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Quiz 659: Business, Finance & Economy for SSC and Banking Exams

1. Duty Entitlement Pass Book (DEPS) is an scheme of Indian Government provided to _?
[A] Exporters
[B] Importers
[C] Wholesalers
[D] Retailers

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Correct Answer: A [Exporters]
Notes:
DEPB (Duty Entitlement Pass Book) is an export incentive scheme of Indian Government provided to Exporters in India.
2. Frugal engineering is defined as the process of:
[A] raising the profit of a firm by reducing labour and capital cost
[B] reducing the complexity and cost of a good and its production
[C] accelerating the profit of a firm by adoption of science-based innovations
[D] increasing customer base by offering discounts to customers

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Correct Answer: B [reducing the complexity and cost of a good and its production]
Notes:
Frugal Engineering is the process of reducing the complexity and cost of a good and its production. It includes removal of nonessential features from durable goods such as a car or phone, in order to sell it in developing countries to low income consumers.
3. Which of the following firms has been recently named as the world’s biggest private equity firm?
[A] Apollo Global Management LLC
[B] Blackstone Group
[C] Goldman Sachs
[D] General Atlantic

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Correct Answer: A [Apollo Global Management LLC]
Notes:
Currently (June, 2018), Apollo Global Management LLC tops the list of the world’s top 10 private equity firms, with just under $150 billion in total private equity assets under management(AUM) for 2015. Blackstone is the world’s second biggest private equity firm. 
4. Which of the following currencies is not included in the Special Drawing Rights (SDR) Currency Basket?
[A] Indian Rupee
[B] British Pound
[C] Japanese Yen
[D] Chinese Renminbi

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Correct Answer: A [Indian Rupee]
Notes:
The SDR basket now consists of the following five currencies: U.S. dollar 41.73%, Euro 30.93%, Renminbi (Chinese Yuan) 10.92%, Japanese Yen (8.33%), British Pound (8.09%).
5. Which of the following statements is correct about the chairperson of Monetary Policy Committee (MPC)?
[A] The chairperson of the committee is appointed by the RBI Governor
[B] RBI Governor is the ex officio Chairperson of the committee
[C] Finance Minister is the ex-officio chairperson of the committee
[D] The Chairperson of the committee is appointed by the Finance Minister

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Correct Answer: B [RBI Governor is the ex officio Chairperson of the committee]
Notes:
The Monetary Policy Committee consists of six Members. Three Members are from the RBI and the other three Members appointed by the Central Government. The Members appointed by the Central Government hold the office for a period of four years. The Governor of RBI is the ex-officio Chairperson of the committee.
6. Which of the following was the first paper currency issued by RBI?
[A] Rs 1-Note
[B] Rs 2-Note
[C] Rs 5 Note
[D] Rs 100 Note

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Correct Answer: C [Rs 5 Note]
Notes:
The Rs 5-note was the first paper currency issued by RBI in January 1938. The Reserve Bank of India (RBI) is India’s central banking institution, which controls the monetary policy of the Indian rupee. It commenced its operations on 1 April 1935 during the British Rule in accordance with the provisions of the Reserve Bank of India Act, 1934.
7. At which of the following places, printing press of Reserve Bank of India is not present?
[A] Nashik
[B] Dewas
[C] Salboni
[D] Mumbai

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Correct Answer: D [Mumbai]
Notes:
For printing of notes, the Security Printing and Minting Corporation of India Limited (SPMCIL), has set up printing presses at Nashik, Maharashtra and Dewas, Madhya Pradesh. The Bharatiya Reserve Bank Note Mudran Private Limited (BRBNMPL) has set up printing presses in Mysuru in Karnataka and Salboni in West Bengal. In all, there are four printing presses.
8. The base year for the calculation of all-India Index of Industrial Production (IIP) is:
[A] 2004-05
[B] 2005-06
[C] 2010-11
[D] 2011-12

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Correct Answer: D [2011-12]
Notes:
The CSO had revised the base year of the IIP from 2004-05 to 2011-12 in May 2017 to capture structural changes in economy and improves quality and representativeness of indices. The revised IIP (2011-12) reflects the changes in industrial sector and also aligns it with base year of other macroeconomic indicators like Wholesale Price Index (WPI) and Gross Domestic Product (GDP).
9. Which of the following industries is the not covered in the Index of Eight Core Industries?
[A] Electricity
[B] Crude Oil
[C] Natural Gas
[D] Pharmaceutical

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Correct Answer: D [Pharmaceutical]
Notes:
The industries covered in the Index of Eight Core are namely Coal, Crude Oil, Natural Gas, Refinery Products, Fertilizers, Steel, Cement and Electricity.
10. Which of the following is not an example of complementary goods?
[A] Printers and Ink Cartridges
[B] Tea and Sugar
[C] Mobile phones and SIM cards

[D] Tea and Coffee

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Correct Answer: D [Tea and Coffee]
Notes:
Complementary good is a good with negative cross elasticity of demand. In this if the price of one item is decreased the demand for another is increased.