Taking the Economy Current Affairs Quiz will test as well as enhance your knowledge on economy related issues. Moreover the Economy Current Affairs Quiz for May 2012 will help you in the preparation for different competitive examination like that of Bank PO, MBA, NABARD, RBI, Railway, SSC, Civil Services Exam etc.
1. Union government in the meeting of informal group of ministers chaired by Finance Minister Pranab Mukherjee on 30 April 2012 decided to allow further cotton exports in the 2011-12 marketing year ending September 2012. Which of the facts related to this statement is not true?
2. The government had in March 2012 lifted the ban on exports but had decided not to issue fresh registration of certificates (RCs)
3. India exported 123 lakh bales so far in the ongoing cotton season. Prior to the imposition of the ban the government had issued RCs for about 130 lakh bales
4. Cotton Advisory Board (CAB) had in April 2012 revised production estimates upwards to 347 lakh bales from 345 lakh bales for the 2011-12 season
5. CAB also revised domestic consumption estimates downwards to about 250 lakh bales from 260 lakh bales earlier
a. Only 1
b. 3 & 4
c. Only 4
d. Only 2
Answer: (d)
2. India on 30 April 2012 announced its decision to export what quantity of iron ore to steel mills of Japan and South Korea under a long-term agreement due to be signed in May 2012?
a. 2.1 million tonnes (mt)
b. 3 million tonnes (mt)
c. 3.5 million tonnes (mt)
d. 2.7 million tonnes (mt)
Answer: (a)
3. State-owned oil companies for the second time in the month of April reduced jet fuel prices by what amount on 30 April 2012?
a. Rs 300 per kilolitre or kl
b. Rs 312 per kilolitre or kl
c. Rs 322 per kilolitre or kl
d. Rs 340 per kilolitre or kl
Answer: (b)
4. Union minister of labour and employment Mallikarjun Kharge inaugurated the E-Challan and Receipt (ECR) facility on 1 May 2012. Which of the following statements related to the statement is not true?
1. E-Challan and Receipt (ECR) facility was inaugurated to bring transparency and accessibility for employers in depositing monthly Employees’ Provident Fund or EPF contributions of their workers
2. Employers under the ECR service would have to register their organisations online and generate challans for making monthly deposits. They can use these challan for either electronically or physically depositing the Provident Fund or PF contributions to the bank.
3. After the bank confirms the deposit, the concerned regional office’s system would be automatically notified and individual members’ accounts would get updated
4. the need of annual accounts preparation at the end of the will continue to prevail under this system
a. 1 & 2
b. Only 2
c. Only 4
d. 2 & 3
Answer: c
5. Reserve Bank of India (RBI) on 4 May 2012 raised the interest rate ceiling on NRI deposits in foreign currencies by up to what percent?
a. 1%
b. 2.5%
c. 3.3%
d. 3%
Answer: (d)
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