Quiz Questions 28 February 2023
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#1. Q1. Which of the following are correctly matched: 1. Repo rate : Rate at which RBI lends money to commercial banks 2. Marginal standing facility : aid banks in adjusting the day to day mismatches in liquidity 3. Bank rate : Rate at which RBI buys or rediscounts bills of exchange 4. Liquidity Adjustment Facility: Under which scheduled commercial banks can borrow additional money Select the correct answer using the code given below:
The repo rate is rate at which RBI lends money to commercial banks.
The reverse repo rate is rate at which RBI borrows money from commercial banks.
The marginal standing facility rate – under which scheduled commercial banks can borrow additional money Bank rate – rate at which RBI buys or rediscounts bills of exchange.
LAF is a facility extended by the Reserve Bank of India to the scheduled commercial banks (excluding RRBs) and primary dealers to avail of liquidity in case of requirement or park excess funds with the RBI in case of excess liquidity on an overnight basis against the collateral of Government securities including State Government securities. Basically LAF enables liquidity management on a day to day basis. Liquidity adjustment facility (LAF) is a monetary policy tool which allows banks to borrow money through repurchase agreements or repos. LAF is used to aid banks in adjusting the day to day mismatches in liquidity (frictional liquidity deficit/surplus).
Marginal Standing Facility (MSF) is a new scheme announced by the Reserve Bank of India (RBI) in its Monetary Policy (2011-12) and refers to the penal rate at which banks can borrow money from the central bank over and above what is available to them through the LAF window. MSF, being a penal rate, is always fixed above the repo rate.
#2. Consider the following statements: 1. Production activity is organised by combining land, labour, physical capital and human capital, which are known as factors of production. 2. Tools, machines, buildings and raw materials are called fixed capital. Select the correct answer using the code given below:
Every production is organised by combining land, labour, physical capital and human capital, which are known as factors of production.
Physical capital can be grouped into two categories
(a) Tools, machines, buildings: Tools and machines range from very simple tools such as a farmer’s plough to sophisticated machines such as generators, turbines, computers, etc. Tools, machines, buildings can be used in production over many years, and are called fixed capital.
(b) Raw materials and money in hand: Production requires a variety of raw materials such as the yarn used by the weaver and the clay used by the potter. Also, some money is always required during production to make payments and buy other necessary items. Raw materials and money in hand are called working capital. Unlike tools, machines and buildings, these are used up in production.
#3. Consider the following statements: 1. Rural areas in India suffer from seasonal and disguised unemployment while Urban areas have mostly educated unemployment. 2. Unemployment tends to increase economic overload. 3. Small scale manufacturing is the most labour absorbing sector of economy. 4. In the primary sector employment structure is characterised by self-employment . Select the correct answer using the code given below:
In case of India we have unemployment in rural and urban areas. However, the nature of the unemployed differs in rural and urban areas. In case of rural areas, there is seasonal and disguised unemployment. Urban areas have mostly educated unemployment.
Unemployment leads to wastage of manpower resource. People who are an asset for the economy turn into a liability.
Moreover, the employment structure is characterised by self-employment in the primary sector.
Agriculture, is the most labour absorbing sector of the economy. In recent years, there has been a decline in the dependence of population on agriculture partly because of disguised unemployment discussed earlier. Some of the surplus labour in agriculture has moved to either the secondary or the tertiary sector. In the secondary sector, small scale manufacturing is the most labour absorbing. Hence statement 3 is wrong.
#4. Which of the following helps in converting population into Human Capital: 1. Mid Day Meal 2. National Rural Health Mission 3. Sarva Shiksha Abhiyan 4. Pradhan Mantri Kaushal Vikas Yojana 5. Swachh Bharat Mission Select the correct answer using the code given below:
The chapter ‘People as Resource’ is an effort to explain population as an asset for the economy rather than a liability. Population becomes human capital when there is investment made in the form of education, training and medical care. In fact, human capital is the stock of skill and productive knowledge embodied in them. All of the given schemes helps in improving health, education, skill development of population and hence are contributing in building human capital.
#5. Which of the following are indicators of Poverty: 1. levels of income 2. illiteracy level 3. malnutrition 4. lack of job opportunities 5. access to safe drinking water Select the correct answer using the code given below:
Since poverty has many facets, social scientists look at it through a variety of indicators. Usually the indicators used relate to the levels of income and consumption. But now poverty is looked through other social indicators like illiteracy level, lack of general resistance due to malnutrition, lack of access to healthcare, lack of job opportunities, lack of access to safe drinking water, sanitation etc. Hence all of the factors are indicators of poverty.
#6. Consider the following statements regarding Brain fingerprinting: 1) Brain fingerprinting is a method of interrogation in which the accused’s participation in the crime is investigated by studying their brain’s response. 2) It is conducted to study the electrical behaviour of the human brain. Which of the above statements is/are incorrect:
- Brain Electrical Oscillation Signature Profiling (BEOSP) also known as brain fingerprinting is a neuro psychological method of interrogation in which the accused’s participation in the crime is investigated by studying their brain’s response.
- The BEOSP test is carried out via a process known as electroencephalogram, conducted to study the electrical behaviour of the human brain.
- The BEOSP procedure does not involve a question answer session with the accused and is rather a neuro psychological study of their brain.
- In 2010, the Supreme Court passed a judgment in the Selvi versus State of Karnataka case where the bench observed that narco analysis, polygraph and brain mapping tests cannot be forced upon any individual without their consent and the test results cannot be admitted solely as evidence.
- However, any information or material discovered during the tests can be made part of the evidence, observed the bench.
#7. Consider the following statements: 1) Hydrogen is lighter than air. 2) Hydrogen is the most abundant chemical substance in the universe 3) In India, Hydrogen is primarily produced from renewable energy sources. Which of the above statements is/are correct:
- Hydrogen is the lightest element in the periodic table.
- Hydrogen is the most abundant chemical substance in the universe.
- Currently, India consumes around 5.5 million tonnes of hydrogen, primarily produced from imported fossil fuels.
#8. The term ‘Data Scraping’ sometimes seen in news, rightly denotes:
- Data scraping, or web scraping, is the process of extracting data from a website.
- Scraper bots are designed to derive information from these websites.
- A user designing a bot to extract data is called a scraper.
#9. Consider the following statements regarding Trans fats: 1) Trans fatty acids are formed during industrial partial hydrogenation of vegetable oil. 2) High intake of Trans fats reduces low density lipoproteins (LDL) and insulin levels. Which of the above statements is/are correct:
- All natural fats and oils are a combination of monounsaturated, polyunsaturated and saturated fatty acids.
- Trans fatty acids are formed during industrial partial hydrogenation of vegetable oil, a process widely commercialized to produce solid fats.
Trans fat increases low density lipoproteins (LDL), triglycerides and insulin levels and reduces beneficial high density lipoproteins (HDL)
#10. Consider the following statements: 1) A patent is a conferral by the state of an exclusive right to make, use and sell an inventive product or process. 2) Patent laws are usually justified on the ground that people have something of a natural and moral right to claim control over their inventions. Which of the above statements is/are correct:
- A patent is a conferral by the state of an exclusive right to make, use and sell an inventive product or process.
Patent laws are usually justified on three distinct grounds: on the idea that people have something of a natural and moral right to claim control over their inventions; on the utilitarian premise that exclusive licenses promote invention and therefore benefit society as a whole; and on the belief that individuals must be allowed to benefit from the fruits of their labour and merit, that when a person toils to produce an object, the toil and the object become inseparable.
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