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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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New Initiative: Revision Through MCQs (RTM) – Revision of Current Affairs Made Interesting
As revision is the key to success in this exam, we are starting a new initiative where you will revise current affairs effectively through MCQs (RTM) that are solely based on Insights Daily Current Affairs.
These questions will be different than our regular current affairs quiz. These questions are framed to TEST how well you have read and revised Insights Current Affairs on daily basis.
We will post nearly 10 MCQs every day which are based on previous day’s Insights current affairs. Tonight we will be posting RTM questions on the Insights current affairs of October 3, 2019.
The added advantage of this initiative is it will help you solve at least 20 MCQs daily (5 Static + 5 CA Quiz + 10 RTM) – thereby helping you improve your retention as well as elimination and guessing skills.
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Question 1 of 10
1. Question
1 pointsCost-Push Inflation is caused due to which of the following reasons?
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- Hoarding and Speculation of commodities
- Defective Supply chain
- Depreciation of Currency
- Crude oil price fluctuation
- Low growth of Agricultural sector
Select the correct answer using the code below:
Correct
Ans: (d)
Explanation:
- Cost-Push Inflation:
- Cost push inflation is inflation caused by an increase in prices of inputs like labour, raw material, etc. The increased price of the factors of production leads to a decreased supply of these goods. While the demand remains constant, the prices of commodities increase causing a rise in the overall price level. This is in essence cost pushing inflation.
- This type of inflation is caused due to various reasons such as:
- Increase in price of inputs
- Hoarding and Speculation of commodities
- Defective Supply chain
- Increase in indirect taxes
- Depreciation of Currency
- Crude oil price fluctuation
- Defective food supply chain
- Low growth of Agricultural sector
- Food Inflation
- Interest rates increased by RBI
Incorrect
Ans: (d)
Explanation:
- Cost-Push Inflation:
- Cost push inflation is inflation caused by an increase in prices of inputs like labour, raw material, etc. The increased price of the factors of production leads to a decreased supply of these goods. While the demand remains constant, the prices of commodities increase causing a rise in the overall price level. This is in essence cost pushing inflation.
- This type of inflation is caused due to various reasons such as:
- Increase in price of inputs
- Hoarding and Speculation of commodities
- Defective Supply chain
- Increase in indirect taxes
- Depreciation of Currency
- Crude oil price fluctuation
- Defective food supply chain
- Low growth of Agricultural sector
- Food Inflation
- Interest rates increased by RBI
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Question 2 of 10
2. Question
1 pointsConsider the following statements.
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- When an economy goes through a phase of high inflation, there are chances that the unemployment rate will fall.
- High inflation can lower the purchasing power of the consumer.
- The RBI monetary policy has a direct impact on controlling “cost-push” inflation.
Which of the above statements is/are correct?
Correct
Ans: (a)
Explanation:
- There is a trade-off between inflation and unemployment. Typically, when an economy goes through a phase of high inflation, chances are that the unemployment rate will fall. That’s because firms, enticed by higher prices, try to ramp up production by recruiting more people.
- High inflation may be robbing people of their purchasing power.
- It is also important to understand that monetary policy does not have a direct solution to controlling such “cost-push” inflation. It cannot make fuel prices lower by raising interest rates. All it can do is to control demand in the economy.
Incorrect
Ans: (a)
Explanation:
- There is a trade-off between inflation and unemployment. Typically, when an economy goes through a phase of high inflation, chances are that the unemployment rate will fall. That’s because firms, enticed by higher prices, try to ramp up production by recruiting more people.
- High inflation may be robbing people of their purchasing power.
- It is also important to understand that monetary policy does not have a direct solution to controlling such “cost-push” inflation. It cannot make fuel prices lower by raising interest rates. All it can do is to control demand in the economy.
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Question 3 of 10
3. Question
1 pointsWhich of the following can lead to Demand-Pull Inflation?
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- A growing economy
- Increase in Forex reserves
- Deficit financing by the government
- Depreciation of rupee
Select the correct answer using the code below:
Correct
Ans: (d)
Explanation:
- Demand-Pull Inflation
- This type of inflation is caused due to an increase in aggregate demand in the economy.
- Causes of Demand-Pull Inflation:
- A growing economy or increase in the supply of money – When consumers feel confident, they spend more and take on more debt. This leads to a steady increase in demand, which means higher prices.
- Asset inflation or Increase in Forex reserves.
- Government spending or Deficit financing by the government – When the government spends more freely, prices go up.
- Due to fiscal stimulus.
- Increased borrowing.
- Depreciation of rupee.
- Low unemployment rate.
- Effects of Demand-Pull Inflation:
- Shortage in supply
- Increase in the prices of the goods (inflation).
- The overall increase in the cost of living.
