Trivia Quiz: All about Economic and Social Development

1.

Which of the following is not true of the Regional Rural Banks (RRBs)?
- A.
  
  They are co-sponsored by RBI
- B.
  
  They provide direct loans to small and marginal farmers
- C.
  
  State Governments are share-holders in RRB
- D.
  
  They also carry out other banking operations
Correct Answer
A. They are co-sponsored by RBI

Explanation
Regional Rural Banks (RRBs) are not co-sponsored by the RBI. RRBs are sponsored by commercial banks, with the majority shareholding held by the government. These banks provide financial services to rural and agricultural sectors, including direct loans to small and marginal farmers. Additionally, RRBs also carry out various other banking operations to cater to the banking needs of rural areas.

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2.

What does 'Level playing field' argument of industries require?
- A.
  
  Domestic industry to be treated on par with Multi-National Companies
- B.
  
  Licence for Multi-National Companies to be given only in environment- friendly technology
- C.
  
  Priority will be given to domestic industry
- D.
  
  None of these
Correct Answer
A. Domestic industry to be treated on par with Multi-National Companies

Explanation
The "Level playing field" argument of industries requires that the domestic industry be treated equally and given the same opportunities and advantages as multinational companies. This means that there should be no preferential treatment or unfair advantages given to multinational companies over domestic industries. The goal is to create a fair and equal competition environment where all industries have an equal chance to succeed.

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3.

A company is termed as 'sick' when the accrued loss at the end of financial year results into erosion of ___ % of its net worth.
- A.
  
  50%
- B.
  
  20%
- C.
  
  100%
- D.
  
  None of these
Correct Answer
A. 50%

Explanation
A company is considered "sick" when its accrued loss at the end of the financial year results in an erosion of 50% of its net worth. This means that the company has incurred significant losses that have significantly reduced its overall value or net worth. This level of erosion indicates a severe financial distress for the company, making it vulnerable and in need of immediate attention and corrective measures.

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4.

Among the following, which is not an internal factor for industrial sickness?
- A.
  
  Power shortage
- B.
  
  Mismanagement
- C.
  
  Wrong dividend policy
- D.
  
  None of these
Correct Answer
A. Power shortage

Explanation
Power shortage is not an internal factor for industrial sickness because it is an external factor that is beyond the control of the company. Industrial sickness refers to the decline or deterioration of a company's financial health due to internal factors such as mismanagement or wrong dividend policy. Power shortage, on the other hand, is a result of external factors such as government policies or infrastructure issues, and it affects multiple industries rather than being specific to a particular company.

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5.

Among the following, which is one of the disadvantages of WPI (Wholesale Price Index) in India?
- A.
  
  It is not available for individual commodities
- B.
  
  Services sector does not get covered
- C.
  
  It is available only at constant prices
- D.
  
  It is available only on monthly basis
Correct Answer
B. Services sector does not get covered

Explanation
The disadvantage of WPI in India is that the services sector does not get covered. WPI primarily focuses on measuring the changes in the prices of goods at the wholesale level. However, it does not include the prices of services, which is a significant part of the economy. This limitation makes it difficult to capture the overall inflationary pressures in the economy accurately.

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6.

Choose the incorrect statement:
- A.
  
  Human Development Report is authoritative annual publication issued by the World Bank
- B.
  
  Human Development Report measures endurance by life expectancy at birth
- C.
  
  Adult literacy rate measure knowledge
- D.
  
  Standard of living is measured by GDP per capita
Correct Answer
A. Human Development Report is authoritative annual publication issued by the World Bank

Explanation
The given answer is incorrect because the Human Development Report is not issued by the World Bank. It is actually a publication of the United Nations Development Programme (UNDP). The report provides a comprehensive analysis of human development around the world, including factors such as education, health, and income.

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7.

Among the following, which factor does not figure in the 10- year Action Plan that was formulated under the National Population Policy, 2000?
- A.
  
