The Current Affairs Quiz is a daily quiz based on the DAILY CURRENT AFFAIRS AND PIB SUMMARY from the previous day, as posted on our website. It covers all relevant news sources and is designed to test your knowledge of current events. Solving these questions will help you retain both concepts and facts relevant to the UPSC IAS civil services exam.
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Question 1 of 10
1. Question
1 pointsWhich one of the following in Indian polity is an essential feature that indicates that it is federal in character?
Correct
Ans: (a)
Explanation:
- Federalism is a system of government that combines a central or “federal” government with regional governments within a single political framework, distributing powers between them. In India, the Constitution outlines the structure of governance, delineating the relationship between the federal government and state governments. Legislative, administrative, and executive powers are divided between the Union government and the states through the Union List, State List, and Concurrent List.
Refer: https://www.insightsonindia.com/2024/06/10/upsc-current-affairs-10-june-2024/
Incorrect
Ans: (a)
Explanation:
- Federalism is a system of government that combines a central or “federal” government with regional governments within a single political framework, distributing powers between them. In India, the Constitution outlines the structure of governance, delineating the relationship between the federal government and state governments. Legislative, administrative, and executive powers are divided between the Union government and the states through the Union List, State List, and Concurrent List.
Refer: https://www.insightsonindia.com/2024/06/10/upsc-current-affairs-10-june-2024/
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Question 2 of 10
2. Question
1 pointsConsider the following statements:
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- The repo rate is the rate at which the central bank of a country lends money to commercial banks.
- An increase in the repo rate typically encourages borrowing and investment.
- A decrease in the repo rate generally leads to a decrease in inflation.
How many of the above statements is/are correct?
Correct
Ans: (a)
Explanation:
- S1: Correct. The repo rate is indeed the rate at which the central bank (Reserve Bank of India) lends money to commercial banks, typically against government securities.
- S2: incorrect. When the repo rate decreases, the cost of borrowing becomes cheaper. This can encourage spending and investment in an economy, stimulating economic growth. Conversely, an increase in the repo rate can make borrowing costs higher, decreasing disposable income and dampening economic growth.
- S3: incorrect. A decrease in the repo rate usually makes borrowing cheaper for commercial banks, which can then pass on the lower rates to businesses and consumers, encouraging borrowing and investment.
Refer: https://www.insightsonindia.com/2024/06/10/upsc-current-affairs-10-june-2024/
Incorrect
Ans: (a)
Explanation:
- S1: Correct. The repo rate is indeed the rate at which the central bank (Reserve Bank of India) lends money to commercial banks, typically against government securities.
- S2: incorrect. When the repo rate decreases, the cost of borrowing becomes cheaper. This can encourage spending and investment in an economy, stimulating economic growth. Conversely, an increase in the repo rate can make borrowing costs higher, decreasing disposable income and dampening economic growth.
- S3: incorrect. A decrease in the repo rate usually makes borrowing cheaper for commercial banks, which can then pass on the lower rates to businesses and consumers, encouraging borrowing and investment.
Refer: https://www.insightsonindia.com/2024/06/10/upsc-current-affairs-10-june-2024/
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Question 3 of 10
3. Question
1 pointsIn the context of Indian economy, ‘Open Market Operations’ refers to
Correct
Ans: (c)
Explanation: Tools for Controlling Interest rates
- Open Market Operations (OMO): The RBI buys or sells government securities to adjust money supply and interest rates.
- Cash Reserve Ratio (CRR): The percentage of deposits banks must hold with the RBI, influencing their lending capacity.
- Statutory Liquidity Ratio (SLR): The percentage of deposits banks must invest in government securities, also affecting liquidity and interest rates.
Refer: https://www.insightsonindia.com/2024/06/10/upsc-current-affairs-10-june-2024/
Incorrect
Ans: (c)
Explanation: Tools for Controlling Interest rates
- Open Market Operations (OMO): The RBI buys or sells government securities to adjust money supply and interest rates.
- Cash Reserve Ratio (CRR): The percentage of deposits banks must hold with the RBI, influencing their lending capacity.
- Statutory Liquidity Ratio (SLR): The percentage of deposits banks must invest in government securities, also affecting liquidity and interest rates.
Refer: https://www.insightsonindia.com/2024/06/10/upsc-current-affairs-10-june-2024/
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Question 4 of 10
4. Question
1 pointsConsider the following statements regarding the velocity of money:
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- The velocity of money increases when the frequency of transactions in an economy rises.
- A high velocity of money typically indicates a high level of economic activity.
- If the velocity of money decreases, it suggests that people are holding onto their money rather than spending it.
How many of the above statements is/are correct?
Correct
Ans: (c)
Explanation:
- S1: Correct. The velocity of money increases when the frequency of transactions rises because it means that money is changing hands more frequently within a given period.
