IASbaba’s 60 Day Plan- Prelims Test 2018 ECONOMICS & CURRENT AFFAIRS [Day 51]

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Hello Friends, 

Welcome to Day-51.

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 can you 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 to all questions. Do not cheat 😛

DETAILED MICRO ANALYSIS MATRIX SAMPLE– is given here. You can download this and do an assessment for yourself.  DOWNLOAD

• You can copy paste the same format/modify as per your need in Google Spreadsheet and update it on daily basis.
• Feedback talks about daily test results.
• Follow-up talks about daily target achieved from sources and the number of revisions to do/done and dates. Sources column is to ensure that aspirants do not run behind various sources and follow the same throughout.

Are you ready? Let’s start!

[Day 51]: ECONOMICS AND CURRENT AFFAIRS

Q.1) Consider the following statements:

1. India’s GNP is always lower than its GDP.
2. GNP is the ‘national income’ according to which the IMF ranks the nations of the world in terms of the volumes at purchasing power parity (PPP).
3. In India the National Income is calculated at market cost and constant prices.

Which of the above statements is/are correct?

1. 1 only
2. 1 and 2 only
3. 1, 2 and 3
4. 2 only

Q.2) Extended Fund Facility (EFF)- the term is related to

1. AIIB
2. IMF
3. New Development Bank
4. International Development Assistance

Q.3) With regard to Agriculture Census 2010–11 consider the following statements.

1. The average size of operational holding has increased.
2. The percentage share of female operational holders has declined.

Which of the above statements is/are correct?

1. 1 only
2. 2 only
3. Both 1 and 2
4. None

Q.4) With regard to ‘Minimum Reserve System’, consider the following statements.

1. The central bank is required to keep a certain minimum ‘reserve of gold and foreign securities’.
2. The central bank is empowered to issue currency to any extent.

Which of the above statements is/are correct?

1. 1 only
2. 2 only
3. Both 1 and 2
4. None

Q.5) Consider the following pairs.

Which of the above pairs is/are correctly matched?

1. 1 only
2. 1 and 2 only
3. 1, 2 and 3
4. 2 only

Q.6) Mutual Agreement Procedure was in news relate to

1. Free trade Agreement
2. Double Taxation Avoidance Agreement
3. Regional Comprehensive Economic Partnership
4. BIMSTEC

Q.7) “Business beyond Borders” is the theme of which of the following Summit/Convention?

1. The SME International Convention – 2018.
2. Indian Economic Summit-2018.
3. World Economic Forum-2018.
4. The Other Economic Summit (TOES)-2018.

Q.8) India’s first International Stock Exchange – Indian International Exchange (INX ) has been set up at

1. GIFT city
2. Mumbai
3. Gurugram
4. Hyderabad

Q.9) Which of the following is the aim of ‘Setu Bharatam’ Programme?

1. To make all important roads in metros signal free.
2. To make all National Highways free of Railway level crossings.
3. To preserve Ram Setu between India and Sri Lanka
4. To improve logistics service at all major Sea ports of India

Q.10) Which of the following is/are the objective(s) of Rashtriya Uchchtar Shiksha Abhiyan (RUSA)?

1. It creates an enabling atmosphere in the higher educational institutions and ensures capacity building at all levels of employment.
2. It ensures reforms in the affiliation, academic and examination systems.

Select the code from following:

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

Q.11) ISO 27001 is a standard that relates to

1. Quality Assurance
2. Purity of metal
3. Labour safety
4. Information security

Q.12) Which of the following statements are correct regarding Kaladan Multimodal Transit Transport Project?

1. It will provide an alternate access to North East region of India via Bangladesh.
2. Multimodal transit system includes sea, road and railway links.
3. The Project is being administered by Ministry of External Affairs.

Select the code from following:

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

Q.13) Troika means a group of three international organizations that were lending money to Greece bailout. Which of the following is not a part of Troika?

