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Question 1 of 5
1. Question
1 pointsWhich of the following statements regarding GDP deflator is/are correct?
1. The GDP deflator is basically a measure of inflation.
2. It helps show the extent to which the increase in gross domestic product has happened on account of higher prices rather than increase in output.
Select the correct answer using the codes given belowCorrect
Both the statements are correct.
The GDP deflator, also called implicit price deflator, is a measure of inflation. It is the ratio of the value of goods and services an economy produces in a particular year at current prices to that of prices that prevailed during the base year. This ratio helps show the extent to which the increase in gross domestic product has happened on account of higher prices rather than increase in output.Incorrect
Both the statements are correct.
The GDP deflator, also called implicit price deflator, is a measure of inflation. It is the ratio of the value of goods and services an economy produces in a particular year at current prices to that of prices that prevailed during the base year. This ratio helps show the extent to which the increase in gross domestic product has happened on account of higher prices rather than increase in output. -
Question 2 of 5
2. Question
1 pointsWhich of the following statements given below is/are correct?
1. Capital receipts are always debt creating unlike revenue receipts.
2. Capital receipts are non-redeemable unlike revenue receipts.
Select the correct answer using the codes given belowCorrect
Both the statements are incorrect.
The main difference between revenue receipts and capital receipts is that in the case of revenue receipts, government is under no future obligation to return the amount, i.e., they are non-redeemable. But in case of capital receipts which are borrowings, government is under obligation to return the amount along with Interest.
Capital receipts may be debt creating or non-debt creating. Examples of debt creating receipts are—Net borrowing by government at home, loans received from foreign governments, borrowing from RBI. Examples of non-debt capital receipts are—Recovery of loans, proceeds from sale of public enterprises (i.e., disinvestment), etc. These do not give rise to debt.Incorrect
Both the statements are incorrect.
The main difference between revenue receipts and capital receipts is that in the case of revenue receipts, government is under no future obligation to return the amount, i.e., they are non-redeemable. But in case of capital receipts which are borrowings, government is under obligation to return the amount along with Interest.
Capital receipts may be debt creating or non-debt creating. Examples of debt creating receipts are—Net borrowing by government at home, loans received from foreign governments, borrowing from RBI. Examples of non-debt capital receipts are—Recovery of loans, proceeds from sale of public enterprises (i.e., disinvestment), etc. These do not give rise to debt. -
Question 3 of 5
3. Question
1 pointsConsider the following statements regarding Cash Reserve Ratio (CRR)
1. It is the fraction of the total Net Demand and Time Liabilities (NDTL) of a Scheduled Commercial Bank in India that has to maintain as cash deposit with the RBI.
2. It applies uniformly to all banks in the country irrespective of an individual bank’s financial situation or size.
Which of the statements given above is/are correct?Correct
Both the statements are correct.
Cash Reserve Ratio refers to the fraction of the total Net Demand and Time Liabilities (NDTL) of a Scheduled Commercial Bank held in India, that it has to maintain as cash deposit with the Reserve Bank of India (RBI). The requirement applies uniformly to all banks in the country irrespective of an individual bank’s financial situation or size. In contrast, certain countries e.g. China stipulates separate reserve requirements for ‘large’ and ‘small’ banks.
As per the RBI Act 1934, all Scheduled Commercial Banks (that includes public and private sector banks, foreign banks, regional rural banks and co-operative banks) are required to maintain a cash balance on average with the RBI on a fortnightly basis to cater to the CRR requirement.Incorrect
Both the statements are correct.
Cash Reserve Ratio refers to the fraction of the total Net Demand and Time Liabilities (NDTL) of a Scheduled Commercial Bank held in India, that it has to maintain as cash deposit with the Reserve Bank of India (RBI). The requirement applies uniformly to all banks in the country irrespective of an individual bank’s financial situation or size. In contrast, certain countries e.g. China stipulates separate reserve requirements for ‘large’ and ‘small’ banks.
As per the RBI Act 1934, all Scheduled Commercial Banks (that includes public and private sector banks, foreign banks, regional rural banks and co-operative banks) are required to maintain a cash balance on average with the RBI on a fortnightly basis to cater to the CRR requirement. -
Question 4 of 5
4. Question
1 pointsWhich of the following statements given below is/are correct?
1. In India, no person shall be convicted of any offence except for violation of the law in force at the time of the commission of the act charged as an offence.
2. The Constitution of India guarantees protection against double jeopardy.
Select the correct answer using the codes given belowCorrect
Both the statements are correct.
Article 20 of the Constitution guarantees protection against double jeopardy. Article 20(1) says that no person shall be convicted of any offence except for violation of the law in force at the time of the commission of the act charged as an offence, nor be subjected to a penalty greater than that which might have been inflicted under the law in force at the time of the commission of the offence.Incorrect
Both the statements are correct.
Article 20 of the Constitution guarantees protection against double jeopardy. Article 20(1) says that no person shall be convicted of any offence except for violation of the law in force at the time of the commission of the act charged as an offence, nor be subjected to a penalty greater than that which might have been inflicted under the law in force at the time of the commission of the offence. -
Question 5 of 5
5. Question
1 pointsWhich of the following statements regarding Recusal of Judges is/are correct?
1. Recusal of Judges implies that, when there is a conflict of interest, a judge can withdraw from hearing a case.
2. The practice comes from the principle that nobody can be a judge in her own case.
Select the correct answer using the codes given belowCorrect
Both the statements are correct.
Recently two Supreme Court judges have recused themselves from hearing cases relating to West Bengal.
Why does a judge recuse?
When there is a conflict of interest, a judge can withdraw from hearing a case to prevent creating a perception that she carried a bias while deciding the case.
The practice stems from the cardinal principle of due process of law that nobody can be a judge in her own case.
The decision to recuse generally comes from the judge herself as it rests on the conscience and discretion of the judge to disclose any potential conflict of interest. In some circumstances, lawyers or parties in the case bring it up before the judge. If a judge recuses, the case is listed before the Chief Justice for allotment to a fresh Bench.
There are no formal rules governing recusals, although several Supreme Court judgments have dealt with the issue.
Since there are no formal rules governing the process, it is often left to individual judges to record reasons for recusal. Some judges disclose the reasons in open court; in some cases, the reasons are apparent.Incorrect
Both the statements are correct.
Recently two Supreme Court judges have recused themselves from hearing cases relating to West Bengal.
Why does a judge recuse?
When there is a conflict of interest, a judge can withdraw from hearing a case to prevent creating a perception that she carried a bias while deciding the case.
The practice stems from the cardinal principle of due process of law that nobody can be a judge in her own case.
The decision to recuse generally comes from the judge herself as it rests on the conscience and discretion of the judge to disclose any potential conflict of interest. In some circumstances, lawyers or parties in the case bring it up before the judge. If a judge recuses, the case is listed before the Chief Justice for allotment to a fresh Bench.
There are no formal rules governing recusals, although several Supreme Court judgments have dealt with the issue.
Since there are no formal rules governing the process, it is often left to individual judges to record reasons for recusal. Some judges disclose the reasons in open court; in some cases, the reasons are apparent.
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