1. What is the percentage upto which FDI in defense sector is allowed in India?
a) 26%
b) 49%
c) 51%
d) 74%
e) 100%
2. The Open Market Operation (OMO) transactions of the RBI are meant to regulate which of the following?
a) Inflation
b) Liquidity in economy
c) Borrowing abilities of the banks
d) Inflow of Foreign Direct Investment
e) Portfolio investments
3. Which of the following contributes the highest share of revenue earned by the government of India?
a) Income Tax
b) Customs Duty
c) Excise Duty
d) Value Added Tax
e) Corporate Tax
4. Which of the following milestones was achieved by New Zealand captain Daniel Vettori recently?
a) 2,000 runs and 200 wickets in Test Cricket
b) 3,000 runs and 300 wickets in One-Day Internationals (ODIs)
c) 3,000 runs and 300 wickets in Test Cricket
d) 2,000 runs and 200 wickets in One-Day Internationals (ODIs)
e) 4,000 runs and 400 wickets in Test Cricket
5. According to the target set by the government of India, the fiscal deficit for the financial year 2009-10 should not exceed _____of the gross domestic product (GDP).
a) 3.2 per cent
b) 4.2 per cent
c) 6.8 per cent
d) 7.4 per cent
e) 8.0 per cent
6. Which of the following statements about the recent Ashes series in England is/are incorrect?
a) England beat Australia 2-1 to regain the five match Ashes series
b) Oval, Lord’s, Cardiff, Headingley and Edgbaston were the venues of the five test matches
c) England’s Andrew J Strauss was the highest scorer while Australia’s Benjamin W Hilfenhaus was the leading wicket taker in the series
d) The Compton-Miller Medal, which goes to the player who has had the biggest impact on the series, went to Andrew Flintoff
e) Andrew Strauss was awarded England’s Man of the Series while Michael Clarke was Man of the series for Australia.
7. Indian Readership Survey (IRS) and National Readership Survey (NRS) will be merged to form a single survey. IRS is conduced by which of the following?
a) Media Research Users Council
b) National Readership Studies Council
c) Indian Newspaper Society
d) Advertising Agencies Association of India
e) Audit Bureau of Circulation
8. Who has been named by Forbes magazine in its list of four ‘women to watch’ in the next 12 months, recently?
a) Congress President Sonia Gandhi
b) Delhi Chief Minister Sheila Dixit
c) ICICI Bank CEO, Chanda Kochhar
d) Biocon CEO, Kiran Mazumdar Shaw
e) Both (3) and (4)
9. Vijay Kelkar was in news recently for having said that companies like ONGC and RIL should be given freedom to fix natural gas prices that move in tandem with changes in international crude oil prices. What designation does Kelkar hold?
a) Chairman, Finance Commission
b) Chairman, Oil Industry Development Board
c) Petroleum Secretary
d) Director General of Hydrocarbons
e) Chairman, Competition Commission of India
10. Prime Minister Manmohan Singh has termed the 11th Five Year Plan as:
a) India’s health plan
b) India’s poverty eradication plan
c) India’s rural prosperity plan
d) India’s education plan
e) India’s equal opportunity plan
Answers to the above questions
1. a 2. b 3. e 4. c 5. c 6. d 7. a 8. c 9. a 10. d
Answer 2: Open Market Operations (OMO): In this case RBI sells or buys government securities in open market transaction depending upon whether it wants to increase the liquidity or reduce it. So when RBI sells government securities in secondary market it sucks out the liquidity (stock of money) in the economy. So overall it reduces the money supply available with banks in effect the capital available with banks for lending purpose becomes scarce hence interest rates move in upward direction. Exactly opposite happens when RBI buys securities from open market. The transaction increases the money supply available with banks so the cost of money (interest rate) moves in downward direction and business activities like new investments, capacity expansion gets boost. In a nutshell RBI buys securities when the economy is sluggish and demand is not picking up and sells securities when the economy is overheated and needs to cool down. OMO is also used in curbing the artificial liquidity created to avoid strengthening of rupee against dollar in order to remain competitive in exports.
Answer 3: Corporate tax collections in 2008-09 stood at Rs 2, 13,823 crore while Personal income-tax collections (including the Securities Transaction Tax, the Fringe Benefit Tax, and Banking Cash Transaction Tax) in 2008-09 were Rs 1, 23,967 crore
Answer 4: New Zealand captain Daniel Vettori became only the eighth all-rounder in the history of Test Cricket to score 3,000 runs and bag 300 wickets. Vettori, who has 3,329 runs to his credit, claimed his 300th wicket in Sri Lanka in his 94th Test. Other cricketers to have achieved the milestone are Kapil Dev (Ind), lan Botham (Eng), Richard Hadlee (NZ), Shaun Pollock (SA), Imran Khan (Pak), Shane Warne (Aus) and Chaminda Vaas (SL).
Answer 6: The Compton-Miller Medal, which goes to the player who has had the biggest impact on the series, also went to Andrew Strauss.
Answer 7: IRS is the flagship readership research survey from Media Research Users Council (MRUC), the body set up by agencies, advertisers and media houses to conduct the research required for the assessment of various media for advertising. The NRS is published by the National Readership Studies Council (NRSC) — a body constituted by the Indian Newspaper Society, Advertising Agencies Association of India and Audit Bureau of Circulation for the purpose of carrying out readership surveys in India.
Answer 8: Others in the list include Xerox CEO Ursula Burns, Iceland Prime Minister Johanna Sigurdardottir and Bank of America’s Global Wealth Management President Sallie L Krawcheck.
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