Deseo) General Knowledge Questions Latest General Knowledge MCQ Objective Questions Top General Knowledge MCQ Objective Questions eRe amet Retin e Start Complete Exam Preparation Panes coed aie I ices Download App eee as Question 1: View this Question Online > Comprehension: A demonetization that delegitimizes a certain currency, or even certain denominations of it, would extinguish wealth held in that form. What we have seen, however, is a less extreme case. In this one, holders of Rs.500 or Rs.1000 notes can exchange them or pay these into their bank accounts. This does not extinguish wealth as much as it will bring the hoards into the taxman's radar when their owners draw upon them to make payments. For, as these will be bank transactions there would be a record of them. So, existing black money cannot be used to generate more of the same. To this extent the scheme cannot be faulted. Of course, it cannot be assumed that whats in a bank will necessarily be declared to the income tax authorities, but it will certainly come under scrutiny in a way that it was not when stashed under the mattress. What are some reasons why we may welcome such a move? First, the concealment of income with a view to avoid tax is a crime. So, in a constitutional democracy such as ours those who avoid tax deserve to be punished. Second, in order to evade the law, those with unaccounted wealth proceed to corrupt others, most importantly representatives of the state. This criminalizes the system further. If democracy is a way of actualizing the public will, such criminalization of the machinery of government works against the idealSo, the practice of tax evasion needs to be rooted. To that extent this move of the government may be welcomed. But how significant is'it likelyto be in the punishment it metes out to tax evaders and in its ability to control the generation of unaccounted wealth in the future? The quantitative significance of this moye depends upon the extent to which unaccounted, or ‘black’, wealth is held in the form of high- value currency notes of the specified denomination. If unaccounted money by Indians is held in the ‘orm of foreign bank accounts, the present scheme can do nothing about it. This speculation would suggest that if unaccounted money is not held as Rs.500 or Rs.1000 nates, th move is pretty much less. There is, however, the separate issue of counterfeit currency. If there is a significant volume _~ of counterfeit currency circulating in the form of Rs.500 or Rs.1000 notes, the demonetization will also extinguish unaccounted money from this source. If counterfeit currency is actually used to de- stabilize the Indian Union, as has been claimed, deflating this route enhances its security. This would count as another reason to welcome the move. Now to the question of whether the demonetization will eliminate the black economy of the future. It should be obvious that it cannot by itself. For this we would need a policy that checks the generation of black incomes at source. It would be a goad surmise that much of the unaccountedmoney is generated in the purchase and sale of gold and of praperty. The markets for gold and property are highly concentrated, with relatively few sellers exerting considerable control over supply. Monopoly power combined with the cultural significance of bath a home and gold omaments in India empowers these sellers to insist that they are paid in cash, leaving many ordinary people in this country to have to abet criminal activity. However, the very fact of property firms, lesser builders and jewelers being highly visible and small in number makes it that much easier for the long arm of the law to control them. For this to take place though, action by the tax authorities alone will not suffice. It would require the Central government to step in and legislate that all transactions in gold and property go through banks. There could be hue and cry following this of course, but you can't govern crime by being sensitive to the grief of criminals. According to the author of the passage, the demonetization move is only helpful when: 1. Black money is kept in the bank accounts outside India. 2. Black money is kept in the form of gold. 3. Black money is kept in the form of high-value currency notes of the specified denomination # Black money is kept in the demat accounts Answer Option 3: Black money is kept in the form of high-value currency notes of the specified denomination. Tea a) India's Super Teachers for all 9 Fs ! govt. exams Under One Roof ors v esd | With hundreds of Questions based on General Knowledge, we help you gain expertise on Business Economics. All for free. Explore Testbook Learn to attain the subject expertise with us. General Knowledge Question 1 Detailed Solution The thirds paragraph clearly states that ‘the quantitative significance of this move depends upon the extent to which unaccounted, or ‘black’, wealth is held in the form of high-value currency notes of the specified denomination’.re India’s #1 Learning Platform Ceo ote Start Complete Exam Preparation cr (jn Crs Download App Question 2: View this Question Online > Comprehension: A demonetization that delegitimizes a certain currency, or even certain denominations of it, would extinguish wealth held in that form. What we have seen, however, is a less extreme case. In this one, holders of Rs.500 or Rs.1000 notes can exchange them or pay these into their bank accounts. This does not extinguish wealth as much as it will bring the hoards