Economics Practice Quiz 106

Q1.Which of the following is NOT a tax revenue source for the Central Government according to the Union Budget 2024-25?

A. Corporation Tax B. Income Tax C. Non-Tax Revenue D. GST and other taxes

Q2.What was the rural household electrification percentage in India according to the National Family Health Survey (NFHS–5) for 2019–22?

A. 96 percent B. 90 percent C. 85 percent D. 100 percent

Q3.Which of the following is an example of a private company?

A. Indian Oil B. Tata Steel C. Bharat Heavy Electricals Limited D. State Bank of India

Q4.What is meant by 'universal access'?

A. When everyone has physical access to a good and can afford it B. When a good is available only in urban areas C. When a good is provided free of cost to select groups D. When a good is produced by the government

Q5.What is the purpose of the law on minimum wages?

A. To ensure workers are paid not less than the minimum wage B. To allow employers to pay workers as per their discretion C. To reduce the profits of private companies D. To fix wages permanently without revision

Q6.How often are minimum wages revised?

A. Every year B. Every few years C. Every decade D. Never

Q7.Why might private companies deny workers their wages?

A. To follow the law B. To make as much profit as they can C. To ensure fair wages D. To protect workers' rights

Q8.In the eyes of the law, what is it to deny workers their wages?

A. Legal B. Illegal or wrong C. Acceptable if profits are low D. A matter of contract

Q9.Whose interests are protected by laws requiring that prices of essential goods like sugar, kerosene, and foodgrains are not high?

A. Producers B. The poor who would otherwise be unable to afford these goods C. Middlemen D. Exporters

Q10.Why do foreign companies like Union Carbide set up plants in India?

A. For cheap labour and lower wages B. For advanced technology C. For better safety standards D. For higher worker productivity

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Economics Practice Quiz 106