IASbaba’s 60 Day Plan- Prelims Test 2017 Economics and Current Affairs [Day 33]

Hello Friends

So, here we are with the 33rd Day of 60 Days Plan. It is the third edition of 60 Days program but seems like the first one because of the excitement involved everywhere, including us 🙂

We are equally excited and pumped. Our Team is working hard to make you realize your dream. Do not take it insincerely and let us down. Your faith and participation has to be in sync with the amount of hard work and effort we do.

Let us pledge to make it a big game changer (better than last year) in the next 60 days!

Importance of Self – Tracking: Learning from Last Year

Last year, aspirants used to comment their answers in the comment box on daily basis. There were huge participation in discussion. Putting answers in comment box has been very effective to self track yourself after updating the score. In the end you can cross check your performance through disqus profile.

It was highly effective in the last edition of 60 Days that propelled aspirants to monitor their performance and learn through discussion. Let you solve these questions with full honesty and write your result in the comment box. Interact with peers to know your mistakes.

The importance of this initiative stands time bound and aggressive reverse engineering to learn the concepts. Many of you must be busy with your own strategy but let us tell you honestly that in the last two months, it is very important to revise and consolidate your learning. Just reading won’t suffice.

So, take out few hours from your schedule and make it a revision exercise.

How you can make the best use of it?

Be honest to your effort and do not start competing with XYZ aspirants here just for the sake of marks. It is more important for you to introspect and check your learning than focusing on others. Try to answer the questions in 20 minutes only. 

Do not get into negative feeling that I don’t have enough knowledge to answer these questions. Feel like you are taking the real exam. What would be your response then?

The same will be replicated in UPSC exam. Here, you get marks only and nothing else matters. So make effort to know the answers of all questions. Do not cheat 😛

Baba’s Gyan for REVISION

Many of you, almost all, asks about effective revision strategy! Can there be any?

Let us tell you something Baba does 😀 

You guys study a lot and there is no issue with the hard work that has been put in. But when it comes to input-output comparison, your performance is questionable.

What to do?

Just do this for a Week: Go to bed before stipulated time of your sleep, at least 1 hour before. Close your eyes and try to relax your mind. You should attain full comfort and calmness.

Do this on the First Day: Imagine the full story of a recent movie that you have watched. Try to recollect from starting to end. See, whether you are able to depict the clear picture or not!

Now, do the same for everything you learnt from morning specially the ones you struggled with. Since it is fresh, most of the things should flow into your mind smoothly. Check what is your recollecting capacity.

For example, if you prepared Polity Day 2: Topics- Try to collect all important concepts and learning of the day.

Trust us, this exercise if done with sincerity will give you immense confidence as well as boost your performance. There is no ideal time for revision and there cannot be any specific date put for it, as commonly done.

This will always expose your weaknesses the very same day and if you tend to forget something, can always get back to consolidate and cement it.

REPEAT IT FOR A WEEK & SEE THE MAGIC 😀 

Must to Do: Read the detailed article regarding Micro Analysis Matrix and follow the guidelines- Click Here

Try to hold your nerves and learn to control the temptation. This is very important art to learn and implement!

Are you ready? Let’s start

[Day 33]: ECONOMICS & CURRENT AFFAIRS 

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Q.1) Proceeds from which of the following is not credited to the Consolidated Fund of India

1. Revenue generated from Income tax
2. Loans received from the Foreign governments
3. Money raised through the issue of Treasury Bills
4. Money raised through the Small Savings Scheme 

Q.2) Consider the following statements with reference to the National Investment Fund (NIF)

1. Money raised through the Disinvestment of the PSUs is credited to the NIF
2. All the profits generated by NIF can only be used to fund Social Sector Schemes

which of the above statements is/are correct?

1. 1 only
2. 2 only
3. Both 1 and 2
4. Neither 1 or 2 

Q.3) Study the table given below and answer the question.

The above table is an example of:

1. Progressive Taxation
2. Regressive Taxation
3. Proportional Taxation
4. None of the above 

Q.4) Consider the following statements with reference to Indirect Taxes

1. In indirect taxes the Incidence and Impact both lie on the same point
2. Indirect taxes are inherently regressive in nature

which of the above statements is/are correct?

1. 1 only
2. 2 only
3. Both 1 and 2
4. Neither 1 or 2 

Q.5) Which of the following taxes is not an example of direct taxes

1. Corporate tax
2. Income tax
3. Custom duties
4. Wealth tax 

Q.6) Consider the following statements about taxes levied on imported goods

1. Countervailing duty is levied on goods that are sold below the prices in exporting country
2. Anti-dumping duty is levied to counterbalance the subsidies provided by the government of exporting country

which of the above statements is/are correct?

1. 1 only
2. 2 only
3. Both 1 and 2
4. Neither 1 or 2

Q.7) Consider the following statements with reference to the Fourteenth Finance Commission

1. It has recommended that the Fiscal deficit should be brought to Zero by 2020
2. It has recommended setting up of an independent Fiscal Council

which of the above statements is/are correct?

1. 1 only
2. 2 only
3. Both 1 and 2
4. Neither 1 or 2

Q.8) Consider the following statements with reference to Financial Sector Legislative Reforms Commission (FSLRC)

1. Vijay Kelkar was the Chairman of FSLRC
2. It recommended setting up a Unified Financial Authority
3. The Unified Financial authority will subsume RBI, SEBI, IRDA, PFRDA and FMC

Which of the above statements is/are incorrect?

