The Ultimate Trivia Quiz On Economic And Social Development

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The Ultimate Trivia Quiz On Economic And Social Development - Quiz

Different factors affect the economic status of a country or individual, and one of the most common is the political environment and inflation as a whole. Over the past few weeks, we have covered much about economic and social development, and the ultimate quiz below will test just how much you got to understand so far. All the best!


Questions and Answers
  • 1. 

    "Inflation increases the average level of prices". What does this statement refers to? 1. The price of commodities exceeds income 2. In real terms, the Money supply grows at a higher rate than the Gross Domestic ProductSelect the correct answer

    • A.

      Only 1

    • B.

      Only 2

    • C.

      Both 1 and 2

    • D.

      Neither 1 nor 2

    Correct Answer
    B. Only 2
    Explanation
    The statement "Inflation increases the average level of prices" refers to the fact that inflation causes the overall prices of goods and services in an economy to rise. This means that the purchasing power of money decreases as it can buy fewer goods and services. The correct answer, "Only 2," indicates that in real terms, the money supply grows at a higher rate than the Gross Domestic Product (GDP) during inflation. This means that the supply of money is increasing faster than the production of goods and services, leading to an increase in the average level of prices.

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  • 2. 

    What is the purpose of central & state warehousing corporations?

    • A.

      Provide storage facility

    • B.

      Provide new tools for farming

    • C.

      Distribute seeds

    • D.

      None of these

    Correct Answer
    A. Provide storage facility
    Explanation
    The purpose of central and state warehousing corporations is to provide storage facilities. These corporations are responsible for storing and preserving various goods and commodities, ensuring their safety and availability when needed. They play a crucial role in maintaining a steady supply chain by storing surplus produce, reducing wastage, and ensuring a constant availability of essential items in the market.

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  • 3. 

    As per Census 2011, which Indian state has made significant progress in total literacy. Additionally, this state has the widest gap between male & female literacy. Identify it from the given options.

    • A.

      Uttar Pradesh

    • B.

      Bihar

    • C.

      West Bengal

    • D.

      None of these

    Correct Answer
    B. Bihar
    Explanation
    Bihar is the correct answer because as per Census 2011, it has shown significant progress in total literacy. Additionally, Bihar has the widest gap between male and female literacy rates compared to other Indian states.

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  • 4. 

    Among the following, which areas are reserved for public sector as per Government of India's Industrial Policy?1. Aircrafts2. Atomic energy3. Petroleum4. Railway transportChoose the correct code:

    • A.

      1 and 2

    • B.

      2 and 3

    • C.

      3 and 4

    • D.

      2 and 4

    Correct Answer
    D. 2 and 4
    Explanation
    The correct answer is 2 and 4. As per the Government of India's Industrial Policy, atomic energy and railway transport are reserved for the public sector. This means that these industries are owned and controlled by the government and private companies cannot operate in these sectors.

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  • 5. 

    The workers in the organized sector of India are what percent of total work force?

    • A.

      15%

    • B.

      50%

    • C.

      7%

    • D.

      20%

    Correct Answer
    C. 7%
    Explanation
    The correct answer is 7% because it states that the workers in the organized sector of India make up 7% of the total workforce. This means that out of the entire workforce in India, only a small percentage is employed in the organized sector.

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  • 6. 

    In keeping with which of the following, the annual financial statement is laid before 2 Houses of Parliament?

    • A.

      Article 22

    • B.

      Article 50

    • C.

      Article 60

    • D.

      Article 112

    Correct Answer
    D. Article 112
    Explanation
    Article 112 of the Constitution of India states that the annual financial statement, also known as the budget, is laid before both Houses of Parliament. This article mandates that the government present its financial plan for the upcoming year to ensure transparency and accountability in financial matters. By presenting the budget to both Houses of Parliament, it allows for discussion, debate, and scrutiny by the members of Parliament before it is approved and implemented.

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  • 7. 

    In India, 9 Ultra Mega Power Projects that are being set up in different parts will use ________ as fuel.

    • A.

      CNG

    • B.

      Methane

    • C.

      Coal

    • D.

      None of these

    Correct Answer
    C. Coal
    Explanation
    The correct answer is coal because coal is a widely used fuel in power generation in India. The Ultra Mega Power Projects mentioned in the question are large-scale power plants that are being set up in different parts of the country, and coal is commonly used as fuel in such projects. Coal is abundant in India and has historically been a major source of energy for the country's electricity generation. Therefore, it is reasonable to assume that these projects will use coal as fuel.

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  • 8. 

    Which among the following is the most important source of tax revenues of union government?

    • A.

      Value Added Tax

    • B.

      Union Excise Duties

    • C.

      Progressive Tax

    • D.

      None of these

    Correct Answer
    B. Union Excise Duties
    Explanation
    Union Excise Duties are the most important source of tax revenues for the union government. This is because Union Excise Duties are levied on the production and sale of goods within the country, and they contribute significantly to the government's revenue. Value Added Tax (VAT) is a type of consumption tax levied on the value added to a product at each stage of its production and distribution, but it is not the most important source of tax revenues for the union government. Progressive Tax is a tax system where individuals with higher incomes pay a higher tax rate, but it is not specifically mentioned as a source of tax revenues for the union government. Therefore, the correct answer is Union Excise Duties.

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  • 9. 

    India has been classified as ___________ by the World Bank on the basis of the size & composition of external debt.

    • A.

      Less indebted country

    • B.

      Highly indebted country

    • C.

      Moderately indebted country

    • D.

      None of these

    Correct Answer
    A. Less indebted country
    Explanation
    India has been classified as a "Less indebted country" by the World Bank based on the size and composition of its external debt. This means that India has a relatively lower level of debt compared to other countries. The World Bank considers factors such as the amount of debt and the types of creditors to determine the level of indebtedness. In India's case, it indicates that the country has managed its external debt well and has a lower burden compared to other nations.

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  • 10. 

    Which country has adopted Gross National Happiness in order to define the index of well-being of its citizens?

    • A.

      Australia

    • B.

      Japan

    • C.

      India

    • D.

      Bhutan

    Correct Answer
    D. Bhutan
    Explanation
    Bhutan has adopted Gross National Happiness in order to define the index of well-being of its citizens. This concept focuses on measuring the overall happiness and satisfaction of the people, rather than just economic indicators. Bhutan believes that a holistic approach to development, which includes spiritual, physical, and mental well-being, is essential for the happiness and prosperity of its citizens. This unique approach has gained international recognition and has become a central part of Bhutan's development strategy.

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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.

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