Previous year MCQs

Economy UPPSC 1993 GS-I
Question

Main function of Finance commission is

Answer & Solution

Answer: (Detailed Solution Below)

Option A: The distribution between the union and the states of the net proceeds of taxes which are to be, or may be, divided between them

Detailed Solution:

The correct answer is “The distribution between the union and the states of the net proceeds of taxes which are to be, or may be, divided between them”.
The Finance Commission of India (FCI) is a constitutional body that makes recommendations on how to distribute tax revenues between the Union and the States, and among the States themselves.

Similar Questions:

Which one of the following is different from the others from the point of view of Tax relief to individuals:
  1. A) National Savings Certificate
  2. B) Public Provident Fund
  3. C) Indira Vikas Patra
  4. D) National Savings Scheme
A country’s natural capital includes all of the following except:
  1. A) Forests
  2. B) Water
  3. C) Roads
  4. D) Minerals
With reference to the "Capital formation" which of the statements is/are correct?

1. Process of capital formation depends on savings and effectiveness of financial institutions.
2. Investment is the essential factor of capital formation.

Select the correct answer using the codes given below.
Codes :
  1. A) Only 1
  2. B) Only 2
  3. C) Both 1 and 2
  4. D) Neither 1 nor 2
Headline inflation refers to the change in value of all goods on the basket. On which basis is the headline inflation measured ?
  1. A) Wholesale Price Index
  2. B) Consumer Price Index for Industrial Worker
  3. C) Combined Consumer Price Index
  4. D) Urban Consumer Price Index
Heavy water is a type of
  1. A) Coolant
  2. B) Moderator
  3. C) Ore
  4. D) Fuel
Given below are two statements, one is labelled as Assertion (A) and the other as Reason (R).

Assertion (A): Development is being defined as improving living standards and welfare.
Reason (R): Growth in per capita income is not a sufficient measure of development.

Select the correct answer from the codes given below:
  1. A) Both (A) and (R) are true and (R) is the correct explanation of (A)
  2. B) (A) is false, but (R) is true
  3. C) Both (A) and (R) are true, but (R) is not the correct explanation of (A)
  4. D) (A) is true, but (R) is false
The following lists I and II show the names of Economists/Authors and their books respectively. Match List-I with List-il and choose the correct answer using the codes given below the lists:
List-I - List-II
(Economist/Author) - (Book)

A. Myrdal - 1. Economic Theory and Under-developed Regions
B. Hirschman - 2. The Strategy of Economic Development
C. Kaldor - 3. Strategic Factors in Economic Development
D. Adam Smith - 4. The Wealth of Nations

Codes:
A B C D
  1. A) 1 2 3 4
  2. B) 2 3 1 4
  3. C) 3 2 1 4
  4. D) 2 1 3 4
Direct Tax Code in India is related to which of the following?
  1. A) Sales Tax
  2. B) Income Tax
  3. C) Excise Tax
  4. D) Service Tax
In which Five year Plan, the main objective was the eradication of poverty?
  1. A) Fourth Five year plan
  2. B) Fifth five year plan
  3. C) Sixth five year plan
  4. D) Seventh five year plan
Which of the following makes recommendation regarding fixing of minimum support price for various crops?
  1. A) Indian Council of Agricultural Research
  2. B) NABARD
  3. C) Commission for Agricultural Costs and Prices
  4. D) Indian Agricultural Research Institute
Which among the following are the sources of current revenue for the Central Govt?

I. Corporate Tax
II. Profit from Public Enterprises
III. Sale of National Savings Certificates
IV. Loans received from the World Bank
V. Excise duties

Select the correct answer from the codes given below:
Codes:
  1. A) I, II and III
  2. B) II, III and IV
  3. C) III, IV and V
  4. D) I, II and V
Which of the following is correctly match.
  1. A) Hariprasad Chaurasia - Flute
  2. B) Bismillah khan - Tabla
  3. C) Allha rakha - Sarodh
  4. D) Zakir hussain - Harp