- S2: Correct. A high velocity of money usually indicates a high level of economic activity since money is being spent rapidly on goods and services, suggesting a robust and active economy.
- S3: Correct. If the velocity of money decreases, it suggests that people prefer to hold onto their money rather than spend it, which can indicate economic uncertainty or lower confidence in economic conditions.
Refer: https://www.insightsonindia.com/2024/06/10/upsc-current-affairs-10-june-2024/
Incorrect
Ans: (c)
Explanation:
- S1: Correct. The velocity of money increases when the frequency of transactions rises because it means that money is changing hands more frequently within a given period.
- S2: Correct. A high velocity of money usually indicates a high level of economic activity since money is being spent rapidly on goods and services, suggesting a robust and active economy.
- S3: Correct. If the velocity of money decreases, it suggests that people prefer to hold onto their money rather than spend it, which can indicate economic uncertainty or lower confidence in economic conditions.
Refer: https://www.insightsonindia.com/2024/06/10/upsc-current-affairs-10-june-2024/
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Question 5 of 10
5. Question
1 pointsConsider the following statements about the Monetary Policy Committee (MPC):
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- It decides the RBI’s benchmark interest rates.
- It is a 12-member body including the Governor of RBI and is reconstituted every year.
- It functions under the chairmanship of the Union Finance Minister.
How many of the above statements is/are correct?
Correct
Ans: (a)
Explanation:
- S1 is correct: It decides the repo rates, CRR, SLR etc. It replaced the earlier system of policy rate veto by the RBI governor.
- S2 is incorrect: It consists of six members (RBI Governor, Deputy Gov RBI, One RBI officer and three members nominated by the government), and they hold office for a period of four years.
- S3 is incorrect: The Governor of the RBI is the ex-officio Chairperson of MPC.
Refer: https://www.insightsonindia.com/2024/06/10/upsc-current-affairs-10-june-2024/
Incorrect
Ans: (a)
Explanation:
- S1 is correct: It decides the repo rates, CRR, SLR etc. It replaced the earlier system of policy rate veto by the RBI governor.
- S2 is incorrect: It consists of six members (RBI Governor, Deputy Gov RBI, One RBI officer and three members nominated by the government), and they hold office for a period of four years.
- S3 is incorrect: The Governor of the RBI is the ex-officio Chairperson of MPC.
Refer: https://www.insightsonindia.com/2024/06/10/upsc-current-affairs-10-june-2024/
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Question 6 of 10
6. Question
1 pointsConsider the following statements about Bureau of Indian Standards (BIS):
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- BIS is responsible for the formulation and implementation of standards for products, services, and systems in India.
- BIS operates only in the industrial sector, with no role in the agricultural or consumer sectors.
Which of the statements given above is/are correct?
Correct
Ans: (a)
Explanation:
- S1: Correct. BIS is responsible for the formulation, recognition, and promotion of Indian Standards. It sets standards for various products, services, and systems, ensuring quality and safety.
- S2: Incorrect. BIS does not operate solely in the industrial sector; it also covers agricultural and consumer sectors. BIS sets standards for a wide range of products and services across various sectors.
Refer: https://www.insightsonindia.com/2024/06/10/upsc-current-affairs-10-june-2024/
Incorrect
Ans: (a)
Explanation:
- S1: Correct. BIS is responsible for the formulation, recognition, and promotion of Indian Standards. It sets standards for various products, services, and systems, ensuring quality and safety.
- S2: Incorrect. BIS does not operate solely in the industrial sector; it also covers agricultural and consumer sectors. BIS sets standards for a wide range of products and services across various sectors.
Refer: https://www.insightsonindia.com/2024/06/10/upsc-current-affairs-10-june-2024/
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Question 7 of 10
7. Question
1 pointsWhich organization is responsible for conducting the ‘Household Consumption Expenditure Survey 2022-23’ in India?
Correct
Ans: (b)
Explanation:
- The Consumption Expenditure Survey 2022-23 reveals that Indian households, both rural and urban, spent the most on processed food.
- The National Sample Survey Office (NSSO) released the Household Consumption Expenditure Survey (HCES), which collects data on household consumption of goods and services. Since 1950, NSSO, headed by the Director General, has conducted large-scale nationwide surveys on socio-economic subjects and the Annual Survey of Industries (ASI). It operates under the Ministry of Statistics and Programme Implementation.
Refer: https://www.insightsonindia.com/2024/06/10/upsc-current-affairs-10-june-2024/
Incorrect
Ans: (b)
Explanation:
- The Consumption Expenditure Survey 2022-23 reveals that Indian households, both rural and urban, spent the most on processed food.
