Economics (Part – VIII)

21. What is the rate of Krishi Kalyan Cess which was proposed in budget 2016? [S.S.C. Online MTS (T-I) 9.10.2017 (Shift-I)]

(a) 0.5%
(b) 2%
(c) 5%
(d) 0.25%

Correct Answer: (a) 0.5%

Solution:During the Union Budget 2016, the Finance Minister of India, Mr. Arun Jaitley, introduced a Krishi Kalyan Cess at 0.5% that will be applicable to all taxed services. This additional cess is charged based on the taxed value of the service received.

22. Which of the following taxes is levied by the State Government only? [S.S.C. Online C.G.L..(T-I) 4.09.2016 (Shift-III)]

(a) Wealth tax
(b) Entertainment tax
(c) Income tax
(d) Gift tax

Correct Answer: (b) Entertainment tax

Solution:Entertainment tax is levied by the state government only. Now it has been subsumed under Goods and Service Tax by 101st Amendment to the Indian Constitution.

23. In India which of the following taxes is levied by the state governments? [S.S.C. Online C.G.L.(T-I) 27.08.2016 (Shift-III)]

(a) Excise duty on liquor
(b) Capital gains tax
(c) Customs tax
(d) Corporation tax

Correct Answer: (a) Excise duty on liquor

Solution:Excise duty on liquor is a tax levied by the State Government.

24. The National Board for Micro, Small and Medium Enterprises meets once every________months in a year. [S.S.C. Online C.G.L. (T-I) 6.06.2019 (Shift-III)]

(a) 3
(b) 6
(c) 9
(d) 2

Correct Answer: (a) 3

Solution:The National Board for Micro, Small and Medium Enterprises meets once every 3 months a year.

25. Which of the following was the most important characteristic of India's trade throughout the colonial period? [S.S.C. Online C.G.L. (T-I) 7.06.2019(Shift-II)]

(a) Import deficiency
(b) Export deficiency
(c) Import surplus
(d) Export surplus

Correct Answer: (d) Export surplus

Solution:A major characteristic of trade in the colonial period of India was its export surplus. An export surplus is when a country exports more products than it imports from other countries.

26. Who among the following is responsible for pre-preparation of National Income estimates in India? [S.S.C. Online CHSL (T-I) 14.10.2020 (Shift-II)]

(a) NITI Aayog
(b) Finance Commission
(c) IRDA
(d) Central Statistical Organization

Correct Answer: (d) Central Statistical Organization

Solution:

The national income estimates are being prepared by the Central Statistical Organization. The Central Statistics Office is a governmental agency in India under the Ministry of Statistics and Programme Implementation.

27. How many Miniratna companies are there in Category - II? [S.S.C. Online C.P.O.S.I. (T-I) 2.07.2017 (Shift-I)]

(a) 17
(b) 15
(c) 13
(d) 16

Correct Answer: (b) 15

Solution:Option (b) was the correct option when the question was asked. At present (February 2022) the number of Category-II Miniratna companies is 12. While there are 62 companies under Category-I. The number of Maharatna and Navratna companies is 11 and 13 respectively.

28. Which of the following pairs is INCORRECTLY matched? [S.S.C. Online CHSL (T-I) 13.10.2020 (Shift-III)]

(a) Hindustan Aeronautics Limited - Navratna
(b) Indian Oil Corporation Limited - Maharatna
(c) Airport Authority of India - Navratna
(d) Bharat Sanchar Nigam Limited - Miniratn

Correct Answer: (c) Airport Authority of India - Navratna

Solution:The correct matched pairs are:

company	status
1. Hindustan Aeronautics	Navratna
2. Indian Oil Corporation Limited	Maharatna
3. Airport Authority of India	Miniratna
4. Bharat Sanchar Nigam Limited	Miniratna

29. Which of the following Public Sector Under-takings was accorded the Maharatna status in February 2013? [S.S.C. Online C.G.L. (T-I) 4.06.2019(Shift-II)]

(a) OIL
(b) BHEL
(c) CIL
(d) ONGC

Correct Answer: (b) BHEL

Solution:The government on 5 February 2013 granted Maharatna status to Bharat Heavy Electricals Ltd (BHEL) and Gas Authority of India Ltd (GAIL). With Maharatna status, the two public sector enterprises would have more operational freedom for carrying out activities in the country as well as overseas.

30. Who is known as the 'Father of Public Sector Undertakings' in India? [S.S.C. Online CHSL (T-I) 13.10.2020 (Shift-I)]

(a) Ashok Desai
(b) V. Krishnamurthy
(c) Sashi Sivramkrishna
(d) Prasanta Chandra Mahalanobis

Correct Answer: (b) V. Krishnamurthy

Solution:Dr. V. Krishnamurthy is known as the 'Father of Public Sector Undertakings' in India. Ashok Desai was the 10th Attorney General of India from 9 July 1996-6 April 1998. Prasanta Chandra Mahalanobis was the person responsible for the formation of the Central Statistical Organization.