1. 1 and 2 only
2. 2 and 3 only
3. 1 and 3 only
4. All of the above

Q.9) Consider the following statements with reference to the Financial Stability and Development Council (FSDC)

1. It is a statutory body constituted under an Act of the Parliament
2. The Chairman of the FSDC is the Finance Minister of India

which of the above statements is/are correct?

1. 1 only
2. 2 only
3. Both 1 and 2
4. Neither 1 or 2

Q.10) Consider the following statements with reference to Fiscal Consolidation.

1. Fiscal consolidation is a policy aimed at reducing government deficits and
2. Fiscal consolidation is a policy aimed at reducing government’s debt accumulation.

which of the above statements is/are correct?

1. 1 only
2. 2 only
3. Both 1 and 2
4. Neither 1 or 2 

Q.11) Consider the following statements with reference to Fiscal Deficit

1. The extent of fiscal deficit is an indication of how far the government is spending beyond its means.
2. If unaddressed fiscal deficit can lead to lead to debt trap

Which of the above statements is/are incorrect?

1. 1 only
2. 2 only
3. Both 1 and 2
4. Neither 1 nor 2

Q.12) Consider the following statements about Tobin tax

1. It is a tax levied on currency conversions
2. The primary aim of imposing Tobin tax is to curb volatility caused by speculation

which of the above statements is/are correct?

1. 1 only
2. 2 only
3. Both 1 and 2
4. Neither 1 or 2

Q.13) Consider the following statements with reference to the Goods and Services Tax

1. It is an umbrella tax which will subsume all the direct taxes.
2. GST will eliminate the cascading of taxes and will make taxation simpler

which of the above statements is/are correct?

1. 1 only
2. 2 only
3. Both 1 and 2
4. Neither 1 or 2 

Q.14) Which of the following items is not a part of Revenue Expenditure

1. Subsidies
2. Grants given to state governments
3. Loans given to state governments
4. Interest payments on loans taken by the Centre 

Q.15) Tax levied on the Value on the imported goods is called

1. Specific duty
2. Ad-Volerem Tax
3. Countervailing duty
4. Anti-dumping duty

Q.16) Consider the following statements about Trade Receivables Discounting System (TReDS)

1. It is a digital platform that allows access to capital by auctioning trade receivables
2. Only MSMEs can participate as sellers, while banks, non-banking financial companies and factoring companies are permitted as financiers

Select the correct statements

1. Only 1
2. Only 2
3. Both 1 and 2
4. Neither 1 nor 2

Q.17) Which of the following countries are members of East African Community?

1. Burundi
2. Kenya
3. Angola
4. Nigeria
5. Tanzania
6. Ivory Coast

Select the correct code:

1. 1, 2 and 5
2. 2, 3, 4 and 6
3. 2, 3, 4 and 5
4. 1, 3 and 6

Q.18) Consider the following statements about River Mahanadi

1. It flows through Odisha, Madhya Pradesh and Chhattisgarh
2. Brahmani and Seonath are tributaries of the river

Select the correct statements

1. Only 1
2. Only 2
3. Both 1 and 2
4. Neither 1 nor 2

Q.19) Consider the following statements about Financial Intelligence Unit of India (FIU-IND)

1. It is a subsidiary organization under Central Bureau of Investigation (CBI)
2. The members of FIU-IND are inducted from organizations including Central Board of Direct Taxes (CBDT), Central Board of Excise and Customs (CBEC), Reserve Bank of India (RBI), Securities Exchange Board of India (SEBI)

Select the correct statements

1. Only 1
2. Only 2
3. Both 1 and 2
4. Neither 1 nor 2

Q.20) ________________ has been ranked the most dynamic city in the world in JLL’s City Momentum Index (CMI)

1. Bengaluru
2. Mumbai
3. Pune
4. Hyderabad

Q.21) India officially received certificates from World Health Organisation (WHO), declaring the country yaws and maternal and neonatal tetanus free. What is Yaws?

1. It is a chronic bacterial infection that affects the skin, cartilages and bones.
2. It is a chronic viral infection that affects throat
3. It is a bacterial infection that affects throats
4. None of the above

Q.22) The scheme ‘Niryat Bandhu’ aims at which of the following?

1. To train new entrepreneurs to start new business
2. To provide vocational training to youth
3. To provide facilitating officers for hassle free international trade
4. To mentor new and potential exporters on the intricacies of foreign trade

Q.23) Himansh, the glaciological research facility of India is located at

1. Chumbi Valley
2. Spiti Valley
3. Lohab Valley
4. Nubra Valley

Q.24) Recently NASA developed an ‘electric bandage’ to speed up the healing process of wounds. It is made up of?

1. Polyvinyl Chloride (PVC)
2. Teflon
3. Polyester
4. Polyvinylidene fluoride (PVDF)

Q.25) UNICEF is joining India to launch The Community-Based Management of Acute Malnutrition (CMAM) approach and supply Ready-to-use therapeutic food (RUTF). Consider the following regarding RUTF

1. It provides all the nutrients required for recovery.
2. It has a good shelf life, and does not spoil easily even after opening.
3. Since RUTF is not water based, the risk of bacterial growth is very limited, and consequently it is safe to use without refrigeration at household level

Select the correct code

1. Only 3
2. 1 and 2
3. 2 and 3
4. 1, 2 and 3

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