Incorrect
Ans: (d)
Explanation:
- Demand-Pull Inflation
- This type of inflation is caused due to an increase in aggregate demand in the economy.
- Causes of Demand-Pull Inflation:
- A growing economy or increase in the supply of money – When consumers feel confident, they spend more and take on more debt. This leads to a steady increase in demand, which means higher prices.
- Asset inflation or Increase in Forex reserves.
- Government spending or Deficit financing by the government – When the government spends more freely, prices go up.
- Due to fiscal stimulus.
- Increased borrowing.
- Depreciation of rupee.
- Low unemployment rate.
- Effects of Demand-Pull Inflation:
- Shortage in supply
- Increase in the prices of the goods (inflation).
- The overall increase in the cost of living.
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Question 4 of 10
4. Question
1 pointsConsider the following statements.
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- Nominal GDP is calculated in a way such that the goods and services are evaluated at some constant set of prices.
- If the Real GDP changes, it implies that the volume of production is undergoing changes.
- The ratio of nominal GDP to real GDP gives us an idea of how the prices have moved from the base year to the current year.
Which of the above statements is/are correct?
Correct
Ans: (c)
Explanation:
- In order to compare the GDP figures (and other macroeconomic variables) of different countries or to compare the GDP figures of the same country at different points of time, we cannot rely on GDPs evaluated at current market prices. For comparison we take the help of real GDP. Real GDP is calculated in a way such that the goods and services are evaluated at some constant set of prices (or constant prices).
- Since these prices remain fixed, if the Real GDP changes, we can be sure that it is the volume of production which is undergoing changes. Nominal GDP, on the other hand, is simply the value of GDP at the current prevailing prices.
- Notice that the ratio of nominal GDP to real GDP gives us an idea of how the prices have moved from the base year (the year whose prices are being used to calculate the real GDP) to the current year.
- The ratio of nominal to real GDP is a well-known index of prices. This is called GDP Deflator.
Incorrect
Ans: (c)
Explanation:
- In order to compare the GDP figures (and other macroeconomic variables) of different countries or to compare the GDP figures of the same country at different points of time, we cannot rely on GDPs evaluated at current market prices. For comparison we take the help of real GDP. Real GDP is calculated in a way such that the goods and services are evaluated at some constant set of prices (or constant prices).
- Since these prices remain fixed, if the Real GDP changes, we can be sure that it is the volume of production which is undergoing changes. Nominal GDP, on the other hand, is simply the value of GDP at the current prevailing prices.
- Notice that the ratio of nominal GDP to real GDP gives us an idea of how the prices have moved from the base year (the year whose prices are being used to calculate the real GDP) to the current year.
- The ratio of nominal to real GDP is a well-known index of prices. This is called GDP Deflator.
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Question 5 of 10
5. Question
1 pointsConsider the following statements about Ottan Thullal:
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- It is an Indian classical dance form that evolved in the state of Kerala, India.
- The thullal performer is supported by a singer who repeats the verses and is accompanied by a mridangam.
Which of the statements given above is/are correct?
Correct
Ans: (b)
Explanation:
- Ottan Thullal is a recite-and-dance art form of Kerala, India. It was introduced in the eighteenth century by Kunchan Nambiar, one of the Prachina Kavithrayam
- Seen at temple festivals and cultural programmes, these performances use elaborate expressions and stories recited in verses to bring important mythological tales and stories to life.
- It is epitomized by humour, satire and social criticism
- The costume and makeup of the performer are similar to that of a Kathakali artist
- The thullal performer is supported by a singer who repeats the verses and is accompanied by an orchestra of mridangam or thoppimaddalam (percussions) and cymbals.
- It has spawned into three separate versions which include- Ottanthullal, Seethankan thullal and Parayan thullal.
Refer: facts for prelims: https://www.insightsonindia.com/2023/01/12/mission-2023-insights-daily-current-affairs-pib-summary-12-january-2023/
Incorrect
Ans: (b)
Explanation:
- Ottan Thullal is a recite-and-dance art form of Kerala, India. It was introduced in the eighteenth century by Kunchan Nambiar, one of the Prachina Kavithrayam
- Seen at temple festivals and cultural programmes, these performances use elaborate expressions and stories recited in verses to bring important mythological tales and stories to life.
- It is epitomized by humour, satire and social criticism
- The costume and makeup of the performer are similar to that of a Kathakali artist
- The thullal performer is supported by a singer who repeats the verses and is accompanied by an orchestra of mridangam or thoppimaddalam (percussions) and cymbals.
- It has spawned into three separate versions which include- Ottanthullal, Seethankan thullal and Parayan thullal.
Refer: facts for prelims: https://www.insightsonindia.com/2023/01/12/mission-2023-insights-daily-current-affairs-pib-summary-12-january-2023/
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Question 6 of 10
6. Question
1 pointsConsider the following statements about Golden Globe Awards:
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- It was started in 1995 and is given by the Hollywood Foreign Press Association annually for American and International film and Television.
