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Question 1 of 10
1. Question
2 points
With respect to Gig Economy, consider the following statements:
1. The nature of job contract for a gig worker is usually shorter and more specific.
2. In India, gig workers were neither considered as worker nor employee and were not
entitled to legal protections under labour laws.
Which of the statement(s) given above is/are correct?
Correct
Ans a
The code on Social Security 2020 aims to recognize gig workers as a new occupational
category.
Incorrect
Ans a
The code on Social Security 2020 aims to recognize gig workers as a new occupational
category.
Question 2 of 10
2. Question
2 points
Which of the following committee was constituted by SEBI to tackle insider trading ?
Correct
Ans b
The Securities and Exchange Board of India (Sebi) has formed a committee to review norms
pertaining to Prevention of Insider Trading (PIT) 2015, and Prevention of Fraud and Unfair
Trade Practices (PFUTP) 2003.
The committee on fair market conduct, headed by T.K. Viswanathan, former secretary
general of the Lok Sabha and former law secretary, will suggest norms to align insider
trading with the recently amended Companies Act and will also for the first time address the
manipulation and surveillance issues arising out of high-frequency or algorithmic trades.
Incorrect
Ans b
The Securities and Exchange Board of India (Sebi) has formed a committee to review norms
pertaining to Prevention of Insider Trading (PIT) 2015, and Prevention of Fraud and Unfair
Trade Practices (PFUTP) 2003.
The committee on fair market conduct, headed by T.K. Viswanathan, former secretary
general of the Lok Sabha and former law secretary, will suggest norms to align insider
trading with the recently amended Companies Act and will also for the first time address the
manipulation and surveillance issues arising out of high-frequency or algorithmic trades.
Question 3 of 10
3. Question
2 points
It is the total value of all finished goods and services produced by a country's citizens in
a given financial year, irrespective of their location, it is called?
Correct
Ans c
It is the total value of all finished goods and services produced by a country's citizens in a
given financial year, irrespective of their location. GNP also measures the output generated
by a country's businesses located domestically or abroad.
Incorrect
Ans c
It is the total value of all finished goods and services produced by a country's citizens in a
given financial year, irrespective of their location. GNP also measures the output generated
by a country's businesses located domestically or abroad.
Question 4 of 10
4. Question
2 points
Which one of the following statements is the most correct description of “Net National
Product”?
Correct
Ans a
NNP = GNP – Depreciation Or,
NNP = GDP + Income from Abroad – Depreciation.
Incorrect
Ans a
NNP = GNP – Depreciation Or,
NNP = GDP + Income from Abroad – Depreciation.
Question 5 of 10
5. Question
2 points
Consider the following statements regarding Special Drawing Rights (SDR) of IMF:
1. The value of SDRs is immune from daily exchange rate fluctuations.
2. The least weightage is accorded to the latest currency added to the SDR basket.
Which of the statements given above is/are incorrect?
Correct
Ans c
The value of SDR is determined in terms of the US dollars and is determined on the daily
basis based on the daily exchange rate fluctuations.
The minimum weightage is given to pound sterling even though the latest addition to SDR
was the Chinese Renminbi.
Incorrect
Ans c
The value of SDR is determined in terms of the US dollars and is determined on the daily
basis based on the daily exchange rate fluctuations.
The minimum weightage is given to pound sterling even though the latest addition to SDR
was the Chinese Renminbi.
Question 6 of 10
6. Question
2 points
Consider the following statements:
1. The Green Box subsidies are not trade distorting while the Blue box subsidies are
specially designed to minimize trade distortions.
2. The per farmer Amber Box subsidy in India is less as compared to the same given in
the developed countries.
3. The De-minimis entitlement of the subsidy under the Amber Box applies to both the
developed and developing countries.
Which of the statements given above is/are correct?
Correct
Ans d
All the Statements are correct
Incorrect
Ans d
All the Statements are correct
Question 7 of 10
7. Question
2 points
In relation to the Exchange rate system followed by India, which of the statements
given below is/are correct?
1. India follows a dual exchange rate system consisting of the official and the market
rates.
2. The official exchange rate of India has a direct bearing on the market exchange rate.
Select the correct answer using the codes given below:
Correct
Ans a
The market variations of demand and supply decides the market exchange rate. The official
exchange rate is then dependent on the market exchange rate and not the other way round.
Incorrect
Ans a
The market variations of demand and supply decides the market exchange rate. The official
exchange rate is then dependent on the market exchange rate and not the other way round.
Question 8 of 10
8. Question
2 points
Consider the following statements:
1. Market cost in production is an incurred cost on rent, power and interest of loan.
2. Factor cost in the production is incurred on the various factors of indirect taxes rates
in the economy.
Which of the statements given above is/are correct?
Correct
Ans d
Factor cost is the ‘input cost’ the producer has to incur in the process of producing
something (such as cost of capital, i.e., interest on loans, raw materials, labour, rent, power,
etc.).
Market cost is derived after adding the indirect taxes to the factor cost of the product.
Incorrect
Ans d
Factor cost is the ‘input cost’ the producer has to incur in the process of producing
something (such as cost of capital, i.e., interest on loans, raw materials, labour, rent, power,
etc.).
Market cost is derived after adding the indirect taxes to the factor cost of the product.
Question 9 of 10
9. Question
2 points
India calculates its national income at constant prices, while the developed nations
calculate it at the current prices because of:
Correct
Ans c
Calculation of National income at constant prices does not contain the inflation values.
National Income is calculated by NSO and not NITI Aayog.
Incorrect
Ans c
Calculation of National income at constant prices does not contain the inflation values.
National Income is calculated by NSO and not NITI Aayog.
Question 10 of 10
10. Question
2 points
In the Early period economists used progress, growth and
development—interchangeably but during the 1970s clear meanings of these terms evolved
in different directions.
In the context of Growth and Development consider the following statements:
1. Economic growth is a qualitative term, it's hard to measure in real terms like net
growth of the road network.
2. Economic growth can be measured in parameters like the level of nutrition and
healthcare facilities available in the country.
3. Higher economic growth does not automatically convert into higher economic
development.
Select the correct answer using the code given below:
Correct
Ans c
The defining trait of Growth is quantifiability (Quantitative) i.e., one can measure it in
absolute terms unlike qualitative terms.
EconomIc growth can be measured in parameter like:
Growth in food production during a decade which could be measured in tonnes.
The growth of the road network in an economy, measured for a decade or any
period in miles or kilometres.
The value of the total production of an economy, measured in currency terms which
means the economy is growing.
Per capita income for an economy, measured in monetary terms over a period.
Incorrect
Ans c
The defining trait of Growth is quantifiability (Quantitative) i.e., one can measure it in
absolute terms unlike qualitative terms.
EconomIc growth can be measured in parameter like:
Growth in food production during a decade which could be measured in tonnes.
The growth of the road network in an economy, measured for a decade or any
period in miles or kilometres.
The value of the total production of an economy, measured in currency terms which
means the economy is growing.
Per capita income for an economy, measured in monetary terms over a period.
