Interesting Quiz On Economic And Social Development

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| By Tanmay Shankar
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Tanmay Shankar
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Economics Quizzes & Trivia

If you are an economic student and in the previous classes, you got to understand the basics of economic and social development and identified some of the factors that affect these two types of developments. The quiz below is designed to help you see just how much you got to understand in those classes. Take it up and get to see just how much.


Questions and Answers
  • 1. 

    Choose the correct statement:1. India's food policy seeks to avert famines by maintaining a buffer stock2. It encourages surplus production for the export marketCode:

    • A.

      Only 1

    • B.

      Only 2

    • C.

      Both 1 and 2

    • D.

      Neither 1 nor 2

    Correct Answer
    A. Only 1
    Explanation
    India's food policy aims to prevent famines by maintaining a buffer stock. This means that the government keeps a certain amount of food reserves in case of emergencies or shortages. By having this buffer stock, India can ensure that there is enough food available to distribute to the population during times of crisis, such as droughts or natural disasters. This policy helps to safeguard against famines and ensures food security for the country.

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  • 2. 

    How is economic growth different from economic development?

    • A.

      Economic development implies an increase in per capita income

    • B.

      Economic development implies changes in institutions & attitudes

    • C.

      Economic development implies concern for ecology & environment

    • D.

      None of these

    Correct Answer
    B. Economic development implies changes in institutions & attitudes
    Explanation
    Economic growth refers to an increase in the overall output of goods and services in an economy, usually measured by GDP. On the other hand, economic development goes beyond just the increase in output and includes changes in institutions and attitudes. It involves improvements in education, healthcare, infrastructure, and technology, as well as changes in societal attitudes towards entrepreneurship, innovation, and social progress. Economic development also takes into consideration the impact on the environment and the need for sustainable practices. Therefore, the correct answer is that economic development implies changes in institutions and attitudes.

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  • 3. 

    Finance Ministry has initiated the concept of Outcome Budget from year 2005. Under this initiative, who will be held responsible for monitoring the outcomes?

    • A.

      Finance Ministry and Planning Commission jointly

    • B.

      Planning Commission

    • C.

      Union Cabinet

    • D.

      None of these

    Correct Answer
    A. Finance Ministry and Planning Commission jointly
    Explanation
    The correct answer is Finance Ministry and Planning Commission jointly. The concept of Outcome Budget was initiated by the Finance Ministry in 2005. Under this initiative, both the Finance Ministry and the Planning Commission are responsible for monitoring the outcomes. This joint responsibility ensures that both entities work together to assess the effectiveness and impact of the budget allocations and policies.

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  • 4. 

    The Central Bank of __________ has been assigned the accountability of controlling inflation and, in pursuing this objective, can even inflict limits on government borrowing?

    • A.

      India

    • B.

      Pakistan

    • C.

      Afghanistan

    • D.

      New Zealand

    Correct Answer
    D. New Zealand
    Explanation
    The Central Bank of New Zealand has been assigned the accountability of controlling inflation and can even inflict limits on government borrowing. This means that the central bank has the authority to regulate the amount of money in circulation and the interest rates in order to manage inflation levels. Additionally, by setting limits on government borrowing, the central bank can ensure that excessive borrowing does not lead to inflationary pressures. This indicates that the central bank in New Zealand plays a crucial role in maintaining price stability and fiscal discipline in the country.

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  • 5. 

    Which initiative of Indian Government in the power sector is entitled for earning Certified Emission Reduction under the Clean Development Mechanism?

    • A.

      Baohat Lamp Yojana

    • B.

      Rajiv Gandhi Grameen Vidyutikaran Yojana

    • C.

      Certification by the Bureau of Energy Efficiency

    • D.

      None of these

    Correct Answer
    A. Baohat Lamp Yojana
    Explanation
    The Baohat Lamp Yojana is the initiative of the Indian Government in the power sector that is entitled for earning Certified Emission Reduction under the Clean Development Mechanism. This means that the Baohat Lamp Yojana is recognized for its efforts in reducing greenhouse gas emissions and promoting sustainable development. The other options, Rajiv Gandhi Grameen Vidyutikaran Yojana and Certification by the Bureau of Energy Efficiency, are not specifically mentioned as initiatives that earn Certified Emission Reductions under the Clean Development Mechanism. Therefore, the correct answer is Baohat Lamp Yojana.

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  • 6. 

    At the present rate of growth of population, by which year is India expected to overtake China?

    • A.

      2045

    • B.

      2015

    • C.

      2020

    • D.

      2060

    Correct Answer
    A. 2045
    Explanation
    India is expected to overtake China in terms of population by the year 2045. This is based on the current rate of population growth in both countries. India has been experiencing a higher population growth rate compared to China, and if this trend continues, India will surpass China in terms of population in 2045.

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  • 7. 

    Which country had the 1st official family planning programme?

    • A.

      India

    • B.

      USA

    • C.

      Australia

    • D.

      None of these

    Correct Answer
    A. India
    Explanation
    India is the correct answer because it was the first country to implement an official family planning program. In 1952, India launched the Family Planning Association of India (FPAI) to promote and provide access to contraception and reproductive health services. This program aimed to control population growth and improve maternal and child health. The FPAI played a crucial role in advocating for family planning policies and implementing programs across the country, making India the first country to have an official family planning program.

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  • 8. 

    Which type of unemployment can occur even in a situation of full employment?

    • A.

      Functional unemployment

    • B.

      Structural unemployment

    • C.

      Cyclical unemployment

    • D.

      None of these

    Correct Answer
    C. Cyclical unemployment
    Explanation
    Cyclical unemployment can occur even in a situation of full employment because it is caused by fluctuations in the business cycle. During periods of economic recession or downturn, businesses may reduce their workforce or shut down completely, leading to job losses and unemployment. This type of unemployment is temporary and directly related to the overall health of the economy, which means it can exist even when there is full employment in other sectors or industries.

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  • 9. 

    With reference to which period is the usual status (US) unemployment calculated?

    • A.

      5 years

    • B.

      1 year

    • C.

      1 month

    • D.

      5 months

    Correct Answer
    B. 1 year
    Explanation
    The usual status (US) unemployment is calculated with reference to a period of 1 year. This means that the calculation takes into account the number of unemployed individuals over the course of a year. This is a common method used to measure and track unemployment rates in order to assess the overall health of the job market.

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  • 10. 

    How is Chronic unemployment measured?

    • A.

      Using US data

    • B.

      Using CWS data

    • C.

      Both A and B

    • D.

      Neither A nor B

    Correct Answer
    C. Both A and B
    Explanation
    Chronic unemployment is measured using both US data and CWS data. US data refers to the data collected by the United States government, which includes information on employment and unemployment rates. CWS data, on the other hand, refers to the data collected by the Current Population Survey (CPS) conducted by the Census Bureau and the Bureau of Labor Statistics. By utilizing both sets of data, analysts can get a more comprehensive and accurate understanding of chronic unemployment trends and patterns.

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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 21, 2023
    Quiz Edited by
    ProProfs Editorial Team
  • Jan 13, 2015
    Quiz Created by
    Tanmay Shankar
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