- The National Sample Survey Office (NSSO) released the Household Consumption Expenditure Survey (HCES), which collects data on household consumption of goods and services. Since 1950, NSSO, headed by the Director General, has conducted large-scale nationwide surveys on socio-economic subjects and the Annual Survey of Industries (ASI). It operates under the Ministry of Statistics and Programme Implementation.
Refer: https://www.insightsonindia.com/2024/06/10/upsc-current-affairs-10-june-2024/
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Question 8 of 10
8. Question
1 pointsWhich organization recently released the ‘World Wealth Report 2024’?
Correct
Ans: (d)
Explanation:
- The Capgemini Research Institute’s recently published World Wealth Report 2024.
- Wealth bands include Ultra-HNWIs ($30 million or more), Mid-Tier Millionaires ($5-30 million), and Millionaires Next Door ($1-5 million)
- Key Findings: India saw a 12.2% increase in the HNWI population, reaching more than 3 million, with over 12% growth in financial wealth to $1,445 billion.
Refer: https://www.insightsonindia.com/2024/06/10/upsc-current-affairs-10-june-2024/
Incorrect
Ans: (d)
Explanation:
- The Capgemini Research Institute’s recently published World Wealth Report 2024.
- Wealth bands include Ultra-HNWIs ($30 million or more), Mid-Tier Millionaires ($5-30 million), and Millionaires Next Door ($1-5 million)
- Key Findings: India saw a 12.2% increase in the HNWI population, reaching more than 3 million, with over 12% growth in financial wealth to $1,445 billion.
Refer: https://www.insightsonindia.com/2024/06/10/upsc-current-affairs-10-june-2024/
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Question 9 of 10
9. Question
1 pointsWhich organization launched the ‘Greening Curriculum Guidance’ (GCG) and ‘Green School Quality Standards (GSQS)’?
Correct
Ans: (a)
Explanation:
- Context: UNESCO has launched the Greening Curriculum Guidance (GCG) and Green School Quality Standards (GSQS) under the Greening Education Partnership.
Refer: https://www.insightsonindia.com/2024/06/10/upsc-current-affairs-10-june-2024/
Incorrect
Ans: (a)
Explanation:
- Context: UNESCO has launched the Greening Curriculum Guidance (GCG) and Green School Quality Standards (GSQS) under the Greening Education Partnership.
Refer: https://www.insightsonindia.com/2024/06/10/upsc-current-affairs-10-june-2024/
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Question 10 of 10
10. Question
1 pointsThe term ‘Base Erosion and Profit Shifting’ is sometimes seen in the news in the context of
Correct
Ans: (b)
Explanation:
- Context: The 16th meeting of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) concluded
- An inclusive framework on BEPS is finalizing negotiations on Pillar One, while the Global Minimum Tax under Pillar Two is being implemented in countries globally
- What is an Inclusive Framework?
- The OECD/G20 Inclusive Framework on BEPS, with 147 countries and jurisdictions including India, fights tax avoidance and promotes fair tax practices through a Two-pillar approach: Pillar One reallocates profits of large MNEs, while Pillar Two establishes a Global Minimum Corporate Tax of 15%. This framework ensures fairness in tax systems, addresses tax avoidance, and adapts to evolving business models and digital economies.
- What is BEPS?
- It refers to corporate tax planning strategies used by multinationals to shift profits from higher-tax jurisdictions to lower or no-tax jurisdictions.
- The OECD defines BEPS strategies as exploiting gaps and mismatches in tax rules. It erodes the tax base (costing countries USD 100-240 billion in lost revenue annually) of the higher-tax jurisdictions.
Refer: https://www.insightsonindia.com/2024/06/10/upsc-current-affairs-10-june-2024/
Incorrect
Ans: (b)
Explanation:
- Context: The 16th meeting of the OECD/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) concluded
- An inclusive framework on BEPS is finalizing negotiations on Pillar One, while the Global Minimum Tax under Pillar Two is being implemented in countries globally
- What is an Inclusive Framework?
- The OECD/G20 Inclusive Framework on BEPS, with 147 countries and jurisdictions including India, fights tax avoidance and promotes fair tax practices through a Two-pillar approach: Pillar One reallocates profits of large MNEs, while Pillar Two establishes a Global Minimum Corporate Tax of 15%. This framework ensures fairness in tax systems, addresses tax avoidance, and adapts to evolving business models and digital economies.
- What is BEPS?
- It refers to corporate tax planning strategies used by multinationals to shift profits from higher-tax jurisdictions to lower or no-tax jurisdictions.
- The OECD defines BEPS strategies as exploiting gaps and mismatches in tax rules. It erodes the tax base (costing countries USD 100-240 billion in lost revenue annually) of the higher-tax jurisdictions.
Refer: https://www.insightsonindia.com/2024/06/10/upsc-current-affairs-10-june-2024/
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