Q.1 Consider the following statements
1. A subsidy reduces costs for the consumer
2. A subsidy reduces costs for the producer
Select the correct statements from the codes given below:
a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2
Ans-[C]
Subsidies can be given both to the consumer as well as the manufacturer. Hence both the statements are correct.
Q.2 Which of the following are referred to as the Qualitative tools of Monetary Policy?
1. Consumer Credit Regulation.
2. Selective Credit Control.
3. Open Market Operations.
4. Moral Suasion.
Select the correct options using the code given below:
a) 1 and 2 only
b) 1, 3 and 4 only
c) 1, 2 and 4 only
d) 1, 2, 3 and 4
Ans-[C]
OMOs is a quantitative tool of monetary policy. Rest all are Qualitative tools.
Q3. Consider the following statements regarding Dispute Settlement Board (DSB) of WTO:
1. The General Council of WTO acts like a Dispute Settlement Board.
2. DSB takes up the dispute only after 60 days of time is given to the disputants to resolve the dispute among themselves
3. Its decision is final and cannot be challenged
4. It does not pronounce any specific punishment if, after ruling, the erring nation does not rectify the issues.
Which of the following statements given above is/are correct?
a) 1 and 2 only
b) 1, 2 and 4 only
c) 1, 3 and 4 only
d) 2 and 3 only
Ans[B]
All the statements are true except Stmt 3. The decision of DSB can be challenged.
Q.4 Special 301 report which was recently in the news is related to
a) Drug Pricing Policy
b) Ranking of higher education institutions
c) List of countries with weak Intellectual Property Rights
d) Measures taken by G-33 countries in WTO
Ans-[C]
The Special 301 Report (Report) is the result of an annual review of the state of intellectual property rights (IPR) protection and enforcement in U.S. trading partners around the world, which the Office of the United States Trade Representative (USTR) conducts.
Q.5 Which among the following factors has contributed the most in India’s higher growth during the current year:
a) Private consumption
b) Public consumption
c) Exports
d) Imports
Ans -[A]
Private consumption has been the biggest driver of India’s growth in the current year. Exports have actually declined in the current year. (Source: Economic Survey)
Q.6) Which of the following tax falls under the ambit of direct taxes?
a) Service Tax
b) Custom Duties
c) Minimum Alternate tax
d) None of these
Ans-[C]
Minimum Alternate Tax is a direct tax. Rest all are indirect taxes.
Q.7 Which of the following are the components of macro-economic vulnerability index?
1. Fiscal deficit
2. Current Account deficit
3. Index of industrial production
Select the correct answer using the codes given below:
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