- This award is considered an important precursor to the Oscars.
- No Indian movie has won a Golden Globe Award till date.
Which of the statements given above is/are not correct?
Correct
Ans: (c)
Explanation:
- It was started in 1944 and is given by the Hollywood Foreign Press Association (87 members) annually for American and International film and Television. The award is considered an important precursor to the Oscars
- SS Rajamouli’s RRR wins Best Original Song for Naatu Naatu
- Composer MM Keeravani, along with singers Kaala Bhairava and Rahul Sipligunj, has won the Golden Globe for Best Original Song, for the track “Naatu Naatu,” which became an anthem of sorts for fans of director SS Rajamouli’s RRR.
- The historical epic has also been nominated in the Best Non-English Language Film category at the 80th Golden Globes.
Refer: facts for prelims: https://www.insightsonindia.com/2023/01/12/mission-2023-insights-daily-current-affairs-pib-summary-12-january-2023/
Incorrect
Ans: (c)
Explanation:
- It was started in 1944 and is given by the Hollywood Foreign Press Association (87 members) annually for American and International film and Television. The award is considered an important precursor to the Oscars
- SS Rajamouli’s RRR wins Best Original Song for Naatu Naatu
- Composer MM Keeravani, along with singers Kaala Bhairava and Rahul Sipligunj, has won the Golden Globe for Best Original Song, for the track “Naatu Naatu,” which became an anthem of sorts for fans of director SS Rajamouli’s RRR.
- The historical epic has also been nominated in the Best Non-English Language Film category at the 80th Golden Globes.
Refer: facts for prelims: https://www.insightsonindia.com/2023/01/12/mission-2023-insights-daily-current-affairs-pib-summary-12-january-2023/
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Question 7 of 10
7. Question
1 pointsConsider the following statements regarding the Sovereign Gold Bond Scheme.
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- Bonds can be used as collateral for loans.
- The minimum permissible investment limit will be 1 gram of gold for individuals.
- Both resident and non resident Indian entities can invest in Sovereign Gold Bond Scheme.
Which of the above statements is/are correct?
Correct
Ans: (b)
Explanation:
- The sovereign gold bond was introduced by the Government in 2015.
- Government introduced these bonds to help reduce India’s over dependence on gold imports.
- It was also aimed at changing the habits of Indians from saving in physical form of gold to a paper form with Sovereign backing.
- Key facts:
- Eligibility: The bonds will be restricted for sale to resident Indian entities, including individuals, HUFs, trusts, universities and charitable institutions.
- Denomination and tenor: The bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram. The tenor will be for a period of 8 years with exit option from the 5th year to be exercised on the interest payment dates.
- Minimum and Maximum limit: The minimum permissible investment limit will be 1 gram of gold, while the maximum limit will be 4 kg for individual, 4 kg for Hindu Undivided Family and 20 kg for trusts and similar entities per fiscal (April-March) notified by the government from time to time.
- Joint Holder: In case of joint holding, the investment limit of 4 kg will be applied to the first applicant only.
- Collateral: Bonds can be used as collateral for loans. The loan-to-value (LTV) ratio is to be set equal to ordinary gold loan mandated by the Reserve Bank from time to time.
Refer: facts for prelims: https://www.insightsonindia.com/2023/01/12/mission-2023-insights-daily-current-affairs-pib-summary-12-january-2023/
Incorrect
Ans: (b)
Explanation:
- The sovereign gold bond was introduced by the Government in 2015.
- Government introduced these bonds to help reduce India’s over dependence on gold imports.
- It was also aimed at changing the habits of Indians from saving in physical form of gold to a paper form with Sovereign backing.
- Key facts:
- Eligibility: The bonds will be restricted for sale to resident Indian entities, including individuals, HUFs, trusts, universities and charitable institutions.
- Denomination and tenor: The bonds will be denominated in multiples of gram(s) of gold with a basic unit of 1 gram. The tenor will be for a period of 8 years with exit option from the 5th year to be exercised on the interest payment dates.
- Minimum and Maximum limit: The minimum permissible investment limit will be 1 gram of gold, while the maximum limit will be 4 kg for individual, 4 kg for Hindu Undivided Family and 20 kg for trusts and similar entities per fiscal (April-March) notified by the government from time to time.
- Joint Holder: In case of joint holding, the investment limit of 4 kg will be applied to the first applicant only.
- Collateral: Bonds can be used as collateral for loans. The loan-to-value (LTV) ratio is to be set equal to ordinary gold loan mandated by the Reserve Bank from time to time.
