INSIGHT UPSC QUIZ

Consider the following statements with reference to difference between factor cost and market prices:

1. Market prices are the prices as paid by the consumers and factor cost refers to the prices of products as received by the producers. 

2. Market prices include product taxes minus subsides, and factor cost is equal to market prices minus net indirect taxes. 

Which of the statements given above is/are correct?

In context of LPG reforms ushered in the Indian economy AFTER 1991, consider the following statements:

1. The reform policies led to the establishment of private sector banks, Indian as well as foreign.

2. The financial sector was allowed to take decisions on many matters without consulting the RBI. 

3. Foreign Institutional Investors (FIIs) were denied permission to invest in Indian financial markets. 

Which of the statement(s) given above is/are correct?

Globalisation is the process of rapid integration or interconnection between countries. Which of the following factors enable/influence the process of globalisation?

1. Increasing foreign trade.

2. Improvement in technology. 

3. Reduction in trade barriers. 

4. Need for skilled persons.

Select the correct answer using the code given below:

With reference to pre-liberalisation era, which of the following factors were responsible for underdevelopment and stagnation of the Indian economy?

In 1991, Indian government introduced a new set of policy measures which changed the direction of our economy. Which among the following were immediate reasons for such a landmark decision?

The GDP of a country cannot be taken as an index of the welfare of the people of that country because:

1. The rise in GDP may be concentrated in the hands of very few individuals or firms.

2. Many activities in an economy are not evaluated in monetary terms.

3. It does not give information about the size of the economy.

4. Externalities do not have any market in which they can be bought and sold.

Which of the statements given above are correct?

Consider the following statements:

1. In 1991, as an immediate measure to resolve the balance of payments crisis, the rupee was devalued against foreign currencies.

2. Devaluation is done in order to encourage imports and increase the inflow of foreign currency in an economy.

Which of the statement(s) given above is/are correct?

Arrange the following sources of earning of Union Government of India in decreasing order:

1. Custom duties.

2. Non-Tax Revenue.

3. Non-Debt Capital Receipts.

4. Union Excise Duties.

Select the correct answer using the code given below.

Poverty is the lack of income and productive resources to ensure sustainable livelihoods. Which among the following are tools/methods used for estimation of poverty in India?

1. Sen Index

2. Poverty Gap Index 

3. Gini Coefficient

4. Inverted Poverty Gap

Select the correct answer using the code given below:

In 1950, the Planning Commission was set up with the Prime Minister as its Chairperson. The era of five-year plans had begun. Which of the statements given below correctly defines the goals of the five-year plans?