Published on Jun 1, 2017
IASbaba's 60 Day Plan- Prelims Test 2017 Economics and Current Affairs [Day 58]

Hello Friends

So, here we are with the 58th 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 58]: ECONOMICS & CURRENT AFFAIRS 

ARCHIVES

Q.1) Which of the following is/are non-tariff barriers?

  1. Quota
  2. Phyto-sanitory measures
  3. Embargoes

Select the correct answer using the codes given below:

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

Q.2) Reserve Money includes which of the following?

  1. Currency in circulation
  2. Bank deposits with the RBI
  3. Deposits in commercial banks.
  4. ‘Other’ deposits with the RBI.

Select the correct answer using the code given below:

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

Q.3) Which of the following is correctly matched?

Sector Regulator
1.      Capital Market Reserve bank of India
2.      Government Securities Market Securities and Exchange Board of India (SEBI)
3.      Commodity Market Forward Market commission (FMC)

Select the appropriate using the code given below

  1. 1 only
  2. 3 only
  3. 1,2 and 3
  4. None of these

Q.4) Consider the following statements:

  1. Nominal Effective Exchange Rate (NEER) is the weighted average of nominal exchange rates, adjusted for inflation.
  2. Real Effective Exchange Rate (REER) is the unadjusted weighted average rate at which one country's currency exchanges for a basket of multiple foreign currencies.

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.5) Which of the following come under fiscal consolidation?

  1. Increasing Debt to GDP ratio
  2. Decreasing fiscal deficit
  3. Consolidating revenue deficit
  4. Increasing public expenditure in creating capital assets to stimulate growth

Select the correct answer using the codes given below:

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

Q.6) The difference between the market prices and factor cost is equal to –

  1. Indirect taxes paid
  2. Indirect tax paid minus subsidies received
  3. Subsidies received
  4. Indirect taxes paid plus subsidies received

Q.7) Arrange the following sectors in the decreasing order of total electricity consumption in India:

  1. Industrial sector
  2. Domestic sector
  3. Commercial sector
  4. Agriculture sector

Choose the correct option:

  1. 1-2-3-4
  2. 4-3-2-1
  3. 1-2-4-3
  4. 3-4-1-2

Q.8) With reference to Enforcement Directorate, consider the following statements:

  1. It looks after investigation cases related to Foreign Exchange Management Act, FEMA and Prevention of Money Laundering Act, PMLA
  2. ED cannot arrest the offenders in relation to PMLA offence
  3. It falls under Ministry of Finance, Department of Expenditure

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.9) Which of the following industry must be located near the market?

  1. Brewing industry
  2. Sugar industry
  3. Cotton industries

Choose the correct option

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

Q.10) Non Banking Financial Company - Micro Finance Institutions (NBFC-MFIs) can serve which of following purposes in India?

  1. Education loans
  2. Loan for Income generation activities
  3. Savings account for the poor

Choose the correct answer using the codes below:

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

Q.11) India’s GDT Act contains an ‘Anti – Profiteering’ clause. Which country was the first to incorporate this clause into its GST Act?

  1. France
  2. Canada
  3. Australia
  4. China

Q.12) In management parlance, the ‘Clive effect’ refers to

  1. Shareholder democracy
  2. Profitability
  3. Executive remuneration
  4. Dominating leadership

Q.13) Which of the following statement are correct regarding switch over/transfer of Employee provident fund (EPF) to National Pension Scheme (NPS)?

  1. Only central and State Government employees are eligible for this.
  2. Those who switch over can also reverse this switch once.
  3. The switch to NPS will not attract any income tax.
  4. Those who switch back to EPF will be treated as new EPF subscribers.

Select the code from below:

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

Q.14) Which of the following countries instituted the World’s first central Bank?

  1. England
  2. USA
  3. Sweden
  4. Germany 

Q.15) Which of the following currency pairs are colloquially called ‘Cable’?

  1. Euro – British Pound
  2. Dollar – British Pound
  3. Dollar – Euro
  4. Dollar – Yen

Q.16) PM unveiled translated volumes of Vachana, penned by 12th century social reformer Basavanna and other saints in 23 Indian languages.

Consider the following statements in this regard:

  1. Anubhava mantapa started by Basavanna is considered as “first parliament concept of the world”
  2. Basavanna was the first to use vachana form of literature
  3. The philosophy propounded by Basavanna is called Shakti Vishishtadvaita

Which of the statements given above is/are correct?

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

Q.17) IRB InvIT became India’s first infrastructure investment trust (InvIT) fund to offer IPO.

Consider the following statements regarding InvITs:

  1. They are similar to mutual funds allowing investors to invest in infrastructure projects like road and power.
  2. They are restricted to under-construction infrastructure projects.
  3. It ensures fixed compensation to investors despite project delays.

Which of the above statement[s] is/are correct?

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

Q.18) Consider the following statements on new series of IIP

  1. Base year has been moved from 2004-05 to 2011-12
  2. 2011-12 now serves as the common base year for GDP, IIP, CPI and WPI

Choose the correct statement[s]

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

Q.19) Which one among the following statements about the SAMPADA scheme is correct?

  1. It is launched by ministry of culture to preserve ancient literary pieces and manuscripts
  2. It is a scheme of Ministry of Drinking Water and Sanitation to improve access to drinking water in drought hit areas
  3. It is a scheme of Ministry of agriculture to boost farm income
  4. It is a scheme of Ministry of Food processing to modernise agriculture, processing and decrease agri-waste

Q.20) e-VIN (Electronic Vaccine Intelligence Network) of Ministry of Health and Family Welfare is being considered the global best practice in immunisation.

Consider the following statements:

  1. It is an indigenously developed technology system in India that digitizes vaccine stocks and monitors the temperature of the cold chain through a smartphone application.
  2. It supports Universal Immunisation Programme
  3. The technological innovation is implemented by World Health Organisation

Choose the correct statement[s]

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