UPSC Essentials presents its thematic quiz initiative. These quizzes are designed to help you review some of the most important topics in the static part of the syllabus. Every day we will cover a new topic. Try today’s topic quiz on Economy to check your progress. Come back tomorrow to solve the MCQs on International relationships. Be sure to check the answers and explanations at the end of the quiz.
Regarding “The State of Work in India 2023”, consider the following statements:
1. The overall unemployment rate increased in 2021-22 compared to 2017-18.
2. There is an increase in the participation of women in the labor market.
Which of the above statements are correct?
(a) 1 only
(b) 2 only
(c) 1 and 2
(d) Neither 1 nor 2
QUESTION 2
In reference to Gold Exchange Traded Funds (ETFs), consider the following statements:
1. These are units representing physical gold present only in paper form.
2. One Gold ETF unit is equivalent to 10 grams of gold.
3. RBI regulates gold exchange traded funds.
How many of the above statements are correct?
(a) Only one
(b) Only two
(c) The three
(d) None
QUESTION 3
With reference to Monetary Policy Committee (MPC), consider the following statements:
1. The committee meeting takes place once every three months.
2. He is responsible for maintaining the inflation target.
3. Section 45ZB of the amended RBI Act, 1934 provides for an empowered Monetary Policy Committee (MPC) with six members.
How many of the above statements are correct?
(a) Only one
(b) Only two
(c) The three
(d) None
QUESTION 4
Consider the following diagrams:
1. PM Kisan Samman Nidhi
14. PM Fasal Bima Yojana
3. Mahatma Gandhi National Rural Employment Guarantee Act
16. PM Awas Yojana
How many of the above schemes are covered by direct benefit transfer to provide financial assistance?
(a) Only one
(b) Only two
(c) Only three
(d) None
QUESTION 5
Consider the following statements regarding the Open Market Sales System (OMSS):
1. It improves the supply of food grains during the lean period and in deficit regions.
2. It reduces the carrying cost of food grains.
3. This diet does not apply to wheat and rice.
How many of the above statements are correct?
(a) Only one
(b) Only two
(c) The three
(d) None
ANSWERS TO MCQS
1.(b)
FOR YOUR INFORMATION:
— THE “State of Work in India 2023» revealed the overall unemployment rate reduced to 6.6 percent in 2021-22, compared to 8.7 percent in 2017-18. Therefore, statement 1 is not correct.
— The report indicates a increased participation of women in the labor marketit was accompanied by a decline in self-employment income, which in 2022 was only 85 percent of what it was in the first quarter of 2019, reflecting the impact of pandemic-induced distress. Statement 2 is therefore correct.
— There has been an increasing trend in intergenerational mobility, but the trend has been lower for workers belonging to Scheduled Caste and Scheduled Tribe categories compared to workers belonging to general castes.
— According to the report, 42.3 percent of graduates under the age of 25 are unemployed, while 21.4 percent of those who completed upper secondary education in the same age group are unemployed. Notably, with lower qualifications, the unemployment rate also decreased.
Therefore, option (b) is the correct answer.
2.(d)
FOR YOUR INFORMATION:
— Gold Exchange Traded Funds (ETFs) attracted Rs 1,028 crore in August, making it the highest inflow in 16 months, amid continued interest rate hikes in the US, which led to a slowdown in the rate of growth there.
— Gold ETFs are units representing physical gold that can be in paper or electronic form. Therefore, statement 1 is not correct.
— One Gold ETF share is equivalent to 1 gram of gold and is backed by very high purity physical gold. They combine the flexibility of investing in stocks and the simplicity of investing in gold. Statement 2 is therefore not correct.
— Gold ETF programs may only invest primarily in gold or gold-related products that have been approved by SEBI. Therefore, statement 3 is not correct.
Therefore, option (d) is the correct answer.
3.(b)
FOR YOUR INFORMATION:
— THE The RBI adopted an inflation-targeting monetary policy regime in 2016 that a meeting of the MPC was convened under the provisions of section 45ZN of the Act.
— Section 45ZB of the amended RBI Act, 1934 provides for an empowered Monetary Policy Committee (MPC) with six members. Therefore, statement 3 is correct.
— Currently, the MPC meets six times during a financial year, i.e. Every two months. Therefore, statement 1 is not correct.
— Regulation 7 of the RBI MPC and Monetary Policy Process Regulations, 2016 states that a separate meeting should be scheduled as part of the normal policy process to discuss and prepare the report to be sent to the government.
— The MPC is responsible for maintaining the inflation target. Statement 2 is therefore correct.
Therefore, option (b) is the correct answer.
(Other source: http://www.rbi.org.in)
4.(d)
FOR YOUR INFORMATION:
— The International Monetary Fund (IMF) praised India’s role Direct transfer of benefits (DBT) Project considered a “logistical marvel” that has affected hundreds of millions of people and particularly benefited women, the elderly and farmers.
— David Malpass, president of the World Bank Group, also urged other countries to adopt India’s decision for targeted cash transfers rather than broad subsidies, noting that “India has managed to provide food or cash aid to 85 percent of percent of rural households and 69 percent. percent of urban households.
— In rural India, DBT has enabled the government to provide financial support to farmers in a more efficient and open manner, whether it is fertilizer or any other scheme such as PM Kisan Samman Nidhi, PM Fasal Bima Yojana and PM Krishi Sinchayi Yojana.
— THE PM Awas Yojana and LPG Pahal Programs in urban India are successfully using DBT to provide cash to qualified participants. The DBT architecture is used to provide social security through several scholarship programs and the National Social Assistance Program. DBT in rehabilitation programs such as the Self-Employment Program for Rehabilitation of Manual Scavengers opens new doors to social mobility for people from all backgrounds.
Therefore, option (d) is the correct answer.
5.(b)
FOR YOUR INFORMATION:
— Karnataka demanded immediate resumption of Open Market Sales Program-Domestic (OMSS-D) for rice and wheat in the States. Therefore, statement 3 is not correct.
— The Center had discontinued the program on June 13 for all states except the North-Eastern states, hilly states and those facing law and order situations and natural disasters.
— The open market sales program has the following objectives:
(i) To improve the supply of food grains during the lean season and in deficit regions. Therefore, statement 1 is correct.
(ii) Moderate free market prices.
(iii) Unload excess inventory.
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(iv) To reduce the carrying cost of food grains. Statement 2 is therefore correct.
Therefore, option (b) is the correct answer.
(Other source: dfpd.gov.in)
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