The Ultimate Trivia Quiz On Economic And Social Development

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.