Social GK test 1

Sr. No.



1. Fiscal Policy is related to
(a) Money supply in the economy
(b) Regulation of the banking system
(c) Planning for economic development
(d) Government’s Revenue and Expenditure
Answer: (d)
2. Foreign exchange rate means the rate at which the currency of one country can be traded for
(a) The currency of any other country in the foreign exchange market
(b) US dollar, which is the strongest currency in any foreign exchange market
(c) A fixed basket of currencies consisting of Dollar, Yen, Euro and Pound
(d) The currency of any other country as determined by the International Monetary Fund
Answer: (a)
3. In India, during the last decade the total cultivated land for which one of the following crops has remained more or less stagnant? 
(a) Rice
(b) Oil Seeds
(c) Pulses
(d) Sugarcane
Answer: (c)
4. In India, the interest rate on savings account in all the nationalized commercial banks is fixed by 
(a) Union Ministry of Finance
(b) Union Finance Commission
(c) Indian Banks’ Association
(d) None of the above.
Answer: (d)
5. In India, the tax proceeds of which one of the following as a percentage of gross tax revenue has significantly declined in the last five years? 
(a) Service tax
(b) Personal income tax
(c) Excise duty
(d) Corporation tax
Answer: (c)
6. In India, which of the following have the highest share in the disbursement of credit to agriculture and allied activities? 
(a) Commercial Banks
(b) Cooperative Banks
(c) Regional Rural Banks
(d) Microfinance Institutions
Answer: (a)
7. In India, which of the following is regulated by the Forward Markets Commission? 
(a) Currency Futures Trading
(b) Commodities Futures Trading.
(c) Equity Futures Trading.
(d) Both Commodities Futures and Financial Futures Trading.
Answer: (b)
8. In order to comply with TRIPS Agreement, India enacted the Geographical Indications of
Goods (Registration & Protection) Act, 1999. The difference / differences between a “Trade
Mark” and a Geographical Indication is / are :
1. A Trade Mark is an individual or a company’s right whereas a Geographical Indications is a community’s right.
2. A Trade Mark can be licensed whereas a Geographical Indication can not be licensed.
3. A Trade Mark is assigned to the manufactured goods whereas the Geographical Indications is assigned to the agricultural goods / products and handicrafts only.
Which of the statements given above is/are correct? 
(a) 1 only
(b) 1 and 2 only
(c) 2 and 3 only
(d) 1, 2 and 3
Answer: (b)
9. In the context of bilateral trade negotiations between India and European Union, what is the difference between European Commission and European Council?
1. European Commission represents the EU in trade negotiations whereas European Council participates in the legislation of matters pertaining to economic policies of the European Union.
2. European Commission comprises the Heads of State or government of member countries whereas the European Council comprises of the persons nominated by European Parliament.
Which of the statements given above is/are correct? 
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer: (a)
10. In the context of global oil prices, “Brent crude oil” is frequently referred to in the news. What does this term imply? 
1. It is a major classification of crude oil
2. Its is sourced from North Sea.
3. It does not contain sulphur.
Which of the statements given above is/are correct?
(a) 2 only
(b) 1 and 2 only
(c) 1 and 3 only
(d) 1, 2 and 3
Answer: (b)
Answer: (b)

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