Question : The Foreign Trade Policy of India is formulated by which organization?
Option 1: Reserve Bank of India (RBI)
Option 2: Ministry of Commerce and Industry
Option 3: Ministry of Finance
Option 4: Department of Industrial Policy and Promotion (DIPP)
Correct Answer: Ministry of Commerce and Industry
Solution : The correct answer is (b) Ministry of Commerce and Industry.
The Ministry of Commerce and Industry is responsible for formulating and implementing the foreign trade policy of India. The ministry plays a crucial role in shaping the country's trade and commerce activities, both domestically and internationally.
The Ministry of Commerce and Industry, in collaboration with various departments and agencies, develops the FTP after considering inputs from stakeholders, industry associations, and trade experts. The policy is periodically revised to align with changing global trade dynamics, economic priorities, and the overall development goals of the country.
Question : A city primarily serving as a gateway for international trade and commerce would be classified as a:
Option 1: Trade city
Option 2: Industrial city
Option 3: University town
Option 4: Heritage city
Correct Answer: Trade city
Solution : Correct Option: Option 1
Explanation: A trade city is an urban settlement that serves as a gateway for international trade and commerce, often hosting major ports, trade centers, and commercial activities.
Question : The Indian parliament has the power to impose restrictions on trade, commerce and intercourse through which article of the Indian Constitution?
Option 1: 304
Option 2: 300A
Option 3: 303
Option 4: 302
Correct Answer: 302
Solution : The correct option is 302.
The Indian Parliament has the power to impose restrictions on trade, commerce and intercourse between states or within any part of the territory of India under Article 302 of the Indian Constitution. This provision allows for necessary controls in the interest of public order and national economic harmony.
Question : The Economic Survey of India is prepared by the:
Option 1: Ministry of Finance
Option 2: Reserve Bank of India (RBI)
Option 3: Planning Commission of India
Option 4: Ministry of Commerce and Industry
Correct Answer: Ministry of Finance
Solution : The correct answer is (a) Ministry of Finance
The Economic Survey of India is prepared by the Ministry of Finance. It is an annual document that presents the state of the Indian economy, including an assessment of the current economic situation, key developments, policy recommendations, and future prospects.
The Ministry of Finance is responsible for managing the economic and financial affairs of the country. It formulates and implements fiscal policies, monetary policies, and other economic policies to support sustainable and inclusive economic growth. The Economic Survey is one of the important tools used by the Ministry of Finance to assess and communicate the economic performance and policy priorities of the Indian economy.
Question : Comprehension:
In the following passage, some words have been deleted. Read the passage carefully and select the most appropriate option to fill in each blank.
Ancient coins are a fascinating (1)________ into the past, providing insight into the culture, economy, and politics of ancient civilizations. Coins were first invented in the 7th century BCE, and the use of coins spread rapidly throughout the ancient world, and many civilizations minted their own unique coins with (2)_______ designs and symbols. One of the most significant aspects of ancient coins is the information they provide. Coins often bear the images and inscriptions of rulers, which can provide clues about their (3)______ and the values they held. They can also reveal information about trade and commerce, as well as the materials and technology used in coin minting. The craftsmanship and attention to detail in these coins are a (4)______ to the skill and creativity of ancient artists. While many ancient coins are now rare and valuable collector's items, they were once a common form of currency used in everyday transactions. Their ubiquity and durability have allowed them to survive for centuries, providing a window into the past for future generations to explore and (5)_______.
Select the most appropriate option to fill in the blank 4.
Option 1: refusal
Option 2: commitment
Option 3: confusion
Option 4: testament
Correct Answer: testament
Solution : The correct choice is the fourth option.
Testament in this context refers to a strong indication or evidence of the skill and creativity of ancient artists. It implies that the craftsmanship and attention to detail found in ancient coins serve as a testament to the abilities of the artists of that era.
The meanings of the other options are as follows:
- Refusal suggests a denial or unwillingness to do something.
- Commitment refers to dedication or a pledge to a cause or activity.
- Confusion implies a lack of clarity or understanding.
Question : Comprehension:
In the following passage, some words have been deleted. Read the passage carefully and select the most appropriate option to fill in each blank.