into the taxman's radar when their owners draw upon them to make payments. For, as these will be bank transactions there would be a record of them. So, existing black money cannot be used to generate more of the same. To this extent the scheme cannot be faulted. Of course, it cannot be assumed that what is in a bank will necessarily be declared to the income tax authorities, but it will certainly come under scrutiny in a way that it was not when stashed under the mattress. What are some reasons why we may welcome such a move? First, the concealment of income with a view to avoid tax is a crime. So, in a constitutional democracy such as ours those who avoid tax deserve to be punished. Second, in order to evade the law, those with unaccounted wealth proceed to corrupt others, most importantly representatives of the state. This criminalizes the system further. If democracy is a way of actualizing the public will, such criminalization of the machinery of government works against the ideal. So, the practice of tax evasion needs to be rooted. To that extent this move of the government may be welcomed. But how significantis it likely to be in the punishment it metes out to tax evaders and in its ability to control the generation of unaccounted wealth in the future? The quantitative significance of this move depends upon the extent to which unaccounted, or ‘black’, wealth is held in the form of high- alue currency notes of the specified denomination. If unaccounted money by Indians is held in the orm of foreign bank accounts, the present scheme can do nothing about it. This speculation would st that if unaccounted money is not held as Rs.500 or Rs.1000 notes, the move is pretty much tics. There is, however, the separate issue of counterfeit currency. If there is a significant volume of counterfeit currency circulating in the form of Rs.500 or Rs.1000 notes, the demonetization will also extinguish unaccounted money from this source. If counterfeit currency is actually used to de- stabilize the Indian Union, as has been claimed, deflating this route enhances its security. This would count as another reason to welcome the move. Now to the question of whether the demonetization will eliminate the black economy of the future. It should be obvious that it cannot by itself. For this we would need a policy that checks the generation of black incomes at source. it would be a good surmise that much of the unaccounted money is generated in the purchase and sele of gold and of praperty. The markets for gold and property are highly concentrated, with relatively few sellers exerting considerable control over supply. Monopoly power combined with the cultural significance of both a home and gold omaments in India empowers these sellers to insist that they are paid in cash, leaving many ordinary people in this country to have to abet criminal activity. However, the very fact of property firms, lesser builders and jewelers being highly visible and small in number makes it that much easier for the long arm of the law to control them. For this to teke place though, action by the tax authorities alone will not suffice. It would require the Central government to step in and legislate that all transactions in gold and property go through banks. There could be hue and cry following this of Tidirss, Hoy Wau tae Gower crines boy hein sene tei thecanet oF Ginna.Which of the following is incorrect regarding demonetization in India? It will help in identifying the tax invaders holding the black money Unaccounted wealth will be scrutinized. 3. Black money will be redistributed to people of country Income tax authorities will not be auth PB into the bank account details of the hoarder of black money. Answer (Detailed Solution Below) Option 4: Income tax authorities will not be authorized to look into the bank account details of the hoarder of black money. General Knowledge Question 2 Detailed Solution Clearly, option 4) is incorrect as does not support the main purpose of demonetization which is eradication of black money in India. Tree ane a) RCE eePa fees Pec haa Cold resend Px z a) Download App Question 3: ‘e" View this Question Online > Comprehension: " Ademonetization that delegitimizes a certain curiency; oF even certain denominations of it, would extinguish wealth held in that form. What we have sen, however, is a less extreme case. In this one, holders of Rs.500 or Rs.1000 notes caniexchange them or pay these into their bank accounts. This does not extinguish wealth as much as it will bring the hoards into the taxman's radar when their ‘owners draw upon them to make payments. For, as these will be bank transactions there would be a record of them. So/existing’ black money cannot be used to generate more of the same. To this extent the scheme cannot be faulted. Of course, it cannot be assumed that what is in a bank will necessarily be declared to the income tax authorities, but it will certainly come under scrutiny in a way that it waSnot when stashed under the mattress. to avoid tax is a crime. So, in a constitutional democragy such as ours those who avoid tax -ve to be punished. Second, in order to evade the law, those with unaccounted wealth proceed to corrupt others, most importantly representatives of the state, This criminalizes the system further. If democracy is a way of actualizing the public will, such criminalization of the machinery of government works against the ideal. So, the practice of tax evasion needs to be rooted. To that extent this move