226: If a commodity is provided free to the public by the Government, then
(a) the opportunity cost is zero.
(b) the opportunity cost is ignored.
(c) the opportunity cost is transferred from the consumers of the product to the tax-paying public.
(d) the opportunity cost is transferred from the consumers of the product to the Government.
227: Which one of the following is also called Stranger Gas?
(a) Argon
(b) Nitrous oxide
(c) Xenon
(d) Neon
Explanation:
Xenon (Modern Latin: from Greek, xenon, "stranger"; gas). Xenon has the symbol Xe and atomic number 54 Xenon is used in flash lamps and arc lamps, and as a general anesthetic.
A colorless, heavy, odorless noble gas, xenon occurs in the earth's atmosphere in trace amounts. Although generally unreactive, xenon can undergo a few chemical reactions such as the formation of xenon hexafluoroplatinate, the first noble gas compound to be synthesized
228: In the context of independent India's economy, which one of the following was the earliest event to take place?
(a) Nationalisation of Insurance companies
(b) Nationalisation of State Bank of India
(c) Enactment of Banking Regulation Act
(d) Introduction of First Five-Year Plan
Explanation:
. Prior to 1972, there over 100 Insurance Companies-Indian and foreign. The condition of service of the employees. On 13th May 1971, the Government On India assumed management of these general insurance companies under the General Insurance (Emergency Provisions) Act 1971. The General Insurance Business (Nationalisation) Act, 1972, nationalised general insurance business.
.State Bank Of India (SBI) was nationalised in July 1955 under the SBI Act of 1955. Nationalisation of Seven State Banks of India (formed subsidiary) took Place on 19th July, 1960.
. The Banking Regulation Act was passed as the Banking Companies Act 1949 and came into force wef 16.3.49. Subsequently it was changed to Banking Regulations Act 1949 wef 01.03.66.
. The first Indian Prime Minister, Jawaharlal Nehru presented the first five-year plan to Parliament of India on December 8, 1951.
229: Consider the following statements regarding Reserve Bank of India :
I. It is a banker to the Central Government.
II. It formulates and administers monetary policy.
III. It acts as an agent of the Government in respect of India's membership of IMF.
IV. It handles the borrowing programme of Government of India.
Which of these statements are correct ?
(a) I and II
(b) II, III and IV
(c) I, II, III and IV
(d) III and IV
Explanation:
Some of the functions of RBI are:
(a) Banker to the central Government
(b) Formulates and administers Monetary Policy.
(c) Bank of issue.
(d) Bankers to the bank
(e) Custodian of foreign exchange.
(f) Controller of credit.
(g) Banker, agent and financial adviser to the State.
230: Which one of the following statements regarding the levying, collecting and distribution of Income Tax is correct ?
(a) The Union levies, collects and distributes the proceeds of income tax between itself and the States
(b) The Union levies, collects and keeps all the proceeds of income tax to itself
(c) The Union levies and collects the tax but all the proceeds are distributed among the States
(d) Only the surcharge levied on income tax is shared between the Union and the States
Explanation:
The Union levies, collects and distributes the proceeds of income tax between itself and states.