Refer: facts for prelims: https://www.insightsonindia.com/2023/01/12/mission-2023-insights-daily-current-affairs-pib-summary-12-january-2023/
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Question 8 of 10
8. Question
1 pointsConsider the following statements regarding Green bonds.
-
- Green bonds are debt instruments that can be used by governments and their entities, international organizations as well as the private sector to raise money for projects that contribute to climate mitigation or adaptation.
- India is one of the largest issuers of Green bonds by the Central and state governments.
Which of the above statements is/are correct?
Correct
Ans: (a)
Explanation:
- Since the first sovereign issuance by Poland in 2016, 22 countries have issued sovereign green bonds, raising more than $80 billion.
- Green bonds are debt instruments that can be used by governments and their entities, international organisations as well as the private sector to raise money for projects that demonstratively contribute to climate mitigation or adaptation. With more than $1 trillion of cumulative issuances to date, green bonds have come a long way since their inception in 2007 and the first sovereign issuance in 2016.
- In India, the Securities Exchange Board of India (SEBI) introduced disclosure requirements for the issuance and listing of green bonds in 2017. Since then, India has become the second-largest issuer of green bonds (after China) among emerging markets with cumulative issues worth more than $10 billion by private companies and public sector entities such as the State Bank of India (SBI). However, there has been no green bond issuance yet by either the Central or state governments.
Refer: facts for prelims: https://www.insightsonindia.com/2023/01/12/mission-2023-insights-daily-current-affairs-pib-summary-12-january-2023/
Incorrect
Ans: (a)
Explanation:
- Since the first sovereign issuance by Poland in 2016, 22 countries have issued sovereign green bonds, raising more than $80 billion.
- Green bonds are debt instruments that can be used by governments and their entities, international organisations as well as the private sector to raise money for projects that demonstratively contribute to climate mitigation or adaptation. With more than $1 trillion of cumulative issuances to date, green bonds have come a long way since their inception in 2007 and the first sovereign issuance in 2016.
- In India, the Securities Exchange Board of India (SEBI) introduced disclosure requirements for the issuance and listing of green bonds in 2017. Since then, India has become the second-largest issuer of green bonds (after China) among emerging markets with cumulative issues worth more than $10 billion by private companies and public sector entities such as the State Bank of India (SBI). However, there has been no green bond issuance yet by either the Central or state governments.
Refer: facts for prelims: https://www.insightsonindia.com/2023/01/12/mission-2023-insights-daily-current-affairs-pib-summary-12-january-2023/
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Question 9 of 10
9. Question
1 pointsThe world’s first Wildlife Conservation Bond – also known as ‘the Rhino Bond’ – has been issued by
Correct
Ans: (d)
Explanation:
- Wildlife Conservation Bond (also called Rhino bond) is a five-year bond to protect and increase black rhino populations in protected areas in South Africa. It has been launched by the World Bank with the Global Environment Facility (GEF) to channelise private capital.
Refer: facts for prelims: https://www.insightsonindia.com/2023/01/12/mission-2023-insights-daily-current-affairs-pib-summary-12-january-2023/
Incorrect
Ans: (d)
Explanation:
- Wildlife Conservation Bond (also called Rhino bond) is a five-year bond to protect and increase black rhino populations in protected areas in South Africa. It has been launched by the World Bank with the Global Environment Facility (GEF) to channelise private capital.
Refer: facts for prelims: https://www.insightsonindia.com/2023/01/12/mission-2023-insights-daily-current-affairs-pib-summary-12-january-2023/
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Question 10 of 10
10. Question
1 pointsConsider the following statements Bureau of Energy Efficiency (BEE):
-
- It is a statutory body that works under the aegis of the Ministry of Power.
- The Star Labeling Programme has been formulated by the Bureau of Energy Efficiency, under the Energy Conservation Act, 2001.
Which of the statements given above is/are correct?
Correct
Ans: (c )
Explanation:
- The Star Labeling Programme has been formulated by the Bureau of Energy Efficiency, under the Energy Conservation Act, 2001.
- Bureau of Energy Efficiency (BEE), a statutory body under the Ministry of Power, is responsible for spearheading the improvement of energy efficiency in the economy through various regulatory and promotional instruments.
Refer: facts for prelims: https://www.insightsonindia.com/2023/01/12/mission-2023-insights-daily-current-affairs-pib-summary-12-january-2023/
Incorrect
Ans: (c )
Explanation:
- The Star Labeling Programme has been formulated by the Bureau of Energy Efficiency, under the Energy Conservation Act, 2001.
- Bureau of Energy Efficiency (BEE), a statutory body under the Ministry of Power, is responsible for spearheading the improvement of energy efficiency in the economy through various regulatory and promotional instruments.
Refer: facts for prelims: https://www.insightsonindia.com/2023/01/12/mission-2023-insights-daily-current-affairs-pib-summary-12-january-2023/
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