajya Sabha for its consideration. But Rajya Sabha has limited powers in this context. It can neither reject nor amend the money bill. It can make only recommendations and has to return the bill with or without recommendations to Lok Sabha in 14 days.
- The Lok Sabha may or may not accept the recommendations of Rajya Sabha. Whether or not accepted those recommendations, thus returned bill is considered passed in both houses.
- If Rajya Sabha does not even return the bill in 14 days, it is considered passed in both houses. President can withhold assent to money bill but cannot return it for reconsideration of the Lok Sabha.
- There is no question of joint sitting in case of money bills because opinion of Rajya Sabha is immaterial in their case.
Q.6) Consider the following statements:
- An ad valorem duty is a tax on the basis of value added.
- The income tax in India is direct and progressive
3. Central government has exclusive power to impose tax which is not mentioned in state or concurrent list.
4. The constitution also provides for transferring certain tax revenues from union list to states
Select the correct answer using the codes below
a) 1,2 and 4 only
b) 1,3 and 4 only
c) 2,3 and 4 only
d) 1,2,3,4
Answer: c
Explanation
What is an ‘Ad Valorem Tax’
An ad valorem tax is a tax based on the assessed value of real estate orpersonal property. Ad valorem taxes can be property tax or even duty on imported items. Property ad valorem taxes are the major source of revenue for state and municipal governments.
Municipal property ad valorem taxes are also known as “property taxes”.
Q7) Consider the following statements:
- A depositary receipt (DR) is a negotiable financial instrument issued by a bank to represent a foreign company’s publicly traded securities.
- Participatory notes are the derivative instruments issued by registered FIIs to persons in foreign countries who invest in India but don’t want to go through procedures mandated by SBI.
Using the codes given below select the correct statement/s:
a) 1 only
b) 2 only
c) Both are true
d) Both are false
Answer c
Explanation:-
A depositary receipt (DR) is a negotiable financial instrument issued by a bank to represent a foreign company’s publicly traded securities. The depositary receipt trades on a local stock exchange. Depositary receipts facilitates buying shares in foreign companies, because the shares do not have to leave the home country.
Participatory notes are the derivative instruments issued by registered FIIs to persons in foreign countries who invest in India but don’t want to go through procedures mandated by SBI. Money moves from – Investor (participatory note holder) to FIIs and then to Indian Stock Markets. As they remain outside preview of SEBI there are apprehensions that these are used for round tripping.
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