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Daily-static-mcqs 12 Sep 2024

Daily Static MCQs for UPSC & State PSC Exams - Economics 12 Sep 2024

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Daily Static MCQs for UPSC & State PSC Exams - Economics

Q1:

"Golden Revolution" is responsible for the development in which of following agriculture sector in India?

A: Petroleum Production

B: Oil Seed Production

C: Potato Production

D: Horticulture

Answer: D

Explanation:

The Golden Revolution in India is related to the production of honey and horticulture. It is considered one of India's major agricultural revolutions. The period between1991 to 2003 is known as the period of the Golden Revolution in India. Nirpakh Tutej is considered to be the Father of The Golden Revolution in India. Other agricultural revolutions in India are Green revolution, Blue revolution, White revolution, Yellow revolution, Milk production and Leather/cocoa/non-conventional products. Hence, option (d) is correct.


                            

Q2:

What is the primary deficit in the context of the Indian budget?

A: It is the difference between the government's total expenditure and its total receipts excluding borrowings.

B: It is the excess of government's revenue expenditure over revenue receipts.

C: It is the difference between the fiscal deficit of the current year and interest payments on the previous borrowings.

D: It is the difference between revenue deficit and grants for creation of capital assets.

Answer: C

Explanation:

Primary deficit = fiscal deficit - interest payments. Primary deficit is the difference between the fiscal deficit of the current year and the interest payments that are pending on previous borrowings. It is one of the three important measures of determining the government deficit. Hence, option (c) is correct.


                            

Q3:

Which committee was formed to suggest reforms in the primary market and the repositioning of UTI?

A: Raja Chelliah Committee

B: Marathe Committee

C: Malegam Committee

D: R.V. Gupta Committee

Answer: C

Explanation:

Malegam Committee is a committee formed by the Reserve Bank of India (RBI) in 2010 to review the microfinance sector in India and make recommendations for strengthening the regulatory framework. The committee was headed by Y.H. Malegam. Hence, option (c) is correct.


                            

Q4:

Consider the following pairs:

Banks in British India

Establishment Year

1.  Bank of Bengal

1843

2.  Bank of Bombay

1806

3.  Bank of Madras

1865

4.  Allahabad Bank

1840

How many of the above pairs are correctly matched?

A: Only one pair

B: Only two pairs

C: All three pairs

D: None of the pairs

Answer: D

Explanation:

Before the British rule in India, there was no significant development of banking. It was dominated by indigenous bankers and moneylenders. In the 18th century, the East India Company established some agency houses in Mumbai and Kolkata, which functioned like modern banks. These agency houses were financed by the officers and employees of the East India Company.


In 1770, following the European pattern, the "Bank of Hindustan" was established in India, but it closed its doors in 1830. In 1806, Lord Wellesley established a bank in Madras to finance the ongoing war with Tipu Sultan. In 1809, the bank was renamed the "Bank of Bengal" and became the first bank in India to issue currency notes. The Bank of Bengal was established in 1806, the Bank of Bombay in 1840, and the Bank of Madras in 1843, collectively forming the three Presidency Banks, which functioned somewhat like semi-central banks. In 1865, the first Indian-owned bank, the Allahabad Bank, was founded in Allahabad, marking a significant step in India's banking history. Hence, all pairs are not correctly matched.


                            

Q5:

According to the Economic survey which sector has highest Foreign Direct Investment (FDI) Equity Inflows during April- September 2022?

A: Service

B: Software and Hardware

C: Trading

D: Automobiles

Answer: B

Explanation:

According to the economic survey, the computer software and hardware sector attracted the highest inflows during the first six months of FY 2022-23. Hence, option (b) is correct.