INSIGHT UPSC QUIZ

In context of Indian Economy, New Economic Policy (NEP) announced in 1991 by the central government consisted of wide-range of economic reforms which included:

1. Removal of trade restrictions.

2. Promoting overall competitiveness by removing rigidities in various central ministries.

3. Bringing inflation under control.

4. Increasing the output of goods and services.

Which of the statement(s) given above is/are correct with reference to New Economic Policy?

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:

Money is accepted as a medium of exchange because the given currency is authorised by the government of the country. Which among the following are modern forms of money/currency?

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.

Which of the following should be the focus areas in order to bring about comprehensive rural development in India?

Which of the following should be the focus areas in order to bring about comprehensive rural development in India?

1. Undertaking land Reforms.

2. Building key Infrastructure.

3. Introducing measures for alleviation of poverty.

4. Preventing rural to urban migration.

Select the correct answer using the code given below:

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?

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?

Arrange the following ‘Non-Tax Revenue’ sources of the Union Government in decreasing order: 

1. Dividends and Profits. 

2. Interest receipts. 

3. Receipts of Union Territories.

4. External Grants.

Select the correct answer using the code given below.

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?