Trivia Questions On Economic And Social Development! Quiz

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| By Tanmay Shankar
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Tanmay Shankar
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  • 1/10 Questions

    Among the following, the Reserve Bank of India doesn't transact the business of __________ state government.

    • Jammu and Kashmir
    • Nagaland
    • Assam
    • Punjab
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About This Quiz

GDP, levels of employment, life expectancy and literacy are indicators that measure socio-economic development. This test is taken up by Countries so that they see how well they are doing as compared to the standards they put for themselves. Take up the trivia questions below and get to see what you know about economic and social development. All the best!

Trivia Questions On Economic And Social Development! Quiz - Quiz

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  • 2. 

    Which among the following is not an objective of RBI's monetary policy?

    • Ensure social justice

    • Augment economic development

    • Control pressure of inflation

    • None of these

    Correct Answer
    A. Ensure social justice
    Explanation
    The objective of RBI's monetary policy is to ensure price stability, promote economic growth, and control inflation. Social justice is not directly related to monetary policy as it focuses on the distribution of wealth and resources in society. Therefore, ensuring social justice is not an objective of RBI's monetary policy.

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  • 3. 

    In the present time, which country is the largest trading partner of India?

    • Pakistan

    • Nepal

    • Bangladesh

    • UAE

    Correct Answer
    A. UAE
    Explanation
    The correct answer is UAE because it is currently the largest trading partner of India. UAE has a strong economic relationship with India, with bilateral trade reaching significant levels in recent years. The two countries have a diverse trade portfolio, including sectors such as oil and gas, infrastructure, and information technology. The UAE's strategic location and its role as a major transportation hub also contribute to its status as India's largest trading partner.

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  • 4. 

    The Prime Minister of India announced some missions as part of action plan for sustainable development. Which among the following is not one of the missions?

    • Rain water harvesting

    • Family planning

    • Solar energy

    • None of these

    Correct Answer
    A. Family planning
    Explanation
    The question asks for the mission that is not part of the action plan for sustainable development announced by the Prime Minister of India. The options provided are rainwater harvesting, family planning, solar energy, and none of these. The correct answer is "family planning" because it is not directly related to sustainable development initiatives like conserving water (rainwater harvesting) or promoting renewable energy sources (solar energy). Family planning is a separate issue that focuses on controlling population growth and ensuring reproductive health.

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  • 5. 

    Why is direct taxation considered a better form of taxation?

    • Direct taxation fetches more revenue

    • Direct Taxation gives permission for taxation in accordance with the means

    • Direct taxation has hefty tax compliance

    • None of these

    Correct Answer
    A. Direct Taxation gives permission for taxation in accordance with the means
    Explanation
    Direct taxation is considered a better form of taxation because it allows for taxation based on an individual's or entity's ability to pay, which is determined by their means. This ensures that those who have higher incomes or more wealth contribute a larger share of their resources towards taxes, while those with lower incomes or less wealth are taxed proportionally less. This progressive nature of direct taxation promotes fairness and reduces income inequality. Additionally, direct taxation has the potential to generate more revenue compared to other forms of taxation, making it an effective tool for government funding.

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  • 6. 

    In which article of the Constitution of India is the functions and powers of the centre and the states are listed?

    • Article 45

    • Article 22

    • Article 246

    • None of these

    Correct Answer
    A. Article 246
    Explanation
    Article 246 of the Constitution of India lists the functions and powers of both the centre and the states. This article defines the legislative powers of the Parliament and the state legislatures, and it divides the subjects of legislation into three lists: the Union List, the State List, and the Concurrent List. The Union List contains subjects on which only the Parliament can make laws, the State List contains subjects on which only the state legislatures can make laws, and the Concurrent List contains subjects on which both the Parliament and the state legislatures can make laws.

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  • 7. 

    In India, the _________ agency is accountable for the assessment of poverty.

    • HRD Ministry

    • Planning Commission

    • Home Ministry

    • None of these

    Correct Answer
    A. Planning Commission
    Explanation
    The Planning Commission in India is responsible for the assessment of poverty. The Planning Commission was a government body that existed in India from 1950 to 2014 and was responsible for formulating five-year plans and allocating resources for various developmental projects. As part of its role, the Planning Commission conducted surveys and studies to assess the poverty levels in the country and formulate policies to address the issue. Therefore, it was the Planning Commission that was accountable for the assessment of poverty in India.

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  • 8. 

    What is the open market operation of Reserve Bank of India?

    • Trading in shares

    • Trading in securities

    • Buying and selling of gold

    • None of these

    Correct Answer
    A. Trading in securities
    Explanation
    The correct answer is "Trading in securities." Open market operations refer to the buying and selling of government securities by the central bank to control the money supply and interest rates in the economy. The Reserve Bank of India conducts open market operations by trading in securities such as treasury bills, government bonds, and other eligible securities. This allows the central bank to inject or withdraw liquidity from the banking system, influencing the level of inflation and economic growth.

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  • 9. 

    _____________ has the highest population density.

    • India

    • Myanmar

    • Afghanistan

    • Bangladesh

    Correct Answer
    A. Bangladesh
    Explanation
    Bangladesh has the highest population density among the given countries. This means that Bangladesh has the highest number of people living in a specific area compared to India, Myanmar, and Afghanistan. The population density is influenced by factors such as the total population and the size of the country.

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  • 10. 

    What do you mean by Bank rate?

    • The rate at which banks borrows money from its subsidiary

    • The rate at which banks rediscount bills with RBI

    • The rate at which banks lends money to its subsidiary

    • None of these

    Correct Answer
    A. The rate at which banks rediscount bills with RBI
    Explanation
    Bank rate refers to the rate at which commercial banks can rediscount bills of exchange or other eligible securities with the Reserve Bank of India (RBI). This means that when banks need funds, they can sell their bills or securities to the RBI at a discounted rate, which allows them to access cash. Therefore, the correct answer is "the rate at which banks rediscount bills with RBI."

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  • Current Version
  • Mar 22, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jan 08, 2015
    Quiz Created by
    Tanmay Shankar

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