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Answer Key for Economic & Social Issues

for NABARD Grade A & B


Question Answers Explanations
1. D GDP It is the total value of all final goods and services
produced within the boundary of country during the given
period of time.

GNP It is the total value of the total output or production


of final goods and services produced by the nationals of a
country during a given period of time.

Gross national income It is the total domestic and foreign


output claimed by residents of a country, consisting of gross
domestic product (GDP) plus factor incomes earned by
foreign residents, minus income earned in the domestic
economy by non-residents.

Net national product - The total value of goods produced and


services provided in a country during one year, after
depreciation of capital goods has been allowed for.

2. A NITI Aayog drafted a 15-years vision plan to catapult the


countrys economic growth to more than three times as
compared to the present day. The new plan is set to replace
the centralised five year plans the country has been following
for decades.
The 15-year vision documents have a 7 years strategy
documents for 2017-2024
As the National development agenda and a three year Action
agenda from 2017-18 to 2019-20.
3. D HDI is a measure for assessing progress in three basic
dimensions of human development a long and healthy life,
access to knowledge and access to a decent standard of
living.
Norway topped the list.
4. E

5. E First nationalisation of commercial banks took place in 1969.

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6. A ADB released the Asian development outlook 2017 in which
it had cut the Indias projection to 7.4% for 2017-18 from an
earlier projection estimate of 7.8%.
7. D IMF International Monetary Fund

8. C Also known as Dutt committee. It also recommended the


classification of industries into sectors like core sector, non-
core sector, reserve sector etc
9. D Monetary policy deals with the supply of money in the
economy and the rate of interest.
10. D National Anti-Profiteering authority

11. C World happiness index


Topped by Norway
Indias rank in 2016 118

12. D IFM Investment fund mechanism, it aims to promote and


facilitate EU investment in India.
13. E By this Switzerland can share information about suspected
black money with India and 40 other nations.
14. E

15. B On the basis of causes inflation is classified as


1. Credit inflation
2. Deficit induced inflation
3. Demand pull inflation
4. Cost push inflation
16. B Coir Udyami yojana is a credited linked subsidy scheme. Coir
is fibrous mass extracted out from the coconut husk.
17. C PRAGATI Pro-active governance and timely
implementation.
18. A It is a genetic blood disorder with no cure except bone
marrow transplant.
19. D EPFO signed MoU with Housing and urban development
corporation to enable its member to avail subsidy and
intervention under PMAY
20. C It is an extreme form of inflation when an economy gets
shattered
21. D

22. E The new base year for IIP is 2011-12.

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The Index of Industrial Production (IIP) is an index for India
which details out the growth of various sectors in an
economy such as mineral mining, electricity
and manufacturing.
23. B SEZ is special economic zones. SEZ are allowed
manufacturing, trading and service activities.
24. B

25. E a banking outlet for a scheduled commercial, a payments


bank or a small finance bank as a fixed-point service delivery
unit, manned by either the banks staff or its business
correspondent, where services of acceptance of deposits,
encashment of cheques, cash withdrawal or lending of
money are provided for a minimum of 4 hours per day for at
least five days a week. Those outlets which do not meet this
criterion will be called part-time banking outlet.
26. A World bank consists of two institutions International bank
for reconstruction and development and international
development association.
27. A According to report, Indias economy will grow at 7% in the
current fiscal year, which is strongest amongst G-20
countries.
28. D The survey was conducted by Quality council of India.
Gujarat has the highest number of cleanest cities under top
50 clean cities.
29. B Borrower gains during the inflation since he will have to pay
less in real terms than when it was borrowed
30. B It was organised by Ministry of textiles and FICCI in
Mumbai.
31. D

32. B

33. B The Wholesale Price Index (WPI) is the price of a


representative basket of wholesale goods
34. A Under this mission Indian railways will save 41000 crores
expenditure on energy consumption for next 10 years.
35. D The merchant needs a smartphone and has to download his
or her bank's Aadhaar Pay app from the Google Play Store
and accept payments by sending a pull notification to the
customer's bank account.

