Published on May 31, 2017
IASbaba's 60 Day Plan- Prelims Test 2017 Economics and Current Affairs [Day 57]

Hello Friends

So, here we are with the 57th Day of 60 Days Plan. It is the third edition of 60 Days program but seems like the first one because of the excitement involved everywhere, including us :)

We are equally excited and pumped. Our Team is working hard to make you realize your dream. Do not take it insincerely and let us down. Your faith and participation has to be in sync with the amount of hard work and effort we do.

Let us pledge to make it a big game changer (better than last year) in the next 60 days!

Importance of Self - Tracking: Learning from Last Year

Last year, aspirants used to comment their answers in the comment box on daily basis. There were huge participation in discussion. Putting answers in comment box has been very effective to self track yourself after updating the score. In the end you can cross check your performance through disqus profile.

It was highly effective in the last edition of 60 Days that propelled aspirants to monitor their performance and learn through discussion. Let you solve these questions with full honesty and write your result in the comment box. Interact with peers to know your mistakes.

The importance of this initiative stands time bound and aggressive reverse engineering to learn the concepts. Many of you must be busy with your own strategy but let us tell you honestly that in the last two months, it is very important to revise and consolidate your learning. Just reading won’t suffice.

So, take out few hours from your schedule and make it a revision exercise.

How you can make the best use of it?

Be honest to your effort and do not start competing with XYZ aspirants here just for the sake of marks. It is more important for you to introspect and check your learning than focusing on others. Try to answer the questions in 20 minutes only. 

Do not get into negative feeling that I don’t have enough knowledge to answer these questions. Feel like you are taking the real exam. What would be your response then?

The same will be replicated in UPSC exam. Here, you get marks only and nothing else matters. So make effort to know the answers of all questions. Do not cheat :P

Baba's Gyan for REVISION

Many of you, almost all, asks about effective revision strategy! Can there be any?

Let us tell you something Baba does :D 

You guys study a lot and there is no issue with the hard work that has been put in. But when it comes to input-output comparison, your performance is questionable.

What to do?

Just do this for a Week: Go to bed before stipulated time of your sleep, at least 1 hour before. Close your eyes and try to relax your mind. You should attain full comfort and calmness.

Do this on the First Day: Imagine the full story of a recent movie that you have watched. Try to recollect from starting to end. See, whether you are able to depict the clear picture or not!

Now, do the same for everything you learnt from morning specially the ones you struggled with. Since it is fresh, most of the things should flow into your mind smoothly. Check what is your recollecting capacity.

For example, if you prepared Polity Day 2: Topics- Try to collect all important concepts and learning of the day.

Trust us, this exercise if done with sincerity will give you immense confidence as well as boost your performance. There is no ideal time for revision and there cannot be any specific date put for it, as commonly done.

This will always expose your weaknesses the very same day and if you tend to forget something, can always get back to consolidate and cement it.

REPEAT IT FOR A WEEK & SEE THE MAGIC :D 

Must to Do: Read the detailed article regarding Micro Analysis Matrix and follow the guidelines- Click Here

Try to hold your nerves and learn to control the temptation. This is very important art to learn and implement!

Are you ready? Let's start

[Day 57]: ECONOMICS & CURRENT AFFAIRS 

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Q.1) Which among the following statements regarding Multilateral Investment Guarantee Agency (MIGA) are correct?

  1. It is an arm of the IMF.
  2. It is an arm of the World Bank Group.
  3. It encourages foreign investment in public sector only.
  4. It provides insurance to foreign private investors against the loss caused by political risks.

Select the correct answer using the codes given below:

  1. 1 and 3 only
  2. 2 and 4 only
  3. 1, 3 and 4 only
  4. 2, 3 and 4 only

Q.2) Which among the following is/are matched correctly?

  1. World Development Report -           World Bank
  2. Global Financial Stability Report -           IMF
  3. World Investment Report -           UNCTAD
  4. Global Competitiveness Report -           World Economic Forum

Select the correct answer using the codes given below:

  1. 1 and 3 only
  2. 1, 2 and 4 only
  3. 2 and 4 only
  4. 1, 2, 3 and 4

Q.3) Which of the following countries is/are NOT a part of RCEP?

  1. India
  2. Russia
  3. China
  4. Japan

Select the appropriate option using the code below

  1. 2 only
  2. 1 and 4 only
  3. 2 and 3 only
  4. 2 and 4 only

Q.4) A member's quota in IMF determines that country’s financial and organizational relationship with the IMF. Consider the following related to Quota system in IMF.

  1. Member’s quota subscription determines the maximum amount of financial resources the IMF is obliged to provide to the member.
  2. It determines member's voting power in IMF decisions.
  3. A member cannot access more finance than its allotted quotas.

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

  1. 1 and 2 only
  2. 2 only
  3. 2 and 3 only
  4. All of them are correct.

Q.5) Consider the following statements related to New Development Bank?

  1. It was established during the sixth BRICS Summit in Fortaleza (2014).
  2. Its Headquarter is in Beijing, China.
  3. At present, China has highest voting rights among all the members.

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

  1. 1 only
  2. 1 and 3 only
  3. 2 and 3 only
  4. 1,2 and 3 only

Q.6) Consider the following about Investor-State Dispute Settlement (ISDS) mechanism:

  1. ISDS is a mechanism to settle investor disputes which relies on arbitration rather than public courts.
  2. The system allows governments to drag companies to international arbitration without exhausting the local remedies.

Which of the statements given above is/are correct?

