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Daily-static-mcqs 29 Aug 2024

Daily Static MCQs for UPSC & State PSC Exams - Economics 29 Aug 2024

Daily Static MCQs for UPSC & State PSC Exams - Economics

Q1:

Consider the following statements regarding social infrastructure and employment:

1. A total of more than 14,500 PM schools will be built in India by the year 2026-27.

2. Urban employment is more than pre- pandemic level.

Which of the statements given above is/are correct?

A: 1 only

B: 2 only

C: Both 1 and 2

D: Neither 1 nor 2

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Answer: A

Explanation:

The Centre's share being Rs. 18,128 crore for the period of five years from 2022-23 to 2026-27 for transforming nearly 14,500 schools across the country. Hence, statement 1 is correct.

According to the Economic Survey, urban employment is close to the pre-pandemic level. Hence, statement 2 is incorrect.

Q2:

Which of the following statements is correct regarding the types of taxes?

A: The tax which has incidence and impact both at the same point is the indirect tax.

B: The tax which has incidence and impact at the different points is the indirect tax.

C: Sales tax is an example of direct tax which is directly imposed on the consumers.

D: Interest tax is an example of indirect tax which directly affects the income of an individual.

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Answer: B

Explanation:

The tax which has incidence and impact both at the same point is the direct tax the person who is hit, the same person bleeds. For example income tax, interest tax etc. whereas the tax which has incidence and impact at the different points is the indirect tax. For example; excise tax, sales tax etc. which are imposed on either producers or the traders, but it is the general consumers who bear the burden of tax. Hence, option (b) is correct.

Q3:

According to the Global Multidimensional Poverty Index-2018, what has been the trend in poverty in India between 2005-06 and 2015-16?

A: The poverty rate increased.

B: The poverty rate remained unchanged.

C: 271 million people moved out of poverty.

D: India's poverty rate reached 0%.

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Answer: C

Explanation:

The Global MPI is based on a list of 10 deprivations and uses three standard dimensions: health, education and standard of living. The Multidimensional Poverty Measure (MPM) is another index that measures the percentage of households in a country deprived along three dimensions: monetary poverty, education and basic infrastructure services.

According to the 2018 Global Multidimensional Poverty Index (MPI), the incidence of multidimensional poverty in India almost halved between 2005-6 and 2015-16, dropping from 54.7% to 27.5%. This means that 271 million people moved out of poverty in India during this period. Hence, option (c) is correct.

Q4:

With reference to the history of modern banking services in India, consider the following statements:

(1) In the early 19th century, the British East India Company established 5 banks.

(2) In the year 1955, 'Imperial Bank' was merged into 'State Bank of India'.

Select the correct answer using the code given below-

A: 1 only

B: 2 only

C: Both 1 and 2

D: Neither 1 nor 2

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Answer: B

Explanation:

The history of modern banking services in India is almost two hundred years old. The modern banking system in India began during the British Raj. In the early 19th century, the British East India Company established three banks - the Bank of Bengal in 1806, the Bank of Bombay in 1840 and the Bank of Madras in 1843. Hence, statement 1 is incorrect.

In later years, these three banks were merged into a new bank 'Imperial Bank'. Again, in 1955, 'Imperial Bank' was merged into 'State Bank of India'. Hence, statement 2 is correct.

Q5:

Consider the following statements regarding India's current employment trend:

1. Unemployment rate reducing from 8.3% to 7.2% by Mid-2022.

2. The demanding work under MGNREGS was seen to be around pre-pandemic levels.

Which of the statements given above is/are correct?

A: 1 only

B: 2 only

C: Both 1 and 2

D: Neither 1 nor 2

Show

Answer: C

Explanation:

According to the Economic survey 2022-23:

Quarterly urban employment data shows progress beyond pre-pandemic levels as the unemployment rate declined from 8.3% in July-September 2019 to 7.2% in July-September 2022. Hence, statement 1 is correct.

The work demand under the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) hovered around the pre-pandemic level between July to November 2022. Hence, statement 2 is correct.