PrepMart

Explanation

The Tropic of Cancer passes through the following eight states in India: Gujarat, Rajasthan, Madhya Pradesh, Chhattisgarh, Jharkhand, West Bengal, Tripura, and Mizoram.

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Question ID: 2647

Question 3 of 24

In which of the following Acts the territorial division of governance in India was done ?

Polity

Explanation

The Government of India The Government of India Act 1858, known as the Act for the Good Government of India, provided for liquidation of East India Company, and transferred the powers of government, territories and revenues to the British Crown. The Company`s territories in India were vested in the Queen, the Company ceasing to exercise its power and control over these territories. India was to be governed in the Queen`s name. Act 1858, known as the Act for the Good Government of India, provided for liquidation of East India Company, and transferred the powers of government, territories and revenues to the British Crown. The Company`s territories in India were vested in the Queen, the Company ceasing to exercise its power and control over these territories. India was to be governed in the Queen`s name.

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Question ID: 2440

Question 4 of 24

From which of the following country Indian Constitution borrowed the feature ‘The written Constitution’ ?

Polity

Explanation

The framers of Indian Constitution adopted the feature of `written constitution` from USA. The Indian Constitution is the lengthiest written constitution in the world. The other features borrowed from the US Constitution include: an executive head of state known as President; provision of fundamental rights; independence of the judiciary; etc.

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Question ID: 2434

Question 5 of 24

A Scheduled Bank is one which is included in the

Explanation

Commercial banks are classified into two:
(a) Scheduled banks and
(b) other banks. A scheduled bank is one which is included in the second schedule of Reserve Bank of India Act, 1934.
A scheduled bank should comply with the following terms:
(i) It must have paid up capital and reserves as specified; and
(ii) the activities to be carried out should not be detrimental to the interests of the depositors; and
(iii) it should be incorporated under the Companies Act, 1956, that is, it should not be the sole trader for

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Question ID: 2350

Question 6 of 24

National income refers to

Explanation

National Income is one of the basic concepts in macroeconomics. National Income means the total income of the nation. The aggregate economic performance of the whole economy is measured by the national income data. National Income refers to the money value of all final goods and services produced by the normal residents of a country while working both within and outside the domestic territory of a country in an accounting year. National Income also includes net factor income from abroad. Symbolically, Y = PG + PS, where, Y = National Income; P = Price; G = Goods; and S = Service.

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Question ID: 2349

Question 7 of 24

The proceeds of income tax go to

Explanation

The proceeds of income tax are compulsorily shareable between the Centre and the States. It is imposed and collected by the Central government but the proceeds are shared between the both. The share of the states in the net proceeds of income tax has varied from 55 per cent as under the First Finance Commission to 85 per cent as under the ninth Commission. regarding criterion for fixation of the shares of individual states, the percentage of the net proceeds of income tax assigned to them, the first to seventh finance commissions recognised ‘population’ and contribution to be the relevant factors. So a major portion of the proceeds of income tax goes to the states. But, the truth is they are shared between the centre and the states.

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Question ID: 2348

Question 8 of 24

To achieve high rates of growth of national output, the economy has to

Explanation

The immediate effect of devoting a larger share of national output to investment is that the economy devotes a smaller share to consumption; that is, “living standards” as measured by consumption fall. The higher investment rate means that the capital stock increases more quickly, so the growth rates of output and output per worker rise. According to Smith, in a developing economy, both income level and capital stock rise. In addition to this, the rate of capital accumulation also shows a tendency to increase. This leads to increase in the capital stock in successive periods as investment keeps on increasing. Another important factor which contributes to the progress of an economy is the successive decline in the incremental capital-output ratio due to the influence of capital on the productivity of labour

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Question ID: 2347

Question 9 of 24

The main source of revenue for a State Government in India is

Explanation

The principal source of States own tax revenues is sales tax which accounts for about 60 per cent of the total. The other major components of States own tax revenues according to their revenue share are State excise, registration and stamp duty, motor vehicle and passenger tax, electricity duty, land revenues, profession tax, entertainment taxes and other sundry taxes. In the wake of economic reforms, several States competitively announced various tax concessions, especially sales tax concessions, to attract private investments. These tax wars resulted in considerable reduction in the buoyancy of growth of tax revenues of the States without commensurate gains in terms of private investment.

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Question ID: 2346

Question 10 of 24

What is the animal on the insignia of the RBI ?