  Free and compulsory elementary education
- B.
  
  Greater participation of self-help group members
- C.
  
  Special reward for men who take on terminal family planning methods
- D.
  
  None of these
Correct Answer
C. Special reward for men who take on terminal family planning methods

Explanation
The correct answer is "Special reward for men who take on terminal family planning methods." This factor is not included in the 10-year Action Plan formulated under the National Population Policy, 2000. The plan focuses on promoting free and compulsory elementary education and greater participation of self-help group members, but it does not mention any special rewards for men who undergo terminal family planning methods.

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8.

Among the following, which legislation may not be characterized as based on a 'rights-based approach'?
- A.
  
  Right to Information Act
- B.
  
  Mahatma Gandhi National Rural Employment Guarantee Act
- C.
  
  Right to Education Act
- D.
  
  Pre-Conception and Prenatal Diagnostic Techniques Act
Correct Answer
D. Pre-Conception and Prenatal Diagnostic Techniques Act

Explanation
The Pre-Conception and Prenatal Diagnostic Techniques Act may not be characterized as based on a 'rights-based approach' because it primarily focuses on regulating and preventing the misuse of prenatal diagnostic techniques to determine the sex of the fetus. It does not explicitly address or guarantee any specific rights or entitlements for individuals or communities. In contrast, the other legislations mentioned - Right to Information Act, Mahatma Gandhi National Rural Employment Guarantee Act, and Right to Education Act - are all based on a rights-based approach as they aim to ensure and protect the rights of citizens to access information, employment, and education respectively.

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9.

What was the major victory for developing countries on the matter of TRIPS (Trade-related aspects of intellectual property rights) at Doha Meet?
- A.
  
  Power to award exemption from patent regime in interest of public health
- B.
  
  Postponement of the issue of labour standards
- C.
  
  Special dispensation for least developed countries
- D.
  
  None of these
Correct Answer
A. Power to award exemption from patent regime in interest of public health

Explanation
At the Doha Meet, the major victory for developing countries on the matter of TRIPS was the power to award exemption from the patent regime in the interest of public health. This means that developing countries could bypass patent laws and produce or import generic versions of patented drugs in order to address public health emergencies and ensure affordable access to essential medicines. This victory was significant as it prioritized public health over intellectual property rights, allowing developing countries to tackle health crises effectively.

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10.

Among the following, which condition need not be satisfied for asserting an offence under the Prevention of Money Laundering Act, 2002?
- A.
  
  Proceeds or gains from the crime must be there
- B.
  
  Transaction must be there in respect of the proceeds of crime
- C.
  
  The crime must have been committed beyond the boundaries of country
- D.
  
  None of these
Correct Answer
C. The crime must have been committed beyond the boundaries of country

Explanation
The condition that need not be satisfied for asserting an offence under the Prevention of Money Laundering Act, 2002 is that the crime must have been committed beyond the boundaries of the country. This means that even if the crime is committed within the country, the other conditions such as the presence of proceeds or gains from the crime and the existence of a transaction in respect of the proceeds of crime still need to be satisfied for asserting an offence under the Act.

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Trivia Quiz: All About Economic And Social Development

Which of the following is not true of the Regional Rural Banks (RRBs)?

What does 'Level playing field' argument of industries require?

A company is termed as 'sick' when the accrued loss at the end of financial year results into erosion of ___ % of its net worth.

Among the following, which is not an internal factor for industrial sickness?

Among the following, which is one of the disadvantages of WPI (Wholesale Price Index) in India?

Choose the incorrect statement:

Among the following, which factor does not figure in the 10- year Action Plan that was formulated under the National Population Policy, 2000?

Among the following, which legislation may not be characterized as based on a 'rights-based approach'?

What was the major victory for developing countries on the matter of TRIPS (Trade-related aspects of intellectual property rights) at Doha Meet?

Among the following, which condition need not be satisfied for asserting an offence under the Prevention of Money Laundering Act, 2002?