“HELLO” to ECONOMIC SURVEY

Dear Subcribers, GET Ready to Test Yourself

As per our commitment, we bring you MCQ’s for chapter already uploaded ie CH-1,2,3&4.

Note: This is a deliberate attempt to sensitize you regarding your LEVEL OF PREPRATION.

Q1. Consider the following statements about ESSENTIAL COMMODITIES ACT (ECA),
1955
1. It controls the production and distribution of certain goods treated as essential
commodities only.
2. It ensures affordability of essential commodities for the poor by restricting hoarding.
Which of the statements given above is/are correct?
A) 1 only
B) 2 only
C) Both 1 and 2
D) Neither 1 nor 2

Q2. Consider the following statements regarding Price Stabilization Fund

1. Initially the fund was proposed to be used for market interventions for onion and potato
only.
2. The PSF is managed by Ministry of Agriculture.
3. Procurement of commodities is undertaken directly from APMC’s

Which of the statements given above is/are not correct?

A) 1 and 2 only
B) 1 and 3 only
C) 2 and 3 only
D) All of the above.

Q3. Consider the following statements about ‘shadow

banking’:
1. The term refers to hawala transactions (money laundering) are not subject to strict regulation

2. They derive funds through mobilization of public deposits.

3.Non-Banking Finance Companies (NBFCs) are a type of shadow banks.

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Which of the statements given above is/are correct?
A) 1 only
B) 2 only
C) Both 2 and 3
D) None of the above

Q4. The term ‘SHRUG Platform’ refers to

A) Online portal for donation of waste/ used clothes.

B) Scheme promoted by Weavers guild of India for sale of handlooms.
C) Big data about socio economic development in India.
D) Convention for protection of vulnerable species in southern hemisphere

Q5. Consider the following statements with respect to ‘Dakshinapatha’

1. It was a major trade route to the south during ancient times.

2. It finds mention in the Arthashastra and other Buddhist literature

Which of the statements given above is/are correct?

A) 1 only
B) 2 only
C) Both 1 and 2
D) None of the above

Q6. Term ‘Liquid Debt Mutual Funds’ were in news recently.

Consider the following statements in the above context

1. They are a category of mutual funds which invest in very short-term market instruments.
2. Such type of mutual funds do not have a lock-in period.

Which of the statements given above is/are correct?

A) 1 only
B) 2 only
C) Both 1 and 2
D) None of the above

Q7. Consider the following statements with respect to Farmer Producer Company( FPC)

1. A Farmer Producer Company is a hybrid between cooperative societies and private

limited companies
2. Main purpose is to enhance production, productivity and profitability of agriculturists,
especially small farmers in the country
3. It is registered under Societies Registration Act,1860.
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Which of the statements given above is/are correct?
A) 1and 2 only
B) 2 and 3 only
C) 1,2 and 3
D) None of the above

Q8. Economic concept of ‘Forces of creative destruction’ justifies

1. Loss making industries should close down freeing the resources for more productive
processes.
2. Job losses are good for the long-term well-being of the economy.
Which of the statements given above is/are not correct?
A) 1 only
B) 2 only
C) Both 1 and 2
D) None of the above
Q9. Recent RBI guidelines declare willful defaulter as
1. An entity or a person that has not paid the loan back despite the ability to repay
it.
2. An entity or a person could also be branded a wilful defaulter if it uses the funds for
purposes other than what is sanctioned by the lender

Which of the statements given above is/are correct?

A) 1 only
B) 2 only
C) Both 1 and 2
D) None of the above

Q10. Consider the following statements about Crop Diversification in context of developing
countries

1. It provides an alternative to boost employment generation and natural resources

sustainability.
2. It provides a shift towards capital intensive farming systems and increased farmer
income.

Which of the statements given above is/are correct?

A) 1 only
B) 2 only
C) Both 1 and 2
D) None of the above

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