Q1. Vasudhaiva Kutumbakam, which means “the world is one family”, originally appears in:

A. Aitareya Upanishad
B. Mundaka Upanishad
C. Katha Upanishad
D. Maha Upanishad

Solution:
(D)

• Vasudhaiva Kutumbakam is a Sanskrit phrase found in Hindu texts such as the Maha Upanishad, which means “the world is one family”.

Q2. Consider the following statements regarding Pattachitra:

1) Pattachitra style of painting is one of the oldest art forms of West Bengal.
2) It is a painting done on canvas, and is manifested by rich colourful application, creative motifs and designs.
3) Some of the popular themes represented through this art form are ThiaBadhia, Krishna Lila and Dasabatara Patti.

Which of the above statements is/are correct:

A. 1, 2
B. 1, 3
C. 2, 3
D. 1, 2, 3

Solution:
(C)

• Pattachitra style of painting is one of the oldest and most popular art forms of Odisha. The name Pattachitra has evolved from the Sanskrit words patta, meaning canvas, and chitra, meaning picture. Pattachitra is thus a painting done on canvas, and is manifested by rich colourful application, creative motifs and designs, and portrayal of simple themes, mostly mythological in depiction. Some of the popular themes represented through this art form are ThiaBadhia – depiction of the temple of Jagannath; Krishna Lila – enactment of Jagannath as Lord Krishna displaying his powers as a child; Dasabatara Patti – the ten incarnations of Lord Vishnu; Panchamukhi – depiction of Lord Ganesh as a five-headed deity. With the passage of time, the art of Pattachitra has gone through a commendable transition, and the chitrakars have painted on tussar silk and palm leaves, and even created wall hangings and showpieces.

Q3. Consider the following statements regarding Bhaona:

1) Bhaona is a traditional form of entertainment, always with religious messages, prevalent is Assam.
2) It is a creation of MahapurushaSankardeva.
3) These plays are popularly known as AnkiyaNats.

Which of the above statements is/are correct:

A. 1, 2
B. 1, 3
C. 2, 3
D. 1, 2, 3

Solution:
(D)

o Recently a group of Bhaona artist performed in Abu Dhabi in English language contrary to the traditional language of Brajavali.
o Bhaona is a traditional form of entertainment, always with religious messages, prevalent is Assam, India.
o The history of Assamese drama begins with the plays of MahapurushaSrimantaSankardeva (1449-1568) written in the early sixteenth century.
o These plays are popularly known as AnkiyaNats and their staging is known as bhaona.
o Bhaona was created by Sankardeva.
o The bhaonas are written in the Assamese and Brajavali languages.

Q4. Consider the following statements about Hathigumpha Inscription:

1) It was inscribed by King Kharavela during 2nd century BCE.
2) It was written in Prakrit language.
3) It is also known as Maski Inscription.

Which of the above statements is/are correct:

A. 1 only
B. 2, 3
C. 1, 2
D. 1, 2, 3

Solution:
(C)

o The Hathigumpha Inscription also known as Elephant Cave Inscription from Udayagiri- Khandagiri Caves in Odisha, were inscribed by King Kharavela during 2nd century BCE.
o The Hathigumpha Inscription consists of seventeen lines in Prakrit language and in Brahmi script.
o Hathigumpha Inscription is the main source of information about Kalinga ruler Kharavela.
o Maski is a village and an archaeological site in Raichur district of Karnataka.
o It lies on the bank of the Maski river which is a tributary of the Tungabhadra.
o The site has a minor rock edict of Emperor Ashoka.
o It was the first edict of Emperor Ashoka that contained the name Ashoka in it instead of ‘Devanampriya’ or ‘Piyadassi’.

Q5. Consider the following statements about the Gupta rule in India:

1) The PrayagaPrashasti (also known as the Allahabad Pillar Inscription) was composed by Harisena.
2) Banabhatta, was the court poet of Samudragupta.
3) The PrayagaPrashasti was composed in praise of Samudra Gupta.

Which of the above is/are incorrect:

A. 1, 2
B. 1, 3
C. 2, 3
D. 2 only

Solution:
(D)

o The PrayagaPrashasti (also known as the Allahabad Pillar Inscription) was composed by Harisena.
o Harisena was the court poet of Samudragupta while Banabhatta was the court poet of Harshavardhana.
o The PrayagaPrashasti was composed in praise of SamudraGupta in Sanskrit

Q6. Which of the following is generally not an activity carried out by shell companies:

A. Diverting money or money laundering.
B. Manufacturing products and rendering services
C. Make financial transactions.
D. None of the above are the activities of Shell companies.

Solution:
(B)

o Typically shell companies include multiple layers of companies that have been created for the purpose of diverting money or for money laundering.
o Most shell companies do not manufacture any product or deal in any product or render any service.
o They are mostly used to make financial transactions.
o Generally, these companies hold assets only on paper and not in reality.
o These companies conduct almost no economic activity.

Q7. Consider the following statements regarding Banks Board Bureau (BBB):

1) Banks Board Bureau (BBB) is an autonomous body of the Government of India tasked to recommend selection of chiefs of government owned banks and financial institutions.
2) The BBB works as step towards governance reforms in Public Sector Banks (PSBs) as recommended by P.J. Nayak Committee.
3) It also aims to lessen the Government of India’s burden of fiscal deficit and current account deficit.

Which of the above statement is/are correct:

A. 1, 3
B. 2, 3
C. 1, 2
D. 1, 2, 3

Solution:
(C)

o Banks Board Bureau (BBB) is an autonomous body of the Government of India tasked to improve the governance of Public Sector Banks, recommend selection of chiefs of government owned banks and financial institutions and to help banks in developing strategies and capital raising plans.
o The BBB works as step towards governance reforms in Public Sector Banks (PSBs) as recommended by P.J. Nayak Committee.
o The BBB was the part of Indradhanush Plan of government.

Q8. A shortage of investible capital in an economy can result from:

1) Low savings
2) Very high and erratic inflation
3) Low borrowing costs

Select the correct answer code:

A. 1, 3
B. 2, 3
C. 1, 2
D. 1, 2, 3

Solution:
(C)

o High and erratic inflation deters investors from making investment decisions because real returns on investments are uncertain.
o Savings forms the base of the money that is borrowed for infrastructure building in the economy.
o Low savings and high demand of capital lead to high borrowing costs and deter investors.

Q9. Aggregate demand is an important economic indicator. It can be increased by:

1) More investments
2) Higher Taxation
3) Increasing bank rate by RBI

Select the correct answer code:

A. 1 only
B. 1, 2
C. 1, 3
D. 2, 3

Solution:
(A)

o Aggregate demand is the total demand for final goods and services in an economy at a given time.
o Investment creates infrastructure, generates demand for raw material, labor, provides employment and adds to the productive capacity of the economy.
o It is one of the most potent factors in increasing Aggregate demand (AD).
o The government has some ability to impact AD.
o It can give fiscal stimulus or increase taxes in order to influence how consumers spend or save.
o An expansionary fiscal policy (higher spending, lower taxes) causes AD to increase, while a contractionary monetary policy (e.g. high bank rates) causes AD to decrease.

Q10. ‘Economic efficiency’ as used by economists and policymakers is related to which of the following:

1) Equal allocation of goods and services to all consumers and corporations.
2) Resource efficient production

Select the correct answer code:

A. 1 only
B. 2 only
C. Both 1 and 2
D. Neither 1 nor 2

Solution:
(B)

o Economic efficiency is when goods and services are distributed according to consumer preferences and needs of corporations.
It is when the maximum number of goods and services are produced with a given amount of inputs.

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