Revision Test for Prelims- lesson-2 Presented By-Prabhakar Jha
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-15). Consider the following statements dation in India: regarding fiscal consoli 1. India like several other countries, embarked in the mid-2000s on an ambitious project of fiscal consolidation 2. Fiscal Responsibility and Budget Management (FRBM) Act was adopted by the centre in 2003. -Identify the correct statements a) 1 only .b) 2 only c) Both d) Neither of the above
ANSWER-C This was done to avoid high debt service ratios and greater revenue deficits. Also the interest burdens was becoming too much to bear.
-16). Consider the following statements: - Assertion (A): After Fiscal Responsibility legislations were passed, states expanded more discretionary spending Reason (R) : It would be easier to scale back discretionary spending, if needed to achieve the deficit targets -Identify the correct statements (Assertion - A & Reason - R) a) Both A and R are true but R is the correct explanation of A -b) Both A and R are true but R is not a correct explanation of A -c) A is true but R is false -d) A is false but R is true
ANSWER-A States could role back discretionary spending when needed and therefore failed to go for long term improvements in health and education policies.
-17). Assertion: During the mid-2000s debt of the companies i Reason: The period witnessed high growth rates of ncreased economy with increasing investment-GDP ratio and overseas spending. .Identify the correct statements (Assertion - A & Reason - R) a) Both A and R are true but R is the correct explanation of .b) Both A and R are true but R is not a correct explanation of A -c) A is true but R is false -d) A is false but R is true
ANSWER-A - Indian companies expanded aggressively before the recession and got stuck with surplus capacity and slowing global economy. The financial crises also made access to working capital tougher.
-18) which of the following about RBI governor is incorrect: -a) He is part of the search cum selection committee for members of Monetary Policy Committee -b) He heads the MPC "C) He represents india in nVLF .d) He is having casting vote in MPC
ANSWER- India is represented by an executive director in the IMF. Currently Subir Gokaran is responsible for representing India. He was the Deputy governor of RBI.
ANSWER-C -It was introduced by SEBI to check for fraudulent practices. It also issued a notification that if such price movements were found the companies would be classified as shell companies and monev laundering provisions could be initiated against such companies
ANSWER-C Lipu Lekh pass is high altitude mountain pass in Uttarakhand suitable for accessing Kailash-Manasarovar from Western Side
ANSWER-D Any offence punishable for one or above years is qualified for extradition -India requested extradition of warren Anderson and Ottavio Quattrocchi who were foreign nationals. -India-has extradition treaty with 42 countries.
23) Consider the following statement regarding GM Mustard. 1. It is first GM food crop approved by GEAC 2. DMH-11 is herbicide tolerant allowed for commercial cultivation in India Which of the following is/are correct? .a) 1 Only b) 2 Only c) Both 1 and 2 d) None of the above
ANSWER-B Bt-cotton was the first GM crop approved but it's not food crop. Bt-brinjal was the first gm-food crop approved by GEAC Dhara Mustard Hybrid-11 is herbicide tolerant GM Mustard crop approved by GEAC, but not yet approved by Environment Ministry.
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