The value of Gold is determined in
Answer: A
The price of gold is set in London.
The London Bullion Market Association fixes the benchmark price twice daily, and the market has set the world reference price since 1919. New York's COMEX is the main futures market.
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Who is responsible for establishing and maintaining astound and efficient accounting and financial reporting system in India?
Answer: A
It is the Controller General of Accounts.
The CGA, in the Ministry of Finance, is the principal accounts adviser to the government: it prescribes the form of accounts, runs the payment and accounting machinery, and prepares the monthly and annual accounts of the Union. The CAG, by contrast, audits those accounts.
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Mixed Economy means
Answer: C
A mixed economy means the coexistence of the public and private sectors.
Some means of production are owned by the state and some by private individuals, and the allocation of resources is settled partly by planning and partly by the market. India's Industrial Policy Resolution of 1956 divided industries between the two sectors on this basis.
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Which Indian got Nobel Prize for Economics ?
Answer: B
Amartya Sen won the Nobel Prize in Economics.
He received it in 1998 for work on welfare economics and social choice, and for showing that famines arise from a loss of entitlement to food rather than from an absence of it. He also devised, with Mahbub ul Haq, the Human Development Index.
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India changed over to the decimal system of coinage in
Answer: B
India adopted decimal coinage in April 1957.
The rupee was divided into 100 naye paise from 1 April 1957, replacing the old system of 16 annas or 64 pice. The word 'naya' was dropped in 1964.
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In India, rural incomes are generally lower than urban incomes. Which of the following account for this?
I. A large number of farmers are illiterate and know little about scientific agriculture
II. Prices of primary products are lower than those of manufactured products
III. Investment in agriculture has been low compared with investment in industry
Answer: A
All three reasons apply.
Illiteracy limits the adoption of improved practice; the terms of trade have long run against primary products and in favour of manufactures; and public and private investment per worker in agriculture has been far below that in industry. Together they hold rural productivity, and therefore rural incomes, down.
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The most important small-scale industry in India is that of
Answer: A
Handloom is the most important small-scale industry.
It is the largest cottage industry in India and, after agriculture, the largest source of rural employment, supporting several million weavers. Its output is protected by reservation of certain fabrics under the Handloom Reservation Act.
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Planning commission constituted a high level committee for financial sector reforms in August 2007 under the Chairmanship of:
Answer: B
The committee was chaired by Raghuram G. Rajan.
The Planning Commission appointed him in August 2007, and the report, A Hundred Small Steps, appeared in 2008. He later became Chief Economic Adviser and then Governor of the Reserve Bank.
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Taxation and the government's expenditure policy are dealt under the
Answer: A
These are matters of fiscal policy.
Fiscal policy is the government's use of taxation, expenditure and borrowing to influence the economy, and takes effect through the budget. Monetary policy, which concerns the money supply and interest rates, is the central bank's.
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The Board of Industrial and Financial Reconstruction (BIFR) came into existence in
Answer: C
BIFR came into existence in 1987.
The Board for Industrial and Financial Reconstruction was set up under the Sick Industrial Companies Act, 1985 to determine whether a company was sick and, if so, whether it could be revived or should be wound up. It was abolished in 2016 when the Insolvency and Bankruptcy Code took over.
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