Economics (Part – VI) - Mock Test 365

Total Questions: 50

21. Finance Minister Nirmala Sitharaman announced that New________ is set up to look at the management of our water resources and water supply in an integrated and holistic manner while presenting the 2019 Budget. [S.S.C. Online MTS (T-I) 21.08.2019 (Shift-I)]

(a) Har Boondh Jal Mantralaya
(b) Jal Shakti Mantralaya
(c) Jal Jeevan Mantralaya
(d) Har Ghar Jal Mantralaya

Correct Answer: (b) Jal Shakti Mantralaya

Solution:The Ministry of Jal Shakti (Jal Shakti Mantralaya) is a ministry under the Government of India. It was formed in May 2019. Gajendra Singh Shekhawat is the current Minister of Jal Shakti. Jal Shakti Mantralaya is formed after the merging of the Ministry of Water Resources, River Development & Ganga Rejuvenation, and Ministry of Drinking Water and Sanitation. To clean the river Ganges is one of the main aims of the ministry of Jal Shakti.

22. First full time female Finance Minister of India is_____. [S.S.C. Online MTS (T-I) 20.08.2019 (Shift-I)]

(a) Sarojini Naidu
(b) Maneka Gandhi
(c) Nirmala Sitharaman
(d) Indira Gandhi

Correct Answer: (c) Nirmala Sitharaman

Solution:The first full-time female Finance Minister of India is Nirmala Sitharaman. She was appointed as the Finance Minister on 31 May 2019. She earlier served as the Defense Minister of India. She was India's second Defense Minister.

23. Nirmala Sitharaman announced that the National Sports Education Board for development of sportspersons to be set up under________while presenting the Budget of 2019. [S.S.C. Online MTS (T-I) 20.08.2019 (Shift-II)]

(a) Khelo aur Badho
(b) Khelo aur Padho
(c) Khelo India
(d) Khel India Khel

Correct Answer: (c) Khelo India

Solution:Nirmala Sitharaman announced the National Sports Education Board for development of sportspersons to be set up under Khelo India while presenting the Budget of 2019. Khelo India is the initiative of the Indian government. It is aimed at strengthening the sports ecosystem by encouraging mass participation and promotion of excellence.

24. According to the Union Budget of 2019, which two cards are interchangeable for electronic tax assessments? [S.S.C. Online MTS (T-I) 20.08.2019 (Shift-III)]

(a) Aadhar card and Voter ID card
(b) Driving License and Aadhar Card
(c) PAN card and Aadhar card
(d) PAN card and voter ID card

Correct Answer: (c) PAN card and Aadhar card

Solution:As per the Union Budget 2019, PAN card (PAN Permanent Account Number) and Aadhar card can be used interchangeably for e-tax assessment. PAN card is an identification card for depositing income tax issued by the Income Tax Department of India.

25. For which crop, Fair and Remunerative price is announced, instead of Minimum Support Price? [S.S.C. Online MTS (T-I) 16.08.2019 (Shift-III)]

(a) Rice
(b) Sugarcane
(c) Pulses
(d) Wheat

Correct Answer: (b) Sugarcane

Solution:Instead of a minimum support price, a fair and remunerative price is declared for the sugarcane crop. The pricing of sugarcane is approved by the Cabinet Committee on Economic Affairs.

26. Minimum Support Price is announced by________. [S.S.C. Online MTS (T-I) 9.08.2019 (Shift-III)]

(a) Ministry of Finance
(b) Ministry of Agriculture
(c) Cabinet Committee on Economie Affairs
(d) Chamber of Commerce

Correct Answer: (c) Cabinet Committee on Economie Affairs

Solution:Cabinet Committee on Economic Affairs announces Minimum Support Price. MSP is announced on the basis of recommendations given by the Commission on Agricultural Costs and Price (CACP).

27. What is the amount allocated to Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) Scheme in the Union Budget for 2019-20? [S.S.C. Online MTS (T-I) 13.08.2019 (Shift-I)]

(a) Rs 70000 crore
(b) Rs 80000 crore
(c) Rs 50000 crore
(d) Rs 60000 crore

Correct Answer: (d) Rs 60000 crore

Solution:In the budget 2019-20, an amount of 60,000 Crores has been sanctioned for MNREGA which is around 13% lower than previous year's 71,000 Crores. A provision of Rs 73000 crore has been made for MGNREGA scheme in the Union Budget 2022-23.

28. Pricing Policy of Minimum Support Price follows which approach? [S.S.C. Online MTS (T-I) 13.08.2019 (Shift-I)]

(a) Cost plus approach
(b) Investment plus approach
(c) Land plus approach
(d) Loan plus approach

Correct Answer: (a) Cost plus approach

Solution:The determining mechanism of MSP is the Cost Plus approach considered by CACP which includes: cost of factors of production, changes in input prices, trends in market prices, demand-supply, etc. The National Commission for Farmers has recommended that MSP should be 50% higher than the cost.

29. According to the Union Budget 2019, the Custom Duty on Gold and other precious metals hiked from 10% to_________. [S.S.C. Online MTS (T-I) 5.08.2019 (Shift-III)]

(a) 10.5%
(b) 11%
(c) 12%
(d) 12.5%

Correct Answer: (d) 12.5%

Solution:According to the Union Budget 2019, the customs duty on gold and other precious metals was increased from 10 per cent to 12.5 per cent. With this increase, the import of gold will become costlier. In the budget, in 2023-24, customs duty on gold/silver/platinum jewelry and jewelery has been increased from 20 percent to 25 percent, percent, which is effective from February 2, 2023.

30. Minimum Support Price (MSP) of the agricultural crops in India is fixed by the government on the recommendations of the: [S.S.C. Online CHSL (T-I) 17.03.2020 (Shift-II)]

(a) Reserve Bank of India
(b) NABARD
(c) Food Corporation of India (FCI)
(d) Commission for Agricultural Costs and Prices (CACP)

Correct Answer: (d) Commission for Agricultural Costs and Prices (CACP)

Solution:The Minimum Support Price of the agricultural crops in India is fixed by the government on the recommendations of the Commission for Agricultural Costs and Prices.

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Economics (Part – VI)