July 16, 2024

Indian Economy Quiz: Day 53

Which of the following is/are correct regarding Implicit Price Deflator?
1. If the value of Implicit Price Deflator is less than 1 it indicates that there is deflation in the economy.
2. If the value of Implicit Price Deflator is greater than 1 it indicates that there is inflation in the economy.
Select the correct answer using the codes given below:
  • (A) 1 only
  • (B) 2 only
  • (C) Both 1 and 2
  • (D) Neither 1 nor 2
How many of the below given pair(s) is/are correctly matched?
1. Commercial banks - 40% priority sector lending
2. RRBs - 75% priority sector lending
3. Foreign banks - 15% priority sector lending
  • (A) 1 pair only
  • (B) 2 pairs only
  • (C) All the pairs
  • (D) None of the pairs
The Khadi and Village Industries Commission was established during which of the Five Year Plans?
  • (A) 4th
  • (B) 2nd
  • (C) 3rd
  • (D) 6th  
Which of the following is correct measure of Infant Mortality Rate (IMR)?
  • (A) Number of infant deaths for every 1,00,000 still births
  • (B) Number of infant deaths for every 1,00,000 live births
  • (C) Number of infant deaths for every 1,000 still births
  • (D) Number of infant deaths for every 1,000 live births
Which of the following statements is/are correct regarding Elasticity of demand?
1. The demand is said to be perfectly elastic when a slight change in the price of a commodity causes an infinite change in its quantity demanded.
2. Luxury products are the examples of perfectly elastic products.
Select the answer using the codes given below:
  • (A) 1 only
  • (B) 2 only
  • (C) Both 1 and 2
  • (D) Neither 1 nor 2
Which of the following best defines the term reflation?
  • (A) It is a fiscal or monetary policy designed to expand output & stimulate spending
  • (B) It is a fiscal or monetary policy designed to cut output & curtail spending
  • (C) It describes the first phase of economic slowdown after a period of expansion
  • (D) None of the above
Consider the following statements regarding the efforts by the government to promote ease of doing business:
1. The Jan Vishwas Amendment Bill is an effort in this direction.
2. This bill seeks to decriminalise minor offences by amending multiple provisions in various Acts.
Which of the statements give above is/are correct?
  • (A) 1 only
  • (B) 2 only
  • (C) Both 1 and 2
  • (D) Neither 1 nor 2
Which of the following is/are correct regarding the Harmonized System of Nomenclature?
1. It was developed by the World Customs Organization.
2. It has about 5,000 commodity groups, each identified by a six-digit code.
3. India is a member of World Customs Organization(WCO) since 1971.
Select the answer using the codes below:
  • (A) 1 and 3 only
  • (B) 2 and 3 only
  • (C) 1 and 2 only
  • (D) 1, 2 and 3
This Plan focused on agriculture, price stability, power and transport. It was a successful plan primarily because of good harvests in the last two years of the plan. Which plan is being referred to here?
  • (A) Second Five year Plan
  • (B) Fifth Five year Plan
  • (C) Third Five year Plan
  • (D) First Five year Plan
With reference to National Mobile Monitoring System, consider the following?
1. It is mandatory for all MGNREGS workers to mark their attendance under this system from 1st January 2023.
2. The Rural Development Ministry started digital attendance system in 2022 on a pilot basis at worksites where 20 or more workers were employed under MGNREGS.
Which of the above given statement(s) is/are correct?
  • (A) 1 only
  • (B) 2 only
  • (C) Both 1 and 2
  • (D) Neither 1 nor
Which of the following statement(s) is/are correct?
1. Complementary goods are pair of competing goods, which in the opinion of buyers can replace each other.
2. Substitute goods are a pair of goods that are interdependent or compatible.
Select the answer using the codes given below:
  • (A) 1 only
  • (B) 2 only
  • (C) Both 1 and 2
  • (D) Neither 1 nor 2
Which of the following statement(s) is/are incorrect?
1. Wholesale Price Index (WPI) is a purely commodity index.
2. WPI is published by the National Statistical Office under MoSPI.
  • (A) 1 only
  • (B) 2 only
  • (C) Both 1 and 2
  • (D) Neither 1 nor 2
Consider the following statements regarding Carbon Border Adjustment Mechanism:
1. It falls short of compliance with World Trade Organization (WTO) rules.
2. Under the system, EU importers will buy carbon certificates corresponding to the carbon price that would have been paid, had the goods been produced under the EU's carbon pricing rules.
Select the correct statement(s) using the codes given below:
  • (A) 1 only
  • (B) 2 only
  • (C) Both 1 and 2
  • (D) Neither 1 nor 2
Consider the following statements:
1. Fiscal Consolidation refers to the policies adopted by the government to reduce their deficits.
2. The path for fiscal consolidation is enumerated in the FRBM Act.
Select the correct statement(s) using the codes given below:
  • (A) 1 only
  • (B) 2 only
  • (C) Both 1 and 2
  • (D) None of the above

© 2024 Civilstap Himachal Design & Development