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Q:

Which one of the following is not a correct statement regarding the provision of Legislative Council in the State Legislature?

 

A) The States of Bihar and Telangana have Legislative Councils B) The total number of members in the Legislative Council of a State shall not exceed one third of the total number of members in the Legislative Assembly
C) One twelfth of all members shall be elected by electorates consisting of local bodies and authorities D) one twelfth of all members shall be elected by graduates residing in the State
 
Answer & Explanation Answer: B) The total number of members in the Legislative Council of a State shall not exceed one third of the total number of members in the Legislative Assembly

Explanation:

3 is incorrect.

The total number of members in the Legislative Council of a State having such a Council shall not exceed one-third of the total number of members in the Legislative Assembly of that State: Provided that the total number of members in the Legislative Council of a State shall in no case be less than forty.

Of the total number of members of the Legislative council of a State-

(a) as nearly as may be, one-third shall be elected by electorates consisting of members of municipalities, district boards and such other local authorities in the State as Parliament may by law specify;

(b) as nearly as may be, one-twelfth shall be elected by electorates consisting of persons residing in the State who have been for at least three years graduates of any university in the territory of India or have been for at least three years in possession ofqualifications prescribed by or under any law made by Parliament as equivalent to that of a graduate of any such university;

(c) as nearly as may be, one-twelfth shall be elected by electorates consisting of persons who have been for at least three years engaged in teaching in such educational institutions within the State, not lower in standard than that of a secondary school, as may be prescribed by or under any law made by Parliament;

(d) as nearly as may be, one-third shall be elected by the members of the Legislative Assembly of the State from amongst persons who are not members of the Assembly;

(e) the remainder shall be nominated by the Governor in accordance with the provisions of clause.

There are only seven states which have two-tier of legislature –Uttar Pradesh, Maharashtra, Bihar, Karnataka, Andhra Pradesh, Telangana and Jammu & Kashmir.

 

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Filed Under: Indian Politics
Exam Prep: Bank Exams

Q:

Sub-prime crisis' is a term associated with which one of the following events?

A) Economic recession B) Political instability
C) Structural adjustment programmes D) Growing social inequality
 
Answer & Explanation Answer: A) Economic recession

Explanation:

The United States subprime mortgage crisis was a nationwide financial crisis, occurring between 2007 and 2010, that contributed to the U.S. recession of December 2007 –June 2009.It was triggered by a large decline in home prices after the collapse of a housing bubble, leading to mortgage delinquencies and foreclosures and the devaluation of housing-related securities.

 

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Filed Under: General Awareness
Exam Prep: Bank Exams

Q:

Which Indian social theorist had argued that the idea of a homogenized the 'cultural arrogance of post-enlightenment Europe'?

 

A) Ashis Nandy B) Partha Chatterjee
C) T.K.Oommen D) Rajni Kothari
 
Answer & Explanation Answer: A) Ashis Nandy

Explanation:

Ashis Nandy traced the roots of colonialism's mandate to absolutize the relative differences between cultures to the cultural arrogance of Enlightenment Europe.

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Q:

Which European ruler had observed 'Bear in mind that the commerce of India is the commerce of the world .... he who can exclusively command it is the dictator of Europe?

A) Queen Victoria B) Peter the Great of Russia
C) Napoleon Bonaparte D) Gustav II Adolf
 
Answer & Explanation Answer: B) Peter the Great of Russia

Explanation:

India was one of the main centres of world trade and industry. Peter the Great of Russia was led to exclaim: “Bear in mind that the commerce of India is the commerce of the world and ... he who can exclusively command it is the dictator of Europe.”

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Filed Under: Indian History
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Q:

Who was the founder of Mahakali Pathshala in Calcutta?

A) Her Holiness Mataji Maharani Tapaswini B) Sister Nivedita
C) Madamee Blavatsky D) Sarojini Naidu
 
Answer & Explanation Answer: A) Her Holiness Mataji Maharani Tapaswini

Explanation:

Mataji Maharani Tapaswini was one of the strongest proponents of female education in India. Her greatest contribution came in the form of the Mahakali Pathshala which she set up in Kolkata in 1893.

The school was a completely indigenous affair which did not rely on either foreign aid or assistance. The education of girls was carried out on a strictly national basis in the hopes that they would be able to revive and regenerate Hindu society.

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Filed Under: Indian History
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Q:

Who designed the Bombay Secretariat in the 1870s?

A) H.St. Clair Wilkins B) Sir Cowasjee Jehangir Readymoney
C) Purushottamdas Thakurdas D) Nusserwanji Tata
 
Answer & Explanation Answer: A) H.St. Clair Wilkins

Explanation:

The Bombay Secretariat was completed in 1874 and designed by Captain Henry St. Clair Wilkins in the Venetian Gothic style. With its arcaded verandahs and huge gable over the west facade, it was a monument to the civic pride of Bombay's British rulers.

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Filed Under: Indian History
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Q:

Consider the following statements about a joint-stock company:

1. It has a legal existence.

2. There is limited liability of shareholders.

3. It has a democratic management.

4. It has a collective ownership.

Which of the statements given above are correct?

A) 1 and 2 only B) 1, 2 and 3 only
C) 3 and 4 only D) 1, 2, 3 and 4
 
Answer & Explanation Answer: D) 1, 2, 3 and 4

Explanation:

Joint stock company is a voluntary association of individuals for profit, having a capital divided into transferable shares, the ownership of which is the condition of membership.

The definition of a joint stock company highlights the following features of a company.

Separate legal entity:From the day of its incorporation, a company acquires an identity, distinct from its members. Its assets and liabilities are separate from those of its owners. The law does not recognise the business and owners to be one and the same.

The management and control of the affairs of the company is undertaken by the Board of Directors, which appoints the top management officials for running the business. The directors hold a position of immense significance as they are directly accountable to the shareholders for the working of the company. The shareholders, however, do not have the right to be involved in the day-to-day running of the business. The liability of the members is limited to the extent of the capital contributed by them in a company

The risk of losses in a company is borne by all the shareholders. This is unlike the case of sole proprietorship or partnership firm where one or few persons respectively bear the losses.

 

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Filed Under: Indian Economy
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Q:

Consider the following statements about indifference curves:

1. Indifference curves are convex to the origin.

2. Higher indifference curve represents higher level of satisfaction.

3. Two indifference curves cut each other.Which of the statements given above is/are correct?

A) 1 only B) 1 and 2
C) 2 and 3 D) 3 only
 
Answer & Explanation Answer: B) 1 and 2

Explanation:

The indifference curves cannot intersect each other.

Higher indifference curve represents a higher level of satisfaction because higher IC means a bundle consisting more of both the goods or same quantity of one good n more quantity of the other good .Hence statement 2 is correct and 3 is incorrect.

Indifference curves is convex to the point of origin because of diminishing Marginal Rate of Substitution.

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Filed Under: Indian Economy
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