Revision Test for Prelims- lesson-1 Presented By-Prabhakar Jha
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-16) The economic survey argues about shift from crony socialism to stigmatized capitalism in what context: -a) Exit problem or the Chakravyuha challenge -b) Willful defaulters c) Growing Non-performing assets .d) Laggard PSUs
ANSWER-C -Coined by Arvind Subramanium in his speech and Survey. He was referring to the twin balance sheet problem and problem faced due to heightened risk to public sector banks because of stressed assets. He also stressed that this gives important insights into performance of India after LPG and a possible solution for public sector banks might just be more capitalism instead of a pro socialist approach.
17) The states which are open to trade fare better in terms of GDP. This holds true for both international trade and trade with other states. In light of this statement what do you mean by openness? .a) The ranking of states with respect to trade performance compared to rest of the states -b) Easier norms for doing business and GST c) Ratio of imports and exports to GDlP d) Development of SEZs
ANSWER-C Openness is defined as exports + imports as a percentage of GDP. That is the more the state is connected to the outside world or with neighbours the higher is the state GDIP.
-18) The performance of Indian Industry is more egalitarian in world trade has a direct corollary that: -a) MSMEs contribute a significant more towards trade as compared to other countries -b) Top 1% of the firms have a comparatively less share in total exports from India as compared to other countries .c) Large firms don't control the flow and direction of trade in India .d) All of the Above
ANSWER-D -That is exports are more egalitarian in India compared to similar placed countries. This says that largest firms in India do not dominate India's exports and MSMEs als<o rts compared to other countries in similar income circumstances
-19) Which of the following is not true with respect to operation swarn: - a)It will have effect on punctuality of trains -b)It will lead to faster speeds of trains -c)It will redefine coach interiors -d)It will enhance security and ride quality
ANSWER-B -Higher speeds are under mission Raftaar. Operation swarn is for overall improvement iin passenger comfort and services. Major trains such as shatabdis and rajdhanis will be covered under the first phase
ANSWER-A These are in context of NFRA - National financial Reporting Agency -This was proposed as a result of various scams highlighting role of charted accountants and failure of audit trail to correctly warn of thesee risks
ANSWER-D All the above are benefits even ater introduction of long term capital gains in the Budget, SGB remains out of the purview of capital qains
ANSWER-D Source: Economy Module IPR are under the administrative control of DIPP under ministry of commerce and recently government tried to augment capacity of patent approvals by fast tracking hiring of patent examiners.
-24) Under the essential commodities act which of the following is not true: -a) It is a central law but under implementation control of the state -b) The center can only provide for a monitoring mechanism c) It deals with stocking limits and mandatory levy quota for sugar d) It has no power to regulate prices of commodities in open market but only to regulate supply
ANSWER-D -It has power to regulate production, distribution, supply and price of the commodity. Essential commodities act 1955 aims to make available commodities in adequate number and regulate their availability during shortages. It also give action points to prevent hoarding and black marketing through instruments such as stock limits
GS And GA faculty @ Mahendra's Coaching Institute. Teaching Polity, and international relations for 7 years