IASbaba's Daily Static Quiz
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DAILY STATIC QUIZ (PYQs)
It will cover PYQs all the topics of static subjects – Polity, History, Geography, Economics, Environment and Science and technology.
Daily 5 questions (Monday to Saturday) will be posted from static topics (PYQs)
The questions will be in the quiz format so you will be able to answer them directly on the portal.
Schedule
- Week 1 – Polity
- Week 2 – Economics
- Week 3 – History and Art & Culture
- Week 4 – Geography
- Week 5 – Environment and Science & Technology
Same cycle will be repeated from Week 6.
Make the best use of the initiative. All the best!
To Know More about Ace the Prelims (ATP) 2021 – CLICK HERE
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Question 1 of 5
1. Question
There has been a persistent deficit budget year after year. Which action/actions of the following can be taken by the Government to reduce the deficit?
- Reducing revenue expenditure
- Introducing new welfare schemes
- Rationalizing subsidies
- Reducing import duty
Select the correct answer using the code given below.
Correct
Solution (c)
A budget deficit occurs when expenses exceed revenue and indicate the financial health of a country. The government generally uses the term budget deficit when referring to spending rather than businesses or individuals. Accrued deficits form national debt.
- Reducing the revenue expenditure will certainly help in bridging the gap.
- Subsidies are a part of expenditure and rationalizing them would reduce the deficit.
- Introducing new welfare schemes will result in increasing expenditure and so will expanding industries which would require capital infusion.
Incorrect
Solution (c)
A budget deficit occurs when expenses exceed revenue and indicate the financial health of a country. The government generally uses the term budget deficit when referring to spending rather than businesses or individuals. Accrued deficits form national debt.
- Reducing the revenue expenditure will certainly help in bridging the gap.
- Subsidies are a part of expenditure and rationalizing them would reduce the deficit.
- Introducing new welfare schemes will result in increasing expenditure and so will expanding industries which would require capital infusion.
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Question 2 of 5
2. Question
The establishment of ‘Payment Banks’ is being allowed in India to promote financial inclusion. Which of the following statements is/are correct in this context?
- Mobile telephone companies and supermarket chains that are owned and controlled by residents are eligible to be promoters of Payment Banks.
- Payment Banks can issue both credit cards and debit cards.
- Payment Banks cannot undertake lending activities.
Select the correct answer using the code given below.
Correct
Solution (b)
A payments bank is like any other bank, but operating on a smaller scale.
The objectives of setting up of a payments bank is to further financial inclusion by providing small savings accounts and payments/remittance services to migrant labour workforce, low income households, small businesses, other unorganised sector entities and other users.
Eligible Promoters
- Existing non-bank Pre-paid Payment Instrument (PPI) issuers;
- Individuals/professionals
- Corporate Business Correspondents (BCs), mobile telephone companies
- Non-Banking Finance Companies (NBFCs)
- Supermarket chains, companies, real sector cooperatives; that are owned and controlled by residents; and Public sector entities may apply to set up payments banks.
Regulation
- They need to maintain a Cash Reserve Ratio (CRR).
- Need to hold maximum 25% in current and time/fixed deposits with other scheduled commercial banks for operational purposes and liquidity management.
- Required to invest a minimum 75% of its “demand deposit balances” in Statutory Liquidity Ratio (SLR) eligible Government securities/treasury bills with maturity up to one year.
- They can issue debit cards but not credit cards.
Incorrect
Solution (b)
A payments bank is like any other bank, but operating on a smaller scale.
The objectives of setting up of a payments bank is to further financial inclusion by providing small savings accounts and payments/remittance services to migrant labour workforce, low income households, small businesses, other unorganised sector entities and other users.
Eligible Promoters
- Existing non-bank Pre-paid Payment Instrument (PPI) issuers;
- Individuals/professionals
- Corporate Business Correspondents (BCs), mobile telephone companies
- Non-Banking Finance Companies (NBFCs)
- Supermarket chains, companies, real sector cooperatives; that are owned and controlled by residents; and Public sector entities may apply to set up payments banks.
Regulation
- They need to maintain a Cash Reserve Ratio (CRR).
- Need to hold maximum 25% in current and time/fixed deposits with other scheduled commercial banks for operational purposes and liquidity management.
- Required to invest a minimum 75% of its “demand deposit balances” in Statutory Liquidity Ratio (SLR) eligible Government securities/treasury bills with maturity up to one year.
- They can issue debit cards but not credit cards.
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Question 3 of 5
3. Question
Which one of the following is a purpose of ‘UDAY’, a scheme of the Government?
Correct
Solution (d)
Ministry of Power, GoI launched Ujwal DISCOM Assurance Yojana (UDAY) which was approved by Union Cabinet on 5th November, 2015.
The scheme envisages:
- Financial Turnaround
- Operational improvement
- Reduction of cost of generation of power
- Development of Renewable Energy
- Energy efficiency & conservation
Incorrect
Solution (d)
Ministry of Power, GoI launched Ujwal DISCOM Assurance Yojana (UDAY) which was approved by Union Cabinet on 5th November, 2015.
The scheme envisages:
- Financial Turnaround
- Operational improvement
- Reduction of cost of generation of power
- Development of Renewable Energy
- Energy efficiency & conservation
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Question 4 of 5
4. Question
In the context of which of the following do you sometimes find the terms ‘amber box, blue box and green box’ in the news?
Correct
Solution (a)
In WTO terminology, subsidies in general are identified by “boxes” which are given the colours of traffic lights: green (permitted), amber (slow down — i.e. need to be reduced), red (forbidden).
In agriculture, things are, as usual, more complicated. The Agriculture Agreement has no red box, although domestic support exceeding the reduction commitment levels in the amber box is prohibited; and there is a blue box for subsidies that are tied to programmes that limit production.
Incorrect
Solution (a)
In WTO terminology, subsidies in general are identified by “boxes” which are given the colours of traffic lights: green (permitted), amber (slow down — i.e. need to be reduced), red (forbidden).
In agriculture, things are, as usual, more complicated. The Agriculture Agreement has no red box, although domestic support exceeding the reduction commitment levels in the amber box is prohibited; and there is a blue box for subsidies that are tied to programmes that limit production.
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Question 5 of 5
5. Question
Which of the following best describes the term ‘import cover’, sometimes seen in the news?
Correct
Solution (d)
Import cover is the number of months of imports that could be covered for by a country’s international reserves. Import cover is an important indicator of the stability of a currency.
It measures the number of months of money available in the national bank to cover the cost of imports or the stock of foreign exchange reserves in terms of months of retained imports of goods as at end of year.
Incorrect
Solution (d)
Import cover is the number of months of imports that could be covered for by a country’s international reserves. Import cover is an important indicator of the stability of a currency.
It measures the number of months of money available in the national bank to cover the cost of imports or the stock of foreign exchange reserves in terms of months of retained imports of goods as at end of year.
