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For Previous Static Quiz (ARCHIVES) – CLICK HERE
DAILY STATIC QUIZ will cover all the topics of Static/Core subjects – Polity, History, Geography, Economics, Environment and Science and technology.
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Consider the following statements
Which of the statements given above is/are NOT correct?
Solution (a)
Vulnerability to poverty is a measure, which describes the greater probability of certain communities or individuals of becoming, or remaining, poor in the coming years.
According to the concept of social exclusion, poverty must be seen in terms of the poor having to live only in a poor surrounding with other poor people, excluded from enjoying social equality of better-off people in better surroundings.
Hence Statement 1 is incorrect.
Per Capita Income is the total income of the country divided by its total population. Per Capita Income does not reflect the disparities between the rich and the poor.
Hence Statement 2 is correct.
Solution (a)
Vulnerability to poverty is a measure, which describes the greater probability of certain communities or individuals of becoming, or remaining, poor in the coming years.
According to the concept of social exclusion, poverty must be seen in terms of the poor having to live only in a poor surrounding with other poor people, excluded from enjoying social equality of better-off people in better surroundings.
Hence Statement 1 is incorrect.
Per Capita Income is the total income of the country divided by its total population. Per Capita Income does not reflect the disparities between the rich and the poor.
Hence Statement 2 is correct.
Consider the following statements
Which of the statements given above is/are correct?
Solution (a)
Health, Education and Standard of Living are the three dimensions used by Multi Poverty Index.
Hence Statement 1 is correct.
The global MPI was developed in 2010 by the Oxford Poverty and Human Development Initiative (OPHI) at the University of Oxford and the Human Development Report Office of the United Nations Development Programme (UNDP) for the flagship Human Development Report. Hence Statement 2 is incorrect.
Solution (a)
Health, Education and Standard of Living are the three dimensions used by Multi Poverty Index.
Hence Statement 1 is correct.
The global MPI was developed in 2010 by the Oxford Poverty and Human Development Initiative (OPHI) at the University of Oxford and the Human Development Report Office of the United Nations Development Programme (UNDP) for the flagship Human Development Report. Hence Statement 2 is incorrect.
Consider the following statements
Which of the statements given above is/are correct?
Solution (c)
Great Gatsby Curve provides correlation between concentration of wealth in one generation and its impact on intergenerational economic mobility.
Hence Statement 1 is correct.
Life Expectancy at Birth, Expected Years of Schooling, Mean Years of Schooling, Gross National Income Per Capita are used as indicators in calculation of Human Development Index.
Hence Statement 2 is correct.
Solution (c)
Great Gatsby Curve provides correlation between concentration of wealth in one generation and its impact on intergenerational economic mobility.
Hence Statement 1 is correct.
Life Expectancy at Birth, Expected Years of Schooling, Mean Years of Schooling, Gross National Income Per Capita are used as indicators in calculation of Human Development Index.
Hence Statement 2 is correct.
Consider the following statements:
Which of the statements given above is/are NOT correct?
Solution (b)
The share of Agriculture and allied sectors in the GVA (Gross Value Added) of the Country has declined from 2014-15 levels. (from 18.2% in 2014-15 to 16.5% in 2019-20)
Hence Statement 1 is correct.
In 2018, India is the third largest consumer of the finished steel after China and USA.
Hence Statement 2 is incorrect.
Solution (b)
The share of Agriculture and allied sectors in the GVA (Gross Value Added) of the Country has declined from 2014-15 levels. (from 18.2% in 2014-15 to 16.5% in 2019-20)
Hence Statement 1 is correct.
In 2018, India is the third largest consumer of the finished steel after China and USA.
Hence Statement 2 is incorrect.
Consider the following statements:
Which of the statements given above is/are correct?
Solution (d)
Service Sector accounts for 38% of the total exports.
Hence Statement 1 is incorrect.
Service Sector accounts for 55% of the GVA of the Country.
Hence Statement 2 is incorrect.
Solution (d)
Service Sector accounts for 38% of the total exports.
