Quiz Questions 8 March 2023


Quiz Questions 8 March 2023


#1. Which of the following is/are the likely consequences when the financial emergency is declared? 1. The reservation of all money bills for the consideration of the President after they are passed by the legislature of a State. 2. Reduction of salaries and allowances of the judges of the Supreme Court 3. Reduction of salaries and allowances of the judges of the High Court Select the correct answer using the codes given below:

  • Explanation:
 
  • Article 360 empowers the president to proclaim a FinancialEmergency ifhe is satisfied that a situation has arisen due towhich the financial stability or credit of
  • India or any part of itsterritory is threatened.
 
  • The consequences of the proclamation of a Financial Emergency are as follows:
  • The executive authority of the Centre extends to the giving of directions to any state
  • to observe such canons offinancial propriety as may be specified in the directions
  • The reservation of allmoney bills or other financial bills for the consideration of
  • ThePresident after they are passed by the legislature of thestate.
  • The President may issue directions for the reduction ofsalaries and allowances of (a)all or any class of persons serving the Union; and (b) the judges of the Supreme Courtandthe high court.
  • Hence all of the above are likely consequences.

#2. With reference to the Wildlife Protection Act, 1972, consider the following statements: 1. Whenever new species is discovered by scientists, it is regularly reflected in the Wildlife Protection Act through an amendment. 2. The revision in the names of the wild species within a genus is also reflected through an amendment to the Wildlife Protection Act. Which of the statements given above is/are correct?

  • Explanation:
  • Progress made by sciencein terms of both naming a species as well as identifying new species within a genus is notreflected in WLPA.
  • There are new species which have been discovered under a genus, but find no mentionin WLPA.
  • This is especially true in the case of smaller wildlife such as geckos, frogs, birdsand various insects.
  • Whenever new species is discovered by scientists, it is regularly reflected in theWildlife Protection Act through an amendment. It is incorrect because there is no such
  • amendment took place till date.
  • The revision in the names of the wild species within a genus is also reflected throughan amendment to the Wildlife Protection Act.. It is incorrect because there is no suchamendment took place till date.
  • Source: down to earth

#3. Consider the following pairs: 1. The Indian League — K.T. Telang 2. The Indian Association — Surendranath Banerjee 3. Madras Mahajan Sabha — G. SubramaniaIyer 4. Bombay Presidency Association — SambhuCharan Mukherjee Which of the pairs given above is/are correctly matched?

  • Explanation:
  • Pair 1 is not correctly matched: Indian League was founded by Sisir Kumar
  • Ghosh along with SambhuCharan Mukherjee in Calcuttta in 1875.
  • Pair 2 is correctly matched: The Indian National Association, also known as IndianAssociation, was the first avowed nationalist organization founded in British India bySurendranath Banerjee and Ananda Mohan Bose in 1876.
  • Pair 3 is correctly matched: In 1884, M. Veeraraghavachariar, G. SubramaniaIyer and P.Anandacharlu established the Madras Mahajana Sabha.
  • Pair 4 is not correctly matched: The Bombay Presidency Association was started byBadruddinTyabji, Pherozshah Mehta and K.T. Telang in 1885.

#4. Which of the following step(s) can be takenby the government to reduce the Inflationarygap? 1. Increasing the salaries of governmentemployees. 2. Enhancing the minimum support price(MSP) of the notified agricultural commodities. 3. Issuing of new dated securities by thegovernment. Select the correct answer using the codegiven below.

  • Explanation:

 

  • An inflationary gap is a macroeconomic concept that measures thedifference between the current level ofreal GDP and the gross domestic product (GDP)that would exist if an economy was operating at fullemployment.
  • For the gap to be considered inflationary, the current real GDP must be higher than the potential GDP.
  • The inflationary gap exists when the demand for goods and services exceeds production
  • due to factorssuch as higher levels of overall employment, increased trade activities orincreased government expenditure.
  • Therefore, increasing the salaries of government employees and enhancing theminimum supportprice (MSP) of the notified agricultural commodities will lead to anincrease in governmentexpenditure.
  • It will create more demand in the economy andfurther widen the inflationary gap.
  • Hence options 1 and 2 are not correct.
  • However, following policies or decisions can be taken by the government to reduceinflationary gap suchas reductions in government spending, increase in the tax rate,increasing interest rate increases, transferpayment reductions and issuing bond andsecurities.
  • Dated G-Secs are long-term securities which carry a fixed or floating coupon (interestrate) which is paidon the face value, on a half-yearly basis. Generally, the tenor of datedsecurities ranges from 5 years to 40years.
  • Issuing fresh dated securing will reduce the available money and demand in themarketconsequently.
  • Therefore It will lead to a reduction in an inflationary gap.
  • Henceoption 3 is correct.
  • Additional Information: A Government Security (G-Sec) is a tradeable instrumentissued by the CentralGovernment or the State Governments.
  • It acknowledges theGovernment’s debt obligation. Suchsecurities are short term (e.g. treasury bills (T-Bill) or long term (usually called Government bonds ordated securities with an original maturity of one year or more). G-Secs carry practically no risk of defaultand hence, are called risk-free gilt-edged instruments.

