Economics (Part – XIII)

Total Questions: 50

31. A paper which instructs a bank to pay a specific amount from one person's account to another person's account is called [S.S.C. Online MTS (T-I) 10.10.2017 (Shift-II)]

(a) lease
(b) sequence
(c) check
(d) transfer

Correct Answer: (c) check

Solution:A paper that instructs a bank to pay a specific amount from one person's account to another person's account is called a cheque.

32. A worldwide financial messaging network which exchange messages between banks and financial institutions is known as ________. [S.S.C. Online CHSL (T-I)22.03.2018 (Shift-I)]

(a) CHAPS
(b) SWIFT
(c) NEFT
(d) SFMS

Correct Answer: (b) SWIFT

Solution:A worldwide financial messaging network that exchanges messages between banks and financial institutions is known as SWIFT. It stands for Society for Worldwide Interbank Financial Telecommunication. SWIFT codes are also known as Business Identifier Codes.

33. Which of the following Indian banks launched contactless wearable payment devices called 'Wear N Pay' in March 2021? [S.S.C. Online CGL (T-I) 20.08.2021 (Shift-II)]

(a) Indus Ind Bank
(b) ICICI Bank
(c) Axis Bank
(d) HDFC Bank

Correct Answer: (c) Axis Bank

Solution:Axis Bank has launched a range of wearable contact-less payment devices under the brand Wear 'N' Pay. The devices comprise different forms of wearables like a band, key chain, and watch loop. The wearables function like regular debit cards and are directly linked to the bank account of an Axis Bank customer.

34. Which of the following is NOT a credit rating agency in India? [S.S.C. Online CHSL (T-I) 18.03.2020 (Shift-I)]

(a) RBI
(b) CRISIL
(c) CARE
(d) ICRA

Correct Answer: (a) RBI

Solution:RBI formulates, implements and monitors monetary policy. It acts as the banker to the government and the banker to the banks. The other three are credit rating agencies.

35. Which of the following is NOT an aid or auxiliary to trade? [S.S.C. Online CGL (T-I) 03.12.2022 (Shift-III)]

(a) Hoarding
(b) Insurance
(c) Warehousing
(d) Transportation

Correct Answer: (a) Hoarding

Solution:Hoarding is not an aid or auxiliary to trade. Auxilia-ries to trade refers to the factors that are essential for bringing the goods from the place of their production to the place of their consumption. In simple words, these are essential services and functions that assist the business.

36. 'Capital gains' refers to goods which- [S.S.C. Online C.G.L.(T-I) 30.08.2016 (Shift-III)]

(a) serve as a source of raising further capital
(b) help in the further production of goods
(c) directly go into the satisfaction of human wants
(d) find multiple uses

Correct Answer: (b) help in the further production of goods

Solution:Capital goods are goods that are used in producing other goods, rather than being bought by consumers. They are tangible assets such as buildings, machinery, equipment, vehicles and tools that an organization uses to produce goods or services to produce consumer goods and goods for other businesses.

37. The_______ balance is equal to capital flows from the rest of the world, minus capital flows to the rest of the world. [S.S.C. Online C.G.L. (T-I) 22.08.2017 (Shift-III)]

(a) Current Account
(b) Savings Account
(c) Capital Accounts
(d) Asset Accounts

Correct Answer: (c) Capital Accounts

Solution:Capital account is a part of the balance of payments. It shows the net capital inflow from the rest of the world in a given period. Mathematically, Capital account is expressed as:

Capital account = FDI + Portfolio Investment + Reserve Surplus + Other Investments

38. 'A Plan of Economic Development for India', which was prepared by a cross-section of India's leading capitalists in 1944, was popularly known as the_______ Plan. [S.S.C. Online CPO S.L. (T-I) 23.11.2020 (Shift-I)]

(a) Mysore
(b) Calcutta
(c) Allahabad
(d) Bombay

Correct Answer: (d) Bombay

Solution:The Bombay Plan was proposed by a group of Indian industrialists and technocrats (J. R. D. Tata, Ghan shyam Das Birla, Ardeshir Dalal, Lala Shri Ram, Kasturbhai Lalbhai, Ardeshir Darabshaw Shroff, Sir Purshottamdas Thakurdas and John Mathai,) in Jan. uary 1944, for the 15-year economic development of India, post Independence. It was also known as A Plan of Economic Development for India.

39. The 14th Finance Commission has recommended increase in state, share in net proceeds from tat collection from 32% to: [S.S.C. Online C.G.L.(T-I) 11.09.2016 (Shift-III)]

(a) 35%
(b) 40%
(c) 42%
(d) 45%

Correct Answer: (c) 42%

Solution:The Fourteenth Finance Commission has submitted its recommendations for the period 2015-16 to 2020. 21. The Fourteenth Finance Commission radically enhanced the share of the states in the central divisible pool from 32% to 42% which is the biggest ever increase in vertical tax devolution.

40. The Fifteenth Finance Commission was constituted in: [S.S.C. Online CHSL (T-I) 08.06.2022 (Shift-l)]

(a) 2016
(b) 2017
(c) 2018
(d) 2019

Correct Answer: (b) 2017

Solution:

The Fifteenth Finance Commission was constituted in 2017. The commission's chairman is Nand Kishore Singh, a senior member of the Bharatiya Janata Party (BJP) since March 2014, with its full-time members being Ajay Narayan Jha, Ashok Lahiri and Anoop Singh.

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