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Indian Economy Test
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Indian Economy Test 10
Read Instructions for the test.
Negative marks are -0.33 per wrong answer
Right answer is 1 mark
No time limit but finish in 30 mins
Solution can be found at below chapters:
Test series is based on following chapters.
Indian Economy Chapter 12: FOURTEENTH FINANCE COMMISSION
Indian Economy Chapter 11: INTERNATIONAL BODIES
Q1: New Development Bank is an initiative of
Q2: Fortaleza declaration is related to
Q3: Function of the BRICS bank is
Loans for infrastructure development
sustainable development and overcome BOP crisis
Q4: Function of the AIIB is
Infrastructure investment projects
Q5: NDB has HQ in
Q6: AIIB has HQ at
Q7:Which is true regarding AIIB
100 billion capital with shareholding based on GDP and voting rights based on shareholding
All Asian countries are stakeholders
Q8:____ has become the first president of the N.D.B.
Q9: WTO structure includes ?
Director General and Secretariat
Q10: Ministerial council of WTO has functions
Appoints Director Generalspan class="glyphicon glyphicon-remove">
Meets every 2 years and 160 members are present
Signs trade agreements
Q11: General council of WTO is responsible for
Day to day working
HQ at Geneva
Trade Policy Review and Dispute Settlement
Q12: WTO functions
Lower tariff and non tariff barriers to trade
Ensure less developed countries get benefit of world trade
Dispute settlement if agreement are violated
Q13: Tariff barriers on trade include
both a and b
delay in customs clearance
Q14: Non tariff barriers are
delay in customs clearance
quota for imports, subsidies, public procurement norms
Q15: Quality control Norms of WTO
Technical barriers to trade
Sanitary and Phytosanitary measures [SPS].
Q16: GATT and GATS are related to
Q17: FOURTEENTH FINANCE COMMISSION is chaired by
Q18: implementation of 14th Finance commission shall be done from
Q19: Functions of 14th finance comission are
Tax devolution to states and between center and states
Grants in aid
Augment resources of Panchayati raj institutions.
Q20: Vertical tax devolution between center and states should be __% as per FFC
Q21:Which is recommended by FFC
Taxes of art. 268 and art. 269, cess and surcharge on goods shouldn’t be shared with states.
Also service tax shouldn’t be shared with J&K.
Q22: Horizontal tax devolution between states should be based on following factors
Area [weight-age – 15%]
Population of 1971 and 2011 census, Demographic change and Income distance
Q23: Difference with respect to 13th FC:
fiscal discipline removed as criteria
population -2011 and forest cover added as criteria.
No additional benefits for special category states. Also sector specific grants stopped
Q24:Which is true
Art. 268: levied by union and collected and kept by states.
Art. 269: levied and collected union but fully assigned to states
Q25: central sales tax is given to
center and states
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