Insights Static Quiz -324, 2019
Economy
INSIGHTS STATIC QUIZ 2019
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Question 1 of 5
1. Question
Consider the following statements about Index of Eight Core Industries (ICI).
- ICI provide an advance indication on production performance of industries of ‘core’ nature before the release of Index of Industrial Production.
- The Index is compiled and released by Central Statistics Office.
- Refinery Products are not part of eight core industries.
Which of the above statements is/are correct?
Correct
Solution: a)
The objective of the ICI is to provide an advance indication on production performance of industries of ‘core’ nature before the release of Index of Industrial Production (IIP). ICI measures collective and individual performance of production in selected eight core industries viz. Coal, Crude Oil, Natural Gas, Petroleum Refinery Products, Fertilizers, Steel, Cement and Electricity.
The Index is compiled and released by Office of the Economic Adviser (OEA).
Incorrect
Solution: a)
The objective of the ICI is to provide an advance indication on production performance of industries of ‘core’ nature before the release of Index of Industrial Production (IIP). ICI measures collective and individual performance of production in selected eight core industries viz. Coal, Crude Oil, Natural Gas, Petroleum Refinery Products, Fertilizers, Steel, Cement and Electricity.
The Index is compiled and released by Office of the Economic Adviser (OEA).
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Question 2 of 5
2. Question
Consider the following statements about Agricultural Census.
- Agricultural Census is the largest countrywide statistical operation undertaken by Ministry of Agriculture, for collection of data on structure of operational holdings by different size classes and social groups.
- Agricultural Census is carried out as a Central Sector Scheme under which 100% financial assistance is provided to States/Union Territoriess.
Which of the above statements is/are correct?
Correct
Solution: c)
Agricultural Census, which is conducted every five years in India. It is the largest countrywide statistical operation undertaken by Ministry of Agriculture, for collection of data on structure of operational holdings by different size classes and social groups.
Agricultural Census is carried out as a Central Sector Scheme under which 100% financial assistance is provided to States/Union Territoriess.
Incorrect
Solution: c)
Agricultural Census, which is conducted every five years in India. It is the largest countrywide statistical operation undertaken by Ministry of Agriculture, for collection of data on structure of operational holdings by different size classes and social groups.
Agricultural Census is carried out as a Central Sector Scheme under which 100% financial assistance is provided to States/Union Territoriess.
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Question 3 of 5
3. Question
Consider the following statements regarding ‘Financial Stability and Development Council’ (FSDC).
- Members of FSDC include the heads of regulatory bodies like SEBI, RBI, PFRDA etc.
- FSDC address inter-regulatory coordination issues and thus spur financial sector development.
Which of the above statements is/are correct?
Correct
Solution: c)
The Chairman of the FSDC is the Finance Minister of India and its members include the heads of the financial sector regulatory authorities (i.e, SEBI, IRDA, RBI, PFRDA and FMC) , Finance Secretary and/or Secretary, Department of Economic Affairs (Ministry of Finance), Secretary, (Department of Financial Services, Ministry of Finance) and the Chief Economic Adviser.
To strengthen and institutionalize the mechanism for maintaining financial stability and enhancing inter-regulatory coordination, Indian Government has setup an apex-level Financial Stability and Development Council (FSDC), vide its notification dated 30th December, 2010.
Incorrect
Solution: c)
The Chairman of the FSDC is the Finance Minister of India and its members include the heads of the financial sector regulatory authorities (i.e, SEBI, IRDA, RBI, PFRDA and FMC) , Finance Secretary and/or Secretary, Department of Economic Affairs (Ministry of Finance), Secretary, (Department of Financial Services, Ministry of Finance) and the Chief Economic Adviser.
To strengthen and institutionalize the mechanism for maintaining financial stability and enhancing inter-regulatory coordination, Indian Government has setup an apex-level Financial Stability and Development Council (FSDC), vide its notification dated 30th December, 2010.
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Question 4 of 5
4. Question
Which of the following best describes ‘Bank Rate’?
Correct
Solution: b)
Bank rates influence lending rates of commercial banks. Higher bank rate will translate to higher lending rates by the banks.
Incorrect
Solution: b)
Bank rates influence lending rates of commercial banks. Higher bank rate will translate to higher lending rates by the banks.
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Question 5 of 5
5. Question
Gross capital formation will increase if:
- gross domestic savings increases
- gross domestic consumption increases
- GDP increases
Select the correct answer using the codes given below.
Correct
Solution: d)
Gross capital formation, in simple terms is equivalent to investment made. It was earlier called gross domestic investment. The part of GDP that is used is called gross domestic consumption, while the part that is saved is gross domestic savings (GDS). Some part of this GDS will be re-invested back, and that is called gross capital formation. Now, an increase in GDP or GDS will not necessarily lead to an increase in capital formation. Because how much is invested back will depend on many other factors.
Incorrect
Solution: d)
Gross capital formation, in simple terms is equivalent to investment made. It was earlier called gross domestic investment. The part of GDP that is used is called gross domestic consumption, while the part that is saved is gross domestic savings (GDS). Some part of this GDS will be re-invested back, and that is called gross capital formation. Now, an increase in GDP or GDS will not necessarily lead to an increase in capital formation. Because how much is invested back will depend on many other factors.
