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Q:

The Income elasticity demand for farm products is

A) High in India B) No demand at all
C) Very low in India D) High supply and no demand

Answer:   C) Very low in India

Explanation:

Income easticity of demand measures the responsiveness of demand for any goods to changes in income. With increase in incomes generally the demand for farm products like rice wheat etc, will not change drastically. With income increase, demand for luxuries such as consumer durables etc will increase. The income elasticity  of demand for farm products is thus low.

Subject: Indian Economy
Q:

Which among the following is the exclusive jurisdiction of the State Government ?

A) Sales Tax B) Custom Duty
C) Income Tax D) Corporation Tax
 
Answer & Explanation Answer: A) Sales Tax

Explanation:
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Q:

MODVAT is related to

A) Sales Tax B) Income Tax
C) Wealth Tax D) Excise Tax
 
Answer & Explanation Answer: D) Excise Tax

Explanation:
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Q:

The head quarters of World Trade Organisation(WTO) are at

A) Rome B) Geneva
C) Doha D) New York
 
Answer & Explanation Answer: B) Geneva

Explanation:
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Q:

The exercise of converting the financial outlays into physical outcomes, with fixed quarterly measurable and monitorable target is called

A) Outcome budget B) Estimated budget
C) Expenditure estimate D) None of these
 
Answer & Explanation Answer: A) Outcome budget

Explanation:
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Q:

The rolling plan concept in our country started with the

A) Third plan B) Fourth plan
C) Fifth plan D) Seventh plan
 
Answer & Explanation Answer: C) Fifth plan

Explanation:

The Rolling plan refers to one-year plans in the five-year perspective. under Rolling plan, there would be an annual appraisal of the progress of the plan and on the basis of such an appraisal, the plan for the next year will be prepared. The plan would go on rolling year after year.

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