#5. The provisions in the Eleventh Schedule and Twelfth Schedule in the Constitution of India are made in order to

  • Explanation:
  • The Eleventh Schedule and Twelfth Schedule in the Constitution of Indiaare inserted through 73rd and 74THconstituional amendments.
  • The eleventh Schedule contains the powers, authority and responsibilities ofPanchayats.
  • The twelfth Schedule contains the powers, authority and responsibilities ofMunicipalities.
  • Hence they are made in order to determine the powers, authority and responsibilities of
  • Local Bodies.
  • Option d is the correct answer.

#6. Which of the following are envisaged in the Constitution of India regarding the Protection in respect to Conviction for Offences? 1. Protection against arbitrary and excessive punishment 2. Protection to persons who are arrested or detained 3. protection against double jeopardy 4. Protection against self-incrimination Select the correct answer using the codes given below:

  • Explanation:
  • Article 20 grants protection against arbitrary and excessivepunishment toan accused person, whether citizen or foreigner or legalperson like a company or acorporation.

 

  • It contains three provisions inthat direction:
  • (a) No ex-post-facto law: No person shall be (i) convicted of anyoffence except forviolation of a law in force at the time of thecommission of the act, nor (ii) subjected to apenalty greater thanthat prescribed by the law in force at the time of the commissionofthe act.
  • (b) No double jeopardy: No person shall be prosecuted andpunished for the sameoffence more than once.
  • (c) No self-incrimination: No person accused of any offence shall becompelled to be awitness against himself.
  • Article 22 grants protection to persons who are arrested or detained.
  • Hence statement 2is incorrect.

#7. Which of the following can be considered astransfer payments? 1. Payment of MGNREGA wages to abeneficiary. 2. Payment of subsidy to a farmer underPMKisanYojana. 3. Payment of pension to a beneficiaryunder the National Old Age Pension scheme. Select the correct answer using the codegiven below.

  • Explanation:
  • A transfer payment is a one-way payment to a person or organizationwhich has given or exchanged nogoods or services for it.
  • This contrasts with a simple”payment,” which in economics refers to a transfer ofmoney in exchange for a product or service.
  • Generally, the phrase “transfer payment” is used to describe government payments toindividuals throughsocial programs such as welfare, student grants, and even SocialSecurity.
  • However, governmentpayments to corporations—including unconditional bailouts and subsidies are notcommonly describedas transfer payments.
  • In MGNREGA, a beneficiary receives payment for the manual work which he/sheperforms.
  • Hence, itcannot be included in the transfer payment.
  • When a farmer receives subsidy under PM KisanYojana, he/she performs no work inreturn.
  • Hence, it isincluded in transfer payment.
  • When a beneficiary receives a pension under National Old Age Pension Scheme, againhe/she is notperforming any work in return. Hence, it is included in transfer payment.
  • Hence option (d) is thecorrect answer.

#8. Arrange the following taxes in increasingorder of their respective collection (actuals)as per Budget 2020-21. 1. Union Excise Duties 2. Corporation Tax 3. Central Goods and Services Tax (CGST) 4. Securities Transaction Tax . Select the correct answer using the codegiven below.

#9. Project Preparation Special Fund’, a multi-donor facility with the primary purpose of supporting eligible members and provides technical assistance grants forpreparing bankable infrastructure projects, is a special arrangement of

  • Explanation:
  • Project Preparation Special Fund is a multi-donor facility with the primarypurpose of supportingeligible Asian Infrastructure Investment Bank (AIIB) members,especially low-income members—prepare bankable infrastructure projects AIIB mayfinance.
  • It provides technical assistance grants forpreparing bankable infrastructure projects.
  • Through these grants, clients can hireexperts and consultantsto carry out the required preparation work. Project preparationactivities supported by these grants arecritical to improve project quality, ensurebankability in terms of economic, environmental and socialsustainability andimplementation readiness.

#10. With reference to the Special Officer for Linguistic Minorities, consider the following statements: 1. Special Officer for Linguistic Minorities was created based on the recommendations of the States Reorganisation Commission. 2. Special Officer for Linguistic Minorities is to be appointed by the President of India. Which of the statements given above is/are correct?

  • Explanation:
  • Originally, the Constitution of India did not make any provisionwithrespect to the Special Officer for Linguistic Minorities
  • Later, theStatesReorganisation Commission (1953–55) made arecommendation in this regard.
  • Accordingly, the SeventhConstitutional Amendment Act of 1956 inserted a new Article350-
  • B in Part XVII of the Constitution. As per this provision, He is to be appointed by thePresident of India.
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