of the government may be welcomed. ve are some reasons why we may welcome such a move? First, the concealment of income with a But how significant is it likely to be in the punishment it metes out to tax evaders and in its ability to control the generation of unaccounted wealth in the future? The quantitative significance of this move depends upon the extent to which unaccounted, or ‘black’, wealth is held in the form of high- value currency notes of the specified denomination. If unaccounted money by Indians is held in the form of foreign bank accounts, the present scheme can do nothing about it. This speculation would suggest that if unaccounted money is not held as Rs.500 or Rs.1000 notes, the move is pretty much useless. There is, however, the separate issue of counterfeit currency. If there is a significant volume of counterfeit currency circulating in the form of Rs.500 or Rs.1000 notes, the demonetization will also extinguish unaccounted money from this source. If counterfeit currency is actually used to de- stabilize the Indian Union, as has been claimed, deflating this route enhances its security. This would count as another reason to welcome the move. Now to the question of whether the demonetization will eliminate the black economy of the future. Itshould be obvious that it cannot by itself. For this we would need a policy that checks the generation of black incomes at source. it would be a good surmise that much of the unaccounted money is generated in the purchase and sale of gold and of property. The markets for gold and property are highly concentrated, with relatively few sellers exerting considerable control over supply. Monopoly power combined with the cultural significance of both a home and gold omaments in India empowers these sellers to insist that they are paid in cash, leaving many ordinary people in this country to have to abet criminal activity. However, the very fact of property firms, lesser builders and jewelers being highly visible and small in number makes it that much easier for the long arm of the law to control them. For this to teke place though, action by the tax authorities | alone will not suffice. It would require the Central government to step in and legislate that all transactions in gold and property go through banks. There could be hue and cry following thi course, but you can’t govern crime by being sensitive to the grief of criminals. of The author of the passage is referring to what with the phrase ‘stashed under themattres: 1. plastic money 2. black money ~a ; 3. liquid money 4, white money Answer (Detailed Solution Below) Option 2: black money General Knowledge Question 3 Detailed Solution The author is referring to the illegal money (black money) hoarded by the people and stashed under their mattress. & India’s #1 Learning Platform Start Complete Exam Preparation CCC aR ous g eee Beer al pe Exc a) Deseo Question Bank Download App Question 4: View this Question Online > Comprehension: Ademonetization that delegitimizes a certain currency, or even certain denominations of it, would extinguish wealth held in that form. What we have seen, however, is a less extreme case. In this one, holders of Rs.500 or Rs.1000 notes can exchange them or pay these into their bank accounts. This does not extinguish wealth as much as it will bring the hoards intothe taxman's radar when their owners draw upon them to make payments. For, as these will. be bank transactions there would be a record of them. So, existing black money cannot be used to generate more of the same. To this extent the scheme cannot be faulted. Of course, it cannot be assumed that what is in a bank will necessarily be declared to the income tax authorities, but it will certainly come under scrutiny in a way that it was not when stashed under the mattress. What are some reasons why we maj welcome such a move? First, the concealment of income with a view to avoid tax is a crime.So, ina constitutional democracy such as ours those who avoid tax deserve to be punished. Second, in order to evade the law, those with unaccounted wealth proceed to corrupt others, most importantly representatives of the state. This criminalizes the system further. If democragy is a way of actualizing the public will, such criminalization of the machinery ofgovernment Works.against the ideal. so, the practice of tax evasion needs to be rooted. to that + this move'ot the government may be welcomed. N significant is it likely to be in the punishment it metes out to tax evaders and in its ability to control the generation of unaccounted wealth in the future? The quantitative significance of this move depends upon the extent to which unaccounted, or ‘black, wealth is held in the form of high- value currency notes of the specified denomination. If unaccounted money by Indians is held in the form of foreign bank accounts, the present scheme can do nothing about it. This speculation would suggest that if unaccounted money is not held as Rs.500 or Rs.1000 notes, the move is pretty much useless. There is, however, the separate issue of counterfeit currency. If there is a significant volume of counterfeit currency circulating in the form of Rs.500 or Rs.1000 notes, the demonetization will also extinguish unaccounted money from this source. If counterfeit currency is actually used to de- stabilize the Indian Union, as has been claimed, deflating this route enhances its security. This would count as another reason to welcome the move, Now to the question of whether the