Hence Statement 1 is incorrect.
Service Sector accounts for 55% of the GVA of the Country.
Hence Statement 2 is incorrect.
Consider the following statements regarding purchasing power parity (PPP).
Which of the statements given above is/are correct?
Solution (c)
PPP is a technique used to determine the relative value of different currencies.
Hence Statement 1 is correct.
This concept works on the assumption that markets work on the law of one price.
Law of one price, i.e., identical goods and services (in quantity as well as quality) must have the same price in different markets when measured in a common currency.
Hence Statement 2 is correct.
Solution (c)
PPP is a technique used to determine the relative value of different currencies.
Hence Statement 1 is correct.
This concept works on the assumption that markets work on the law of one price.
Law of one price, i.e., identical goods and services (in quantity as well as quality) must have the same price in different markets when measured in a common currency.
Hence Statement 2 is correct.
Which among the following is/are relative merits of GDP?
Which of the statements given above is/are NOT CORRECT?
Solution (d)
GDP growth over time enables central banks and policymakers to evaluate whether the economy is in recession or inflation.
Hence Statement 1 is correct.
Disguised Unemployment:
This is the situation of underemployment, where people are apparently working but all of them are made to work less than their potential.
This is a type of underemployment which is hidden in contrast to someone who does not have a job and is clearly visible as unemployed.
Hence Statement 2 is correct.
Solution (d)
GDP growth over time enables central banks and policymakers to evaluate whether the economy is in recession or inflation.
Hence Statement 1 is correct.
Disguised Unemployment:
This is the situation of underemployment, where people are apparently working but all of them are made to work less than their potential.
This is a type of underemployment which is hidden in contrast to someone who does not have a job and is clearly visible as unemployed.
Hence Statement 2 is correct.
Macroeconomics sees an economy as a combination of 4 sectors. Select the correct sector from the code given below:
Solution (b)
Solution (b)
Consider the following statements with reference to GDP and GNI
Which of the above statements is/are correct?
Solution (a)
A perfectly closed economy has no contact with the outside world, it is completely self-sufficient, and has no imports or exports with the other countries. So, all the goods and services that are produced in the domestic territory (GDP) is produced by the Nationals of that country (GNI).
Hence Statement 1 is correct.
GNI may or may not be greater than GDP, if all the residents of the country have migrated for work outside their country, and the Production is less than the remittances, then GNI will be greater than GDP.
Hence Statement 2 is incorrect.
Solution (a)
A perfectly closed economy has no contact with the outside world, it is completely self-sufficient, and has no imports or exports with the other countries. So, all the goods and services that are produced in the domestic territory (GDP) is produced by the Nationals of that country (GNI).
Hence Statement 1 is correct.
GNI may or may not be greater than GDP, if all the residents of the country have migrated for work outside their country, and the Production is less than the remittances, then GNI will be greater than GDP.
Hence Statement 2 is incorrect.
Which of the following statements is/are NOT CORRECT regarding ‘Green’ GDP?
Select the correct answer from the code given below:
Solution (a)
The green gross domestic product (green GDP or GGDP) is an index of economic growth with the environmental consequences of that growth factored into a country’s conventional GDP.
Hence Statement 1 is incorrect.
Green GDP monetizes the loss of biodiversity, and accounts for costs caused by climate change.
Hence Statement 2 is correct.
Calculating green GDP requires that net natural capital consumption, including resource depletion, environmental degradation, and protective and restorative environmental initiatives, be subtracted from traditional GDP.
Solution (a)
The green gross domestic product (green GDP or GGDP) is an index of economic growth with the environmental consequences of that growth factored into a country’s conventional GDP.
Hence Statement 1 is incorrect.
Green GDP monetizes the loss of biodiversity, and accounts for costs caused by climate change.
Hence Statement 2 is correct.
Calculating green GDP requires that net natural capital consumption, including resource depletion, environmental degradation, and protective and restorative environmental initiatives, be subtracted from traditional GDP.
