The following quiz will have 5-10 MCQs. The questions are mainly framed from The Hindu and PIB news articles.
This quiz is intended to introduce you to concepts and certain important facts relevant to UPSC IAS civil services preliminary exam 2021. It is not a test of your knowledge. If you score less, please do not mind. Read again sources provided and try to remember better.
Please try to enjoy questions, discuss the concepts and facts they try to test from you and suggest improvements.
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INSIGHTS CURRENT AFFAIRS QUIZ 2020
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The following Quiz is based on the Hindu, PIB and other news sources. It is a current events based quiz. Solving these questions will help retain both concepts and facts relevant to UPSC IAS civil services exam.
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Question 1 of 5
1. Question
1 pointsConsider the following statements.
- The First Advance Estimates (FAE) of GDP are the first official estimates of how GDP is expected to grow in that financial year.
- They are released by the Ministry of Finance.
- They are used to decide the next financial year’s budget allocations.
Which of the above statements is/are correct?
Correct
Solution: c)
The Ministry of Statistics and Programme Implementation (MoSPI) released the First Advance Estimates (FAE) for the current financial year (2021-22 or FY22).
The FAE, which were first introduced in 2016-17, are typically published at the end of the first week of January. They are the “first” official estimates of how GDP is expected to grow in that financial year. But they are also the “advance” estimates because they are published long before the financial year (April to March) is over.
It is important to note that even though the FAE are published soon after the end of the third quarter (October, November, December), they do not include the formal Q3 GDP data, which is published at the end of February as part of the Second Advance Estimates (SAE).
The main significance of FAE lies in the fact that they are the GDP estimates that the Union Finance Ministry uses to decide the next financial year’s budget allocations.
Incorrect
Solution: c)
The Ministry of Statistics and Programme Implementation (MoSPI) released the First Advance Estimates (FAE) for the current financial year (2021-22 or FY22).
The FAE, which were first introduced in 2016-17, are typically published at the end of the first week of January. They are the “first” official estimates of how GDP is expected to grow in that financial year. But they are also the “advance” estimates because they are published long before the financial year (April to March) is over.
It is important to note that even though the FAE are published soon after the end of the third quarter (October, November, December), they do not include the formal Q3 GDP data, which is published at the end of February as part of the Second Advance Estimates (SAE).
The main significance of FAE lies in the fact that they are the GDP estimates that the Union Finance Ministry uses to decide the next financial year’s budget allocations.
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Question 2 of 5
2. Question
1 pointsConsider the following statements.
- Real GDP is the GDP derived after adding the effect of inflation.
- The difference between the real and nominal GDP shows the levels of inflation in the year.
Which of the above statements is/are correct?
Correct
Solution: b)
Real GDP, which is the GDP after taking away the effect of inflation, is a derived metric. All Budget calculations start with the nominal GDP.
Real GDP = Nominal GDP — Inflation Rate
However, from the perspective of the common people, real GDP is what matters. The difference between the real and nominal GDP shows the levels of inflation in the year.
Incorrect
Solution: b)
Real GDP, which is the GDP after taking away the effect of inflation, is a derived metric. All Budget calculations start with the nominal GDP.
Real GDP = Nominal GDP — Inflation Rate
However, from the perspective of the common people, real GDP is what matters. The difference between the real and nominal GDP shows the levels of inflation in the year.
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Question 3 of 5
3. Question
1 pointsConsider the following statements regarding Gross domestic product (GDP) and Gross Value Added (GVA).
- GDP maps the economy from the expenditure or demand side, that is by adding up all the expenditures.
- GVA provides a picture of the economy from the supply side.
- GVA maps the value-added by different sectors of the economy such as agriculture, industry and services.
Which of the above statements is/are correct?
Correct
Solution: d)
While the GDP maps the economy from the expenditure (or demand) side — that is by adding up all the expenditures, the GVA provides a picture of the economy from the supply side. GVA maps the “value-added” by different sectors of the economy such as agriculture, industry and services.
Incorrect
Solution: d)
While the GDP maps the economy from the expenditure (or demand) side — that is by adding up all the expenditures, the GVA provides a picture of the economy from the supply side. GVA maps the “value-added” by different sectors of the economy such as agriculture, industry and services.
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Question 4 of 5
4. Question
1 pointsQuantum computing can find potential applications in the which of the following areas?
- Improved weather forecasting
- Traffic optimisation
- Developing powerful batteries for Electric vehicles
- Giving a 5-dimensional effect on entertainment videos
Select the correct answer code:
Correct
Solution: a)
The greater calculation power of quantum computers could find applications in the following areas.
Simulating complex molecules is one of the ground breaking applications of quantum computing. Today’s supercomputers at best can simulate simple molecules. With simulation of complex molecular simulation, the most stable configuration of compounds can be determined. This application is crucial in development of novel drugs and better batteries.
Further better calculating powers help in predicting and managing the flow of vehicles, thereby optimising traffic management.
Incorrect
Solution: a)
The greater calculation power of quantum computers could find applications in the following areas.
Simulating complex molecules is one of the ground breaking applications of quantum computing. Today’s supercomputers at best can simulate simple molecules. With simulation of complex molecular simulation, the most stable configuration of compounds can be determined. This application is crucial in development of novel drugs and better batteries.
Further better calculating powers help in predicting and managing the flow of vehicles, thereby optimising traffic management.
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Question 5 of 5
5. Question
1 pointsWhich of the following glaciers are located in Uttarakhand?
- Nanda Devi Glacier
- Nubra Glacier
- Zemu Glacier
- Bandarpunch Glacier
Select the correct answer code:
Correct
Solution: c)
Zemu Glacier is located in Sikkim
Nubra Glacier is located in Ladakh
Incorrect
Solution: c)
Zemu Glacier is located in Sikkim
Nubra Glacier is located in Ladakh
