Quest Daily CA Quiz 16-10-2025

Quest Daily CA Quiz 16-10-2025

Test your knowledge with today's current affairs

  1. Question 1: The concept of “Creative Destruction” implies that:

    • New innovations destroy all existing firms, leaving only one monopolist.
    • New innovations build on existing ones but ultimately replace or render obsolete older technologies, leading to dynamic economic growth.
    • Destruction of old capital without replacement is necessary for growth.
    • Economic growth is only possible through augmentation of existing processes.

  2. Question 2: With respect to the India-Middle East-Europe Economic Corridor (IMEEC), consider the following statements: I. IMEC seeks to develop a seamless infrastructure of ports, railways, roads, sea lines, and pipelines to enhance trade among India, the Arabian Peninsula, the Mediterranean region, and Europe. II. IMEC has two parts the Eastern Corridor (India to Gulf) and the Northern Corridor (Gulf to Europe). III. The Israeli port involved in this corridor is Tel-Aviv. Select the correct answer using the code given below.

    • I and II only
    • II and III only
    • I, II and III only
    • None of the above statements is correct

  3. Question 3: With respect to the fiscal architecture of municipalities, consider the following statements: I. Urban India generates nearly two-thirds of the national GDP, yet its municipalities control less than one per cent of the country’s tax revenue. II. Octroi, entry tax, and local surcharges — the traditional lifelines of municipal budgets — were subsumed into the GST framework. III. Municipalities in Denmark, Sweden, and Norway have the right to levy and collect income taxes directly. Select the correct answer using the code given below.

    • I only
    • I and II only
    • II and III only
    • I, II and III.

  4. Question 4: Consider the following statements regarding "African Union" ? I. AU a continental body consisting of the 55 member states that make up the countries of the African Continent and it was launched in the year 2002. II. Headquarters: Addis Ababa, Ethiopia. III. Establishment of the African Continental Free Trade Area (AfCFTA) is one of the notable achievements of AU. Which of the statements given above is/are incorrect?

    • I and II only
    • II and III only
    • I, II and III only
    • None of the above statements is incorrect

  5. Question 5: Consider the following statements regarding "Commonwealth Games" ? I. The Commonwealth Sport Executive Board (2025) has recommended Ahmedabad, Gujarat, as the host city for the 2030 Centenary Commonwealth Games. II. The Commonwealth Games have been held regularly since 1950 without any interruption. Which of the statements given above is/are correct?

    • I only
    • II only
    • Both I and II
    • Neither I nor II