Ancient coins are a fascinating (1)_______ into the past, providing insight into the culture, economy and politics of ancient civilisations. Coins were first invented in the 7 th century BCE, and the use of coins spread rapidly throughout the ancient world, and many civilisations minted their own unique coins with (2)_________ designs and symbols. One of the most significant aspects of ancient coins is the information they provide. Coins often bear the images and inscriptions of rulers, which can provide clues about their (3)______ and the values they held. They can also reveal information about trade and commerce, as well as the materials and technology used in coin minting. The craftsmanship and attention to detail in these coins are a (4)________ to the skill and creativity of ancient artists. While many ancient coins are now rare and valuable collector's items, they were once a common form of currency used in everyday transactions. Their ubiquity and durability have allowed them to survive for centuries, providing a window into the past for future generations to explore and (5)_______.
Select the most appropriate option to fill in blank 5.
Option 1: replenish
Option 2: worship
Option 3: favour
Option 4: appreciate
Correct Answer: appreciate
Solution : The correct answer is the fourth option: "appreciate."
Explanation:
"Appreciate" in this context means to understand or value something deeply. Here, the sentence suggests that ancient coins have survived for centuries, allowing future generations to deeply understand or value the past.
The meanings of other options:
Replenish: To refill or restore something that doesn't fit the context of the sentence.
Worship: To show reverence or adoration; not suitable in the context of exploring the past.
Favour: To prefer or support, which doesn't align with the context of exploring history through ancient coins.
Question : Swachh Toycathon Competition 2022 was launched in India by Ministry of______________.
Option 1: Finance
Option 2: Commerce and Industry
Option 3: Housing and Urban Affairs
Option 4: Culture
Correct Answer: Housing and Urban Affairs
Solution : The correct option is Housing and Urban Affairs.
The Ministry of Housing and Urban Affairs launched the Swachh Toycathon as part of the Swachh Amrit Mahotsav. This competition aligns with the National Action Plan for Toys (NAPT) and Swachh Bharat Mission Phase II, aiming to discover innovative solutions for creating toys from recycled materials. The Centre for Creative Learning, IIT Gandhinagar, serves as the knowledge partner for this initiative.
Question : Which organization has been instrumental in advancing the Women's Movement in India through legal advocacy and research?
Option 1: SEWA (Self-Employed Women's Association)
Option 2: CII (Confederation of Indian Industry)
Option 3: NASSCOM (National Association of Software and Service Companies)
Option 4: FICCI (Federation of Indian Chambers of Commerce & Industry)
Correct Answer: SEWA (Self-Employed Women's Association)
Solution : SEWA (Self-Employed Women's Association) has been instrumental in advancing the Women's Movement in India through legal advocacy, research, and organizing women workers in the informal sector.
Question : Case Study 4: Government Schemes for Entrepreneurs
A group of young entrepreneurs came up with an innovative idea for a mobile application that promotes mental well-being and offers counseling services. To support their venture, they decided to explore various government schemes and financial assistance programs.
Question:
What type of services does the entrepreneurs' mobile application provide?
Option 1: Food delivery
Option 2: Mental well-being and counseling
Option 3: Ride-sharing
Option 4: E-commerce platform
Correct Answer: Mental well-being and counseling
Solution : The correct answer is (b) Mental well-being and counseling services
As indicated in the case study, the mobile application developed by the entrepreneurs is specifically designed to promote mental well-being. It offers counseling services, indicating that its primary focus is on providing support and resources for mental health, rather than services related to food delivery, ride-sharing, or e-commerce platforms.
Question : Case Study 14:
ABC Ltd. is a startup in the e-commerce industry looking to expand its product offerings.
Question :
To raise short-term funds for marketing its expanded product range, which money market instrument might ABC Ltd. use?
Option 1: Debenture
Option 2: Call money
Option 3: Corporate bond
Option 4: Equity share
Correct Answer: Call money
Solution : The correct answer is (b) Call money
To raise short-term funds for marketing its expanded product range, ABC Ltd. might consider using call money. Call money is a short-term finance option borrowed or lent in the interbank market for very short durations, usually overnight. It's often used for short-term funding needs and would be suitable for supporting marketing initiatives for the newly expanded product offerings.