Hello Everyone, These are the results and explanation of Tuesday Economy Quiz #10. Compare your answers and write your correct and incorrect in comment section. It will help to compare your performance with others.
[Solutions]
Q.1) Anti counterfeiting trade agreement is related with
a) Stopping Piracy of movies
b) Controlling duplication of products
c) Enforcement of Intellectual Property rights
d) None of the above
Ans – [C]
Explanation – The Anti-Counterfeiting Trade Agreement (ACTA) is a multinational treaty for the purpose of establishing international standards for intellectual property rights enforcement. The agreement aims to establish an international legal framework for targeting counterfeit goods, generic medicines and copyright infringement on the Internet, and would create a new governing body outside existing forums, such as the World Trade Organization, the World Intellectual Property Organization, and the United Nations.
Q.2) Consider the following statement with respect to newly printed one rupee note:
1. One rupee note is not a legal tender.
2. Satyamev Jayate will be written below the Ashokan Pillar.
3. It will be signed by the RBI governor.
Which of the above statements is/are correct?
a) 1 and 3 only
b) 2 and 3 only
c) 2 only
d) None of the above
Ans-[D]
Explanation- The Finance Ministry under the Central Government has recently launched the one rupee note again. The launch took place at the Shrinathji temple in Nathdwara, Rajasthan. The relaunched currency notes will be made up of cent percent cotton rag and will weigh 900 grams per square metre with a thickness of 110 microns. It bears the signature of the Finance Secretary and not the RBI Governor. Only Re. 1 notes and coins in India are signed by the Finance Secretary as they are printed by the Central Government. All other Indian currency notes in India are printed by RBI. The watermarks of the currency note include an Ashoka Pillar symbol in the window without the words ‘Satyamev Jayate’, a latent numeral at the centre and the concealed word ‘Bharat’ (in Hindi) at the right side of the note.
The colour of the note is primarily pink green on both the obverse and reverse sides, in combination with other colours. A picture of the oil exploration rig of Sagar Samrat off the Mumbai coast will feature on the reverse.
Q.3) Which of the following items has GI tags?
1. Hyderabad Haleem
2. Malabar Pepper
3. Coorg coffee
4. Kanchcipuram Silk saree
Select the correct answer using the codes given below.
a) 3 and 4 only
b) 1, 2 and 3 only
c) 1, 2, 3 and 4
d) 2 and 3 only
Ans-[C]
Explanation – All have GI tags attached to them.
Q.4) Consider the following statements about Asian Development Bank(ADB).
1. It is modeled on the lines of IMF.
2. Japan has the biggest subscribed capital in ADB.
Which of the above statement(s) is/are incorrect?
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2
Ans-[A]
Explanation– The Asian Development Bank was conceived in the early 1960s as a financial institution that would be Asian in character and foster economic growth and cooperation in one of the poorest regions in the world. ADB assists its members, and partners, by providing loans, technical assistance, grants, and equity investments to promote social and economic development. From 31 members at its establishment, ADB now has 67 members, of which 48 are from within Asia and the Pacific and 19 outside. The ADB was modeled closely on the World Bank, and has a similar weighted voting system where votes are distributed in proportion with members’ capital subscriptions. ADB releases an annual report that summarizes its operations, budget and other materials for review by the public. Japan has the biggest subscribed capital in ADB.
Q.5) Consider the following statements about WTO.
a) Ministerial conference is the highest decision making body
b) Each member country is officially represented by the Commerce minister.
Which of the above statement(s) is/are correct?
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2
Ans – [C]
Explanation – Both the statements are factual and correct.
Q.6) Global investment trade monitor report is released by
a) World economic forum
b)International monetary fund
c) World Bank
d ) UNCTAD
Ans-[D]
Q.7) What are the objectives of the taxation policy in India?
1. Directing investment into small scale sector
2. Reducing the consumption of luxury goods
3. Enforcement of law and order
Select the correct answer using the codes given below.
a) 1 and 2 only
b) 1 and 3 only
c) 2 and 3 only
d) 1,2 and 3
Ans-[D]
Explanation– This is very basic question. All three are objectives of the taxation policy of India.
Q.8)Consider the following statements.
1. Since 9th FYP there is consistent increase in the tax collection.
2. Tax collection after 1991 reforms declined initially.
Which of the above statements is/are correct?
a)1 only
b)2 only
c)Both 1 and 2
d)Neither 1 nor 2
Ans-[B]
Explanation-It was after 10 fyp that there was a consistent increase in the tax collection but this trend was broken after 2008 global financial meltdown. Statement 2 is right, as the economy was not robust just after 1991 reforms, there was a fall in tax collection initially.
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