A Trivia Quiz On Economic And Social Development

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.

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.

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.

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.

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.

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.

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.

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.

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.

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.