demonetization will eliminate the black economy of the future. Itshould be obvious that it cannot by itself. For this we would need a policy that checks the generation of black incomes at source. It would be a good surmise that much of the unaccounted money is generated in the purchase and sale of gold and of property. The markets for gold and property are highly concentrated, with relatively few sellers exerting considerable control over supply. Monopoly power combined with the cultural significance of both a home and gold ornaments in India empowers these sellers to insist that they are paid in cash, leaving many ordinary people in this country to have to abet criminal activity. However, the very fact of property firms, lesser builders and jewelers being highly visible and small in number makes it that much easier for the long arm of the law to control them. For this to take place though, action by the tax authorities alone will not suffice. It would require the Central government to step in and legislate that all transactions in gold and property go through banks. There could be hue and cry following this of rae course, but you can’t govern crime by being sensitive to the grief of criminals. = Which of the following is one of the main objectives of demonetization of Rs. $00 an Rs.1000 notes? o 1. To stop the circulation of money in the economy. WOO ye 2. To identify the population living below "KS 3. To bring the hoarders of mon taxman's radar. 4. To increase the inflation in the economy. Answer (Detailed Solution Below) Option 3: To bring the hoarders of money into the taxman’s radar. General Knowledge Question 4 Detailed Solution The first paragraph clearly indicates that demonetization of Rs. 500 and Rs.1000 notes will bring the hoards into the taxman’s radar.ar ea oe Mock Tests bad eros Question Bank ives Download App Question 5: View this Question Online > Consider the following statements: Statement |: Amartya Sen is an economist and philosopher. Statement 2: Sen‘s work on development and social justice has contributed to the understanding of liberal principles. Choose the correct option: Both statements are true. 2: Statement 1 is true, but statement 2 is false. Statement (is fals€)/but statement 2 is true. 4, N Both statements are false. Answer (Detailed Solution Below) Option 1: Both statements are true. General Knowledge Question 5 Detailed Solution‘The correct answer is Both statements are true. Explanation: Amartya Sen is indeed an economist and philosopher, and his work on development and social justice has contributed to the understanding of liberal principles. © Key Points ‘Amartya Sen is a renowned economist and philosopher who has made significant contributions to the fields of development economics and social justice. His work has had a profound impact on our understanding of liberal principles and the factors that contribute to human well-being Development Economics: + Capabilities Approach: One of Sen’s most influential contributions is the development of the capabilities approach. Unlike traditional approaches to development that focus solely on economic indicators such as GDP, Sen argues that development should be assessed in terms of individuals’ capabilities and freedoms. He emphasizes the importance of expanding people's capabilities to live the kind of lives they value. + Functionings and Capabilities: Sen distinguishes between “functionings" (the various things a person may value doing or being) and ‘capabilities’ (the freedom to achieve those functionings). This approach shifts the focus from purely material outcomes to the broader aspects of well-being and human agency. Social Justice: justice and argues for a more practical and real-world approach. He criticizes theori ‘too heavily on abstract principles and emphasizes the importance of consideri consequences of policies and institutions on people's lives. + Inequality and Poverty: Sen's work addresses issues of inequality and po ues that focusing on income alone is insufficient; attention should also’ education, and political freedoms. His Capability Appro: a framework for evaluating social policies based on their impact on indi dual: Ethics and Philosophy: KS + Ethics of Development: Sen’s work ex ond economics into ethics and philosophy. He engages with questions of justice, hu ts, and the moral foundations of social and economic policies. His emphasis on human capabilities aligns with a broader ethical concern for promoting human dignity and agency + Pluralism: Sen is known for his commitment to pluralism, advocating for the consideration of multiple perspectives and voices in the pursuit of justice. He argues that a diverse and inclusive approach is crucial for addressing the complex and multifaceted nature of human well-being. Policy Implications: + Policy Relevance: Sen's work is not confined to academic discussions; it has practical implications for policy-making. His ideas have been influential in shaping development policies that go beyond economic growth to address issues such as education, healthcare, and political participation. + Sen's Development Index: Sen's influence is reflected in the development of alternative indices, such as the Human Development Index (HDI), which incorporates not only income but also factors like life expectancy and education © Additional Information + Amartya Sen's contributions to development economics and social justice have enriched our understanding of liberal principles by emphasizing the importance of human capabilities, freedoms, and a multidimensional approach to well-being.TR SOR Ure re: nae Sean Rteeree “Wed | NER er Raves SUWGRET EE Un CERO ND ee PE Mn gp Eee EDaDY DIED epee ere Se) GRMN heme global challenges related to poverty, inequality, and social justice. ee an Reccliay Pela mM Cima Lehi) Rem Re ote iG Pon ones aera Tce Download App Cesena ea eee Question 6: View this Question Online > Find the value of J", 5&dz_ Answer (Detailed Solution Below) Option 4:0 General Knowledge Question 6 Detailed Solution The correct answer is 0. © Key Points The question is from Applied economics on the topic of integration. + The integration is the opposite of differentiation and’here the limit is also given from +5 to -5. + We can solve the following question: a =[B (2?) 