GK Quiz On Economic And Social Development
Money runs a lot of things in the economy, and the introduction of money laundering and other unlawful schemes puts a countries economy at risk of losing track of their social and economic development. Do you think that you have what it takes to handle the GK quiz below on all things economic and social development? Why don’t you try it and see!
Questions and Answers
- 1.
In economy, the Black Money is looked upon as a threat to the economic system of India. Among the following what are the attributes of Black Money?1. Wealth may have been engendered through lawful means but income thereon has not been affirmed nor the taxes due paid to the government. 2. It can be termed as the money generated through unlawful means such as crime, drug trade, terrorism & corruption. Select the correct answer:
- A.
Only 1
- B.
Only 2
- C.
Neither 1 nor 2
- D.
Both 1 and 2
Correct Answer
D. Both 1 and 2Explanation
Black money refers to wealth that has been generated through both lawful and unlawful means but the income from it has not been declared and the taxes due have not been paid to the government. It can include money earned through crime, drug trade, terrorism, corruption, as well as income that is generated legally but not reported for tax purposes. Therefore, both statements 1 and 2 are attributes of black money.Rate this question:
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- 2.
Among the following, which is not a reason for the cost-push inflation?
- A.
Extreme indirect taxation
- B.
Payment of dearness allowance to employees
- C.
Variations in industrial and agricultural output
- D.
Subsistence of a large parallel economy
Correct Answer
B. Payment of dearness allowance to employeesExplanation
The payment of dearness allowance to employees is not a reason for cost-push inflation because it is a form of compensation that is provided to employees to offset the impact of inflation on their purchasing power. It is a measure taken by employers to ensure that their employees can maintain their standard of living despite rising prices. Cost-push inflation, on the other hand, occurs when the costs of production increase, leading to higher prices for goods and services. Factors such as extreme indirect taxation, variations in industrial and agricultural output, and the existence of a large parallel economy can contribute to cost-push inflation.Rate this question:
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- 3.
What are the measures to contain inflation among the supply side?
- A.
Wiping surplus liquidity through taxation
- B.
Delaying public expenditure
- C.
Sustaining price levels by means of effective PDS
- D.
None of these
Correct Answer
C. Sustaining price levels by means of effective PDSExplanation
Sustaining price levels by means of effective PDS is a measure to contain inflation among the supply side. Price levels can be controlled by implementing an efficient Public Distribution System (PDS), which ensures that essential goods are available to the public at affordable prices. By effectively managing the distribution of goods, the government can prevent excessive price increases and maintain stability in the market. This measure focuses on addressing the supply side of inflation by ensuring a steady and affordable supply of goods to the consumers.Rate this question:
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- 4.
What was the rationale put forward in the 1st plan for state intervention in industrial sector?
- A.
State alone can guarantee decentralization of wealth
- B.
Private sector was neither capable nor willing to invest in certain sectors
- C.
Private sector was incompetent
- D.
None of these
Correct Answer
B. Private sector was neither capable nor willing to invest in certain sectorsExplanation
The rationale put forward in the 1st plan for state intervention in the industrial sector was that the private sector was neither capable nor willing to invest in certain sectors. This suggests that the government believed that there were certain sectors of the economy that required investment for development, but the private sector was not interested or capable of making those investments. Therefore, the state decided to intervene and invest in these sectors to promote their growth and development.Rate this question:
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- 5.
For what is Enforcement Directorate (ED) of the Finance Ministry responsible?1. Putting into effect the provisions of FEMA 2. Compilation of intelligence concerning possible cases of money laundering 3. Evaluation of cases of avoidance of Income Tax 4. Elimination of property of crime under PMLA (Prevention of Money Laundering Act)Choose the correct code:
- A.
Only 1
- B.
Only 2
- C.
1 and 2
- D.
1, 2 and 4
Correct Answer
D. 1, 2 and 4Explanation
The Enforcement Directorate (ED) of the Finance Ministry is responsible for putting into effect the provisions of the Foreign Exchange Management Act (FEMA), compiling intelligence concerning possible cases of money laundering, and eliminating property of crime under the Prevention of Money Laundering Act (PMLA).Rate this question:
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- 6.
Population experts are referring to which phenomenon when they state about the possible 'demographic dividend' that may accrue to India during 2016 A.D.?
- A.
A rush in the population in productive age group
- B.
Quick drop in total population
- C.
Well-balanced sex ratio
- D.
None of these
Correct Answer
A. A rush in the population in productive age groupExplanation
Population experts are referring to the phenomenon of a rush in the population in the productive age group when they mention the possible 'demographic dividend' that may accrue to India during 2016 A.D. This means that there is a large proportion of the population in India that is in the working age range, which can potentially lead to increased productivity, economic growth, and development for the country.Rate this question:
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- 7.
Choose the incorrect statement.1. India’s share of world population is 17.5%2. The share of service sector in Gross Domestic Product of India is 25%
- A.
Only 1
- B.
Only 2
- C.
Both 1 and 2
- D.
Neither 1 nor 2
Correct Answer
B. Only 2Explanation
The given correct answer is "Only 2". This means that statement 2, which states that the share of the service sector in the Gross Domestic Product (GDP) of India is 25%, is incorrect. The correct explanation for this answer is that the service sector actually contributes a much larger share to India's GDP. According to recent data, the service sector accounts for around 55% of India's GDP, making statement 2 incorrect.Rate this question:
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- 8.
Consider the following statements regarding FEMA, 1999:1. Any resident in India can dispatch up to 200,000 US Dollar per year to get hold of real estate outside the nation2. FEMA deals with money laundering & related crimesSelect the correct code:
- A.
Only 1
- B.
Only 2
- C.
Both 1 and 2
- D.
Neither 1 nor 2
Correct Answer
A. Only 1Explanation
The correct answer is Only 1. This is because FEMA, 1999 does not deal with money laundering and related crimes, as stated in statement 2. However, statement 1 is correct as any resident in India can dispatch up to 200,000 US Dollar per year to acquire real estate outside the nation.Rate this question:
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- 9.
Among the following, which is true in terms of findings of Census 2011?1. Rates of growth of population have descended in the 6 most populous states2. Bihar topped among the major states in terms of population growth during the decadeChoose the correct code:
- A.
Only 1
- B.
Only 2
- C.
Both 1 and 2
- D.
Neither 1 nor 2
Correct Answer
C. Both 1 and 2Explanation
Both statements 1 and 2 are true in terms of the findings of Census 2011. Statement 1 states that the rates of growth of population have descended in the 6 most populous states, which means that the population growth in these states has slowed down compared to previous years. Statement 2 states that Bihar topped among the major states in terms of population growth during the decade, indicating that Bihar had the highest population growth rate among all the major states in India during that time period.Rate this question:
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- 10.
The Disinvestment Policy of Government of India provides for 'strategic sale' of shares of PSU. What does the new policy involve?
- A.
Sale with management change
- B.
Sale of only loss-making PSUs
- C.
Sale of share of defence PSUs
- D.
None of these
Correct Answer
A. Sale with management changeExplanation
The new policy of the Disinvestment Policy of the Government of India involves the sale of shares of PSU with a management change. This means that when the government sells its shares in a public sector undertaking (PSU), it also includes a change in the management of that PSU. This allows for a fresh perspective and potentially better governance and efficiency in the PSU.Rate this question:
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Our quizzes are rigorously reviewed, monitored and continuously updated by our expert board to maintain accuracy, relevance, and timeliness.
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Current Version
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Oct 17, 2023Quiz Edited by
ProProfs Editorial Team -
Jan 08, 2015Quiz Created by
Tanmay Shankar
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