A Trivia Quiz On Economic And Social Development

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| By Tanmay Shankar
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Tanmay Shankar
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A Trivia Quiz On Economic And Social Development - Quiz

In the world today, there are a lot of things that affect the world we live in, and they can go from our interactions with others and our standards of living and making the best out of it. Do you believe that you have a proper understanding of economic and social development? If you said yes, take this trivia quiz below and get to find out.


Questions and Answers
  • 1. 

    Who compute the National Income in India?

    • A.

      Central Statistical Organisation

    • B.

      Ministry of Finance

    • C.

      Planning Commission

    • D.

      None of these

    Correct Answer
    A. Central Statistical Organisation
    Explanation
    The Central Statistical Organisation is responsible for computing the National Income in India. They collect data from various sources, such as government departments, private companies, and households, and use statistical methods to estimate the total value of goods and services produced in the country. This data is crucial for understanding the overall economic performance of India and for formulating policies and plans for future development. The Ministry of Finance and the Planning Commission may use this data for their own purposes, but they are not directly involved in computing the National Income.

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  • 2. 

    The highest and lowest rate of growth of population between Census 2001 and 2011 were recorded respectively by?

    • A.

      Bihar and Kerala

    • B.

      UP and MP

    • C.

      MP and Bihar

    • D.

      None of these

    Correct Answer
    A. Bihar and Kerala
    Explanation
    The correct answer is Bihar and Kerala. This means that Bihar had the highest rate of population growth between Census 2001 and 2011, while Kerala had the lowest rate of population growth during the same period.

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  • 3. 

    What do we call the product method of calculating National Income?

    • A.

      Income method

    • B.

      Value added method

    • C.

      Net Output method

    • D.

      None of these

    Correct Answer
    B. Value added method
    Explanation
    The value added method is the correct answer because it calculates national income by adding up the value added at each stage of production. This method measures the contribution of each industry to the overall economy by determining the difference between the value of its outputs and the value of its inputs. By summing up the value added across all industries, the total national income can be calculated. The income method, on the other hand, calculates national income by summing up all the incomes earned by individuals and businesses in the economy. The net output method and none of these options are not accurate terms for calculating national income.

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  • 4. 

    Among the following which is not the dimension used for measuring GII (Gender Inequality Index) by UNDP?

    • A.

      Infant mortality

    • B.

      Empowerment

    • C.

      Reproductive health

    • D.

      None of these

    Correct Answer
    A. Infant mortality
    Explanation
    The Gender Inequality Index (GII) is a measure used by the UNDP to assess gender inequality in different countries. It takes into account various dimensions such as reproductive health, empowerment, and labor market participation. However, infant mortality is not considered as one of the dimensions for measuring GII.

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  • 5. 

    Name three states which had higher HDI than China?

    • A.

      UP, MP, Bihar

    • B.

      MP, Bihar, Arunachal Pradesh

    • C.

      Punjab, Maharashtra and Kerala

    • D.

      None of these

    Correct Answer
    C. Punjab, Maharashtra and Kerala
    Explanation
    Punjab, Maharashtra, and Kerala are the three states that had a higher Human Development Index (HDI) than China. HDI is a measure of a country's overall development, considering factors such as life expectancy, education, and income. These three states in India have achieved higher levels of development in these areas compared to China.

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  • 6. 

    Apart from Financial Risk, what does the Basel II norms of Bank of International Settlements covers?1. Market Discipline2. Corporate Social Responsibility3. Supervisory ReviewChoose the correct code:

    • A.

      Only 1

    • B.

      Only 2

    • C.

      1 and 2

    • D.

      1 and 3

    Correct Answer
    D. 1 and 3
    Explanation
    The Basel II norms of the Bank of International Settlements cover market discipline and supervisory review in addition to financial risk. Market discipline refers to the transparency and disclosure requirements that banks must follow to ensure that market participants have access to accurate and timely information. Supervisory review involves the evaluation and assessment of a bank's risk management processes and capital adequacy by the regulatory authorities. Therefore, the correct answer is 1 and 3.

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  • 7. 

    KYC (Know Your Customer) regulations have been introduced in financial transactions under which regulation?

    • A.

      Prevention of Money Laundering Act

    • B.

      Banking Companies Act

    • C.

      Companies Act

    • D.

      None of these

    Correct Answer
    A. Prevention of Money Laundering Act
    Explanation
    KYC (Know Your Customer) regulations have been introduced in financial transactions under the Prevention of Money Laundering Act. This act requires financial institutions to verify and maintain records of their customers' identity and activities to prevent money laundering and other illegal activities. It helps in ensuring transparency and accountability in financial transactions and helps in detecting and preventing financial crimes. The other options, Banking Companies Act and Companies Act, do not specifically address KYC regulations.

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  • 8. 

    The Trade Policy of India (2009-14) seeks to:1. Double the share of global trade of the country by the year 20202. Attain a growth of 25% per annum in exports3. Double Indian exports of goods & services by the year 2014Choose the correct code:

    • A.

      Only 1

    • B.

      Only 2

    • C.

      1 and 2

    • D.

      1, 2 and 3

    Correct Answer
    D. 1, 2 and 3
    Explanation
    The Trade Policy of India (2009-14) aims to achieve multiple objectives. First, it seeks to double the share of global trade of the country by the year 2020. This indicates a desire to increase India's presence and influence in the global trading system. Second, the policy aims to attain a growth rate of 25% per annum in exports. This suggests a focus on expanding India's export market and increasing the volume of goods and services sold abroad. Lastly, the policy sets a target to double Indian exports of goods and services by the year 2014. This demonstrates a specific goal of doubling India's export performance within a certain timeframe.

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  • 9. 

    Where has the Government of India set up the Mahatma Gandhi Institute for Rural Industrialization in order to promote village industrialization?

    • A.

      Delhi

    • B.

      Gurgaon

    • C.

      Kanpur

    • D.

      Wardha

    Correct Answer
    D. Wardha
    Explanation
    The Government of India has set up the Mahatma Gandhi Institute for Rural Industrialization in Wardha. Wardha is a city in the state of Maharashtra and is known for its association with Mahatma Gandhi. The institute aims to promote village industrialization, following Gandhi's principles of self-reliance and rural development. Wardha is an ideal location for such an institute as it holds historical significance and is a hub for rural development activities.

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  • 10. 

    What does Relative poverty refers?

    • A.

      A situation in which a person falls behind others

    • B.

      A situation in which a person is unable to obtain the necessaries for life

    • C.

      A person is below poverty line

    • D.

      None of these

    Correct Answer
    A. A situation in which a person falls behind others
    Explanation
    Relative poverty refers to a situation in which a person falls behind others. This means that the person's income or resources are significantly lower compared to the average or median income of the society they live in. It is a measure of poverty that takes into account the income disparities and social inequalities within a particular society or community. It focuses on the relative disadvantage experienced by individuals or households in terms of their economic standing compared to others in society.

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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
  • Apr 29, 2024
    Quiz Edited by
    ProProfs Editorial Team
  • Jan 13, 2015
    Quiz Created by
    Tanmay Shankar
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