5 » yHere we have integrated the given equation with an upper limit of +5 and a lower limit of -5. Therefore, the answer is 0. ~ India's #1 Learning Platform Start Complete Exam Preparation RCC RR krona ica) ees Practice aes Masterclasses iJ Question Bank eT jownload App Question 7: View this Question Online > What is the derinative x"? Answer (Detailed Solution Below) Option 3: nx! General Knowledge Question 7 Detailed Solution The correct answer is nx"* 1. @ Key Points 6 Rie the hacie farmula of Aifteienitee iaadltie Girct and foremnct farmiuta for learning anyother difficult differe + Derivative and differentiation are the same thing, + The example can be giv + it can be differentiatad by using the same formula and the results will be like dy/dx(Sx* )= 5. & India’s #1 Learning Platform OR ane ect a Start Complete Exam Preparation leon: Poca ees U=} Mastercl Cesietccig Download App Question 8: View this Question Online > Correlation means - 1. Cause and effect relationship between variables 2. Simultanecusichange invariables 3. Fi XR... among variables 4. None of these Answer (Detailed Solution Below) Option 2: Simultaneous change in variables General Knowledge Question 8 Detailed Solution Simultaneous change in variables © Key Points+ Correlation refers to the statistical relationship between the two entities. It measures the extent to which two variables are linearly related. For example, the height and weight of a person are related, and taller people tend to be heavier than shorter people. + You can apply correlation to a Variety of data sets. In some cases, you may be able to predict how things will relate, while in others, the relation will come as a complete surprise. It's important to remembefN@ia just because something is correlated doesn’t meen it’s causal. - There are three types of correlation: + Positive Correlation: A positive correlation means that this linear relationship is positive, and the two variables increase or decrease in the same direction. + Negative Correlation: A negative correlation is just the opposite. The relationship line has a negative slope, and the variables change in opposite directions, i.e., one veriable decreases while the other increases. = No Correlation: No correlation simply means that the variables behave very differently and thus, have no linear relationship. Cal Eee Eee) Start Complete Exam Preparation eins Fab aoa Cireeres Pe a Ga os RCC Sng Download App Question 9: View this Question Online > If the mode is 25.5 and the median is 16.5, then the value of the arithmetic mean will be 1.13.5 2. 18 7! Answer (Detailed Solution Below) Option 4: 12General Knowledge Question 9 Detailed Solution The correct answer is 12 © key Points Empirical method to calculate Mode = 3Median - 2Mean » Important Points Median = 16.5 (given) Mode = 25.5 (given) Mode = 3Median - 2Mean ~a Putting the values on formula we get, 25.5 = 3x 16.5 - 2xMean 2Mean = 49.5 - 25.5 2Mean = 24 Mean = 12 Hence, the value of arithmetic mean = 12 Ca India’s #1 Learning Platform Start Complete Exam Preparation RCC cng Wei peer oes Caper Eee a Ga Download App Question 10: View this Question Online > According to the Bihar Industrial Investment’Promotion Policy (Textiles and Leather) 2022, the state government will provide grants to entrepreneurs and investors willing to invest in textiles and leather. 1. 100 million4. 25 million Answer (Detailed Solution Below) Option 1: 100 million General Knowledge Question 10 Detailed Solution The correct answer is 100 million. © Key Points + As the name suggests, the goal of the Bihar Ind make Bihar the most desirable place to inves regions and optimizing job opportunities to a ainable and balanced development. + The purpose of this policy is to attract pot rs to the state's textile, power-loom, silk, garment, leather and leather nd footwear manufacturing industries. policy is to 04 jeneral objectives of the government concerning ik romotion Policy, 2016 is to tate’s advantages over other + The purpose of t promating the growth leather industries. & Additional Infor + The Bihar Textile and Leather Policy, 2022 was introduced by Bihar Chief Minister Nitish Kumar at The Convention Building in Patna on June 8, 2022. + The policy provides a grant of Rs. 10 lakhs per annum on freight movement for five years, 50% of the registration expenses on patenting your product, up to a maximum of Rs. 10 lakhs, and a grant of Rs. 5,000 per month for employees working in the industry. + Additionally, the units receiving the grant will receive 30% transport subsidy for export. Hence, for investors and entrepreneurs who wish to put money into Bihar’ textile and leather sectors, the state government will give grants of up to Rs. 100 Million.