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

Q.7) Consider the following statements:

  1. Protectionism refers to government actions and policies that restrict or restrain international trade, often done with the intent of protecting local businesses and jobs from foreign competition.
  2. Import substitution industrialization (ISI) is a theory of economics typically utilized by developing countries or emerging market nations seeking to decrease dependence on developed countries and to increase self-sufficiency.

Which of the statements given above is/are correct?

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

Q.8) SARTTAC (South Asia Training and Technical Assistance Centre) is a collaborative venture between the member countries and which among the following organisation?

  1. World Bank (WB)
  2. International Monetary Fund (IMF)
  3. World Trade Organization (WTO)
  4. United Nations Economic and Social Commission for Asia and the Pacific (ESCAP)

Q.9) Consider the following definitions related to different trade agreements:

  1. PTAs are arrangements between two or more countries that primarily agree to reduce or eliminate customs tariff and non tariff barriers on substantial trade between them.
  2. Custom union is the arrangement in which partner countries may decide to trade at zero duty among themselves; however they maintain common tariffs against rest of the world.
  3. Economic Union is a common market extended through harmonization of fiscal/monetary policies and shared executive, judicial & legislative institutions.

Which of the statements given above is/are correct?

  1. 1 only
  2. 1 and 2 only
  3. 2 and 3 only
  4. 1, 2 and 3

Q.10) With reference to Multidimensional Poverty Index, consider the following statements:

  1. MPI was developed by World Bank in collaboration with OECD.
  2. The MPI can help in the effective allocation of resources and implement some SDGs strategically.
  3. It complements monetary measures of poverty by considering deprivations in access to water, sanitation, and electricity.

Which of the statements given above is/are correct?

  1. 1 only
  2. 1 and 2 only
  3. 2 and 3 only
  4. 1, 2 and 3

Q.11) Agreement on Agriculture have identified different subsidies on the basis of colour. Which of the following statements are correct about these subsidies?

  1. All domestic support measures considered to distort production and trade (with some exceptions) fall into the Amber Box.
  2. Developed Countries are not at all allowed to provide such subsidies to their farmers.

Select the code from following:

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

Q.12) The China led Asia Infrastructure Investment Bank (AIIB) has approved first set of loans. Which of the following countries have received loans from AIIB?

  1. Indonesia
  2. Tajikistan
  3. Pakistan
  4. Bangladesh

Select the code from below:

  1. 1 and 2
  2. 1,2 and 4
  3. 2,3 and 4
  4. All of the above

Q.13) Consider the following statements regarding Sanitary and Phytosanitary agreement:

  1. It sets out the basic rules for food safety and animal and plant health standards.
  2. It is a multilateral agreement which comes under World Health Organisation (WHO).

Which of the above statements are correct?

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

Q.14) Trans Pacific Partnership (TPP) is a trade agreement between Pacific rim countries. Which of the following statements are correct about this?

  1. The TPP contains measures to lower both non-tariff and tariff barriers to trade.
  2. USA is the first country to ratify TPP.

Select the code from following:

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

Q.15) Which of the following statements are correct about The Copyright (Amendment) Act 2012?

  1. Lyricists and singers will be given royalty if their creation is reused rather than a one time compensation by music director.
  2. Effective protective framework for physically challenged or disabled persons by exempting works prepared for the good of the physically challenged in special formats such as Braille, from copyright
  3. Students are exempted to use the artistic, literary or dramatic or cinematographic works for research purposes under expanded concept of “Fair Use”.

Select the code from below:

  1. 1 and 2
  2. 2 and 3
  3. 1 and 3
  4. All of the above

Q.16) Consider the following statements regarding Sri Ramanuja Acharya

  1. He was a Hindu theologian, philosopher, and one of the most important exponents of the Shaivism tradition within Hinduism
  2. His philosophical foundation was qualified monism and is called Vishishtadvaita in the Hindu tradition
  3. A postage stamp was recently released to celebrate his 1000 birth anniversary

Which of the given statements is/are correct?

  1. 1 and 3
  2. 2 and 3
  3. 1 and 3
  4. 1, 2 and 3

Q.17) What is the name of the tropical cyclone that made landfall in Bangladesh recently?

  1. Cyclone Mora
  2. Cyclone Phaline
  3. Cyclone Tora
  4. Cyclone Humsa

Q.18) Consider the following about International Day of UN Peacekeepers

  1. The theme for the 2017 International Day of UN Peacekeepers is "Investing in Peace Around the World".
  2. It is celebrated on 30th of May
  3. The day is marked at the United Nations Headquarters in New York City with the presentation of the Dag Hammarskjöld Medal

Which of the given statements is/are correct?

  1. 1 and 2
  2. 2 and 3
  3. 1 and 3
  4. 1, 2 and 3

Q.19) There are over 500 tribes (with many overlapping communities in more than one State) as notified under article 342 of the Constitution of India, spread over different States and Union Territories of the country, the largest number of tribal communities being in the State of

  1. Maharashtra
  2. Madhya Pradesh
  3. Orrisa
  4. Chhattisgarh

Q.20) Consider the following statements regarding the removal of Supreme Court Judge

  1. A judge of the Supreme Court can be removed from his office by an order of the President on a resolution by Parliament
  2. Ground for removal of judges is ‘violation of constitution’
  3. Judges of Supreme Court can be impeached

Which of the given statements is/are incorrect?

  1. 1 and 2
  2. 2 and 3
  3. 1 and 3
  4. 1, 2 and 3
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