1. World Bank
2. IMF
3. European Central bank
4. European Commission

Q.14) Which of the following International organizations has the motto – ‘One Vision, One Identity, One Community’?

1. SAARC
2. BRICS
3. SCO
4. ASEAN

Q.15) Economic and Social Survey of Asia and the Pacific 2018 – is the latest flagship publication of

1. World Bank (WB)
2. United Nations (UN)
3. International Monetary Fund (IMF)
4. World Economic Forum (WEF)

Q.16) Consider the below statements with reference to minimum support price (MSP):

1. If price were to fall below the specified MSP, the government has the obligation to purchase from farmers at the MSP.
2. Farmer is free to sell in the open market at price higher than MSP.
3. Commission for Agricultural Costs and Prices recommendations on MSP are binding on the government.

Which of the above given statement(s) is/are correct?

1. 1 and 2 only
2. 1 and 3 only
3. 2 and 3 only
4. 1, 2 and 3

Q.17) Perform, Achieve and Trade (PAT) Scheme is often in news. It deals with –

1. reducing energy consumption and promoting enhanced energy efficiency among specific energy intensive industries in the country.
2. project financing, wherein a private entity receives a concession from the private or public sector to finance, design, construct, own, and operate a facility stated in the concession contract.
3. public-private partnership (PPP) project model in which a private organization builds, performs, achieves and trades some facility or structure with some degree of encouragement from the government.
4. benefits under Startup India Action Plan.

Q.18) Consider the following statements with regard to ‘Prompt Corrective Action (PCA) Framework’, which was in news recently. Identify the correct statement –

1. RBI has come out with this framework in order to contain NPAs.
2. NABARD has come out with this framework for regional rural banks (RRBs).
3. Ministry of Home Affairs has come out with this framework for directing all NGOs and entities receiving foreign fundings.
4. Lodha Panel has come out with this framework that will sort out the mess in sports once and for all.

Q.19) Which is the only sector in the Indian economy to register a double-digit growth in the last three years?

1. IT services
2. Khadi sector
3. Real estate
4. Defence

Q.20) World Indicators of Skills for Employment (WISE) database which offers a “one-stop” location that can be used to create a statistical snapshot of the current status of skills development in more than 200 countries, was established by –

1. United Nations Development Programme (UNDP)
2. National Skills Registry (NSR)
3. Organisation for Economic Co-operation and Development (OECD)
4. World Skill Development Institute (WSDI)

Q.21) Consider the below statements about Market Economy Status (MES):

1. Under WTO norms, once a country gets MES status, exports from it are to be accepted at the production costs and selling price as the benchmark.
2. India recently granted MES status to China.
3. MES status to China, will help increase India’s ability to resort to anti-dumping on cheap imports from China.

Which of the statements given above is/are correct?

1. 1 only
2. 3 only
3. 1 and 3 only
4. 1, 2 and 3

Q.22) Consider the following statements about Financial Stability Board (FSB)

1. It was established in the wake of the 2008 global financial crisis
2. It was established by the Group of Twenty (G-20) finance ministers and central bank governors
3. It is hosted and funded by the Bank for International Settlements

Select the correct statements

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

Q.23) ‘Krem Puri’ was recently in news for

1. World’s longest sandstone cave
2. World’s longest limestone cave
3. Wettest Place on Earth
4. India’s First Private Railway Station

Q.24) Clean Development Mechanism (CDM) is associated with

1. Kyoto Protocol
2. Montreal Protocol
3. Nagoya- Kuala Lumpur Supplementary Protocol
4. Madrid Protocol

Q.25) Consider the following statement about Conservation Assured | Tiger Standards (CA|TS)

1. It is a set of criteria which allows tiger sites to check if their management will lead to successful tiger conservation
2. Lansdowne Forest Division is the only site in India that is CA|TS approved

Select the correct statements

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

Q.26) Project UNNATI is associated with

1. Allocation of coal mines
2. Digital Literacy in Rural India
3. Improving operational and financial performance of Ports
4. Monitor high value transactions and detect tax evaders

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