Which of the following is correct in context of Minimum Wages Act, 1948?<br>1. The minimum rate of wages will be fixed or revised by the appropriate government in respect of scheduled employment sunder Section 3.<br>2. Cost of living allowance includes basic wages.<br>3. The government has the power to appoint an advisory board for the matter of fixing and revising minimum rates of wages.<br>4. One-third members of the Central Advisory Board will be independent.

Which of the following statements are true/false?
1. The Minimum Wages Act, 1948 came into force on 15^th March, 1948.
2. The State-Central Government has the power to appoint a central advisory board for the purpose of advising the Central and State Governments in the matters of the fixation and revision of minimum rates of wages.
3. The minimum rate of wages includes only cost of living allowance.
4. The minimum rates of wages may be fixed by the hour, day, month.

A

1, 4 are true and 2, 3 are false

B

1, 3 are true and 2, 4 are false

C

2, 4 are true and 1, 3 are false

D

3, 4 are true and 2, 1 are false

Consider the following for the Minimum Wages Act, 1948.
1. The appropriate government will have the power to fix the minimum rates of wages payable to employees employed in an employment specified in Part I or Part II of the Schedules.
2. The appropriate government will review and revise the minimum rate of wages after five years.
3. The appropriate government will fix the minimum rate of wages in any scheduled employment in which there are in the whole state less than one thousand employees engaged in such employment.
Which of the following statement given above is/are correct?

A

Both 1 and 2

B

Only 1

C

Only 2

D

All of the above

Which of the following is incorrect in context of Minimum Wages Act, 1948?
1. The minimum rates of wages may be fixed only by the hour.
2. There will be different minimum rates of wages fixed for different scheduled employments, different classes of work in the same scheduled employment, adults adolescents children and apprentices and different localities.
3. The appropriate government has the power to fix the number of hours of work which shall constitute a normal working day.

A

Only 1

B

Only 2

C

Only 3

D

Both 2 and 3

Which of the following statements are true/false?
1. In case an employee whose minimum rate of wages is fixed under this Act, works overtime, the employer need not pay the money for the extra hours devoted by the employee.
2. If an employee whose minimum rate of wages has been fixed under this Act, works for a less number of hours than the requisite number of hours on a given day, he shall be entitled to receive wages in respect ofwork done by him on that day as ifhe had worked for a full normal working day.
3. In case an employee is involved in two or more classes of work, he shall be paid on the basis of pieces involved.
4. If an employee is employed on piece work for which minimum time rate and not a minimum piece rate has been fixed under this Act, the employer shall pay to such employee wages at not less than the minimum time rate.

A

1, 4 are true and 2, 3 are false

B

1, 3 are true and 2, 4 are false

C

2, 4 are true and 1, 3 are false

D

3, 4 are true and 2, 1 are false

Which of the following statements are true in context of scheduled banks?
1. All banks which are included in the Second Schedule to the Reserve Bank of India Act, 1934 are Scheduled Banks.
2. These banks comprise Scheduled Commercial Banks and Scheduled Co-operative Banks.
3. Scheduled Commercial Banks in India are categorized into five different groups - SBI, Nationalised Banks, Regional Rural Banks, Foreign Banks and Other Indian Scheduled Commercial Banks in the private sector.
4. Scheduled Co-operative Banks consist of Scheduled State Co-operative Banks and Scheduled Urban Co-operative Banks.

A

1, 2 and 3

B

2, 3 and 4

C

1, 2 and 4

D

1, 2, 3 and 4

Which of the following statements are true/false?
1. Employees Provident Fund Act, 1952 is applicable to every establishment in which twenty or more persons are employed.
2. Basic wages means all emoluments which are earned by an employee while on duty or on leave or on holidays with wages.
3. Basic wages include dearness and House Rent Allowance (HRA).
4. Employee shall pay 10% per of the basic wages, dearness allowance and retaining allowance (if any) to Employee Provident Fund Scheme.

A

1, 2 are true and 3, 4 are false

B

1, 3 are true and 2, 4 are false

C

2, 4 are true and 1, 3 are false

D

3, 4 are true and 2, 1 are false

Which of the following is correct in context of Minimum Wages Act, 1948?
1. In case an employee whose minimum rate of wages is fixed under this act, works overtime, the employer is bound to pay the money for the extra hours devoted by the employee.
2. In case an employee is involved in two or more classes of work, he shall be paid on the piece basis.
3. If an employee is employed on piece work for which minimum time rate and not a minimum piece rate has been fixed under this act, the employer shall pay to such employee wages at not less than the minimum time rate.

A

Both 1 and 3

B

Both 2

C

Both 3

D

Both 1 and 2

Which of the following statements are true/false?
1. A minimum rate of wages for the time spent by employees for the production of output is minimum time rate.
2. Minimum piece rate is the rate based on the quantity of the output employees have produced.
3. The guaranteed time rate is a minimum rate of remuneration to apply in the case of employees employed on piece work for the purpose of securing to such employees a minimum rate of wages on a time work basis.
4. A minimum rate of remuneration to apply in the case of employees employed on piece work for the purpose of securing to such employees a minimum rate of wages on a time work basis is overtime rate.

A

1, 2, 3 and 4 are true

B

1, 3 are true and 2, 4 are false

C

2, 4 are true and 1, 3 are false

D

3, 4 are true and 2, 1 are false

Which of the following is correct in context of Inter-state Workmen Regulation Act, 1979?
1. An inter-state migrant workman shall be paid twice than the wages fixed under the Minimum Wages Act, 1948.
2. Wages payable to an inter-state migrant workman/under this section shall be paid in 'cash' only.
3. The contractor is bound to pay every inter-state migrant workman at the time of recruitment, a displacement allowance equal to 50% of the monthly wages payable to him or ninety-five rupees.

A

Only 2

B

Only 3

C

Both 1 and 3

D

All of the above

Read the following passage carefully and choose the most appropriate answer to the question out of the four alternatives.
Most economists in the United States seem captivated by the spell of the free market. Consequently, nothing seems good or normal that does notaccord with the requirements of the free market. A price that is determined by the seller or, for that matter (for that matter: so far as that isconcerned), established by anyone other than the aggregate of consumers seems pernicious. Accordingly, it requires a major act of will to thinkof price-fixing (the determination of prices by the seller) as both "normal" and having a valuable economic function. In fact, price-fixing is normalin all industrialized societies because the industrial system itself provides, as an effortless consequence of its own development, the price-fixingthat it requires. Modern industrial planning requires and rewards great size. Hence, a comparatively small number of large firms will be competingfor the same group of consumers. That each large firm will act with consideration of its own needs and thus avoid selling its products for morethan its competitors charge is commonly recognized by advocates of free-market economic theories. But each large firm will also act with fullconsideration of the needs that it has in common with the other large firms competing for the same customers. A major act of will will bring about price-fixing that will be seen as -

A

effective and productive

B

constructive and practical

C

normal and having valuable economic function

D

systematic and relevant