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Aadhar Pay smartphone payment app would also eliminate
the fee currently being charged by the private card
companies such as MasterCard and Visa.
36. A

37. D

38. B

39. D

40. C It aims to clean up the balance sheets of PSBs to ensure


banks remain solvent and fully comply with global capital
adequacy norms, Basel-III. Besides, revised programme of
capitalisation will be also issued as part of it.
41. D The survey is released by Department of Public enterprises,
Ministry of heavy industries and public enterprises on the
performance of central public sector enterprises.
42. B NCCT- Non-cooperative companies and territories
RBI prohibited Indian entities from making direct
investment in any entities located in NCCT.
43. D The liberalization policies were unveiled by then Finance
minister Dr. Manmohan singh in 1991-92.
44. A

45. B The programme was conceived for coordinated and intensive


monitoring of a
number of schemes implemented by the Central and the
state governments.
46. C It is an inflation tax

47. B An individual can claim long term capital gain on selling a


house property after holding it for two years instead of three
years
48. D

49. E

50. B

51. C

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52. C The issuer of green bond publicly states that capital is being
raised for green projects
53. D The scheme provides loans to micro units in three categories
ranging from Rs. 50,000 to Rs. 10 lakh.
Shishu: Loan up to Rs 50,000
Kishore: Loan ranging from Rs 50,000 to Rs 5 lakh
Tarun: Loan ranging from Rs 5 lakh to Rs 10 lakh.
54. C China is the worlds largest producer of crude Steel.

55. D When we divide NNP by the total population of a nation we


get the per
capita income (PCI) of that nation.
56. A

57. C AQR Asset Quality review

58. A Bureau of Indian standards revised the Indian standards for


gold hallmarking i.e. 14 carat, 18 carat and 22 carat.
59. C It is an IT tool which facilitates monitoring of universal
access to TB patients database.
60. E Steel ministry released new draft National steel policy 2017
which aims to double the domestic steel production capacity
to 300 million tonnes.
61. B 2nd advance food grains estimate is released by department
of agriculture, cooperation and farmers welfare. The
production during 2016-17 is higher by 14.97 million
tonnes than the previous 5 years average production of
foodgrains.
62. A

63. C Banking codes and standards board of India. It was


registered as a society under the societies registration act
1960.
64. D

65. C NNP = GNP - Depreciation


or,
NNP = GDP + Income from Abroad - Depreciation.
66. B

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67. C National product includes the production activities of
resident irrespective of where it is performed within the
economic territory or outside of it.

68. B

69. B

70. D

71. C Headline inflation in India is measured in


terms of Wholesale Price Index (WPI) and the
Office of the Economic Adviser, Department
of Industrial Policy & Promotion is entrusted
with the task of releasing this index.
72. B Masala bonds are bonds issued outside India but
denominated in Indian Rupees, rather than the local
currency.
73. C

74. E Hongkong Topped the Index.

75. C

76. E The eight core sectors in which electricity has maximum


weightage and fertilizer production has lowest weightage.
77. B

78. C It is the lowest investment grade rating.

79. B They are the specialised agencies with a main role of


resolving the stressed assets issue of the Indian banking
system.
80. D Tax avoidance when taxpayer tries to exploit legal
loopholes to reduce tax liabilities which would be otherwise
incurred.
Tax planning Plan to minimize tax payment.
81. C

82. D The first index number of wholesale prices


commenced in India for the week January 10,
1942. It was having the base week ending August
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19, 1939 = 100 which was published by the office
of the Economic Adviser to the Government
of India (Ministry of Industry)
83. E

84. D

85. C The Economic and social survey report for Asia and Pacific is
released by UNESCAP
86. D This is intended to increase the production level which
ultimately pushes the prices up due to extra-creation of
money during the process.
87. E 7.7% for 2018-19

88. A NPA is classified in three categories


1. Standard asset
2. Sub standard asset
3. Loss asset
89. E 1. Budget deficit = total expenditure total receipts
2. Revenue deficit = revenue expenditure revenue
receipts
3. Fiscal Deficit = total expenditure total receipts except
borrowings
4. Primary Deficit = Fiscal deficit- interest payments
5. Effective revenue Deficit-= Revenue Deficit grants for
the creation of capital assets
6. Monetized Fiscal Deficit = that part of the fiscal deficit
covered by borrowing from the RBI.

90. A

91. C Jharkhand become the second state to change its financial


year.
92. C

93. C Skill Strengthening for Industrial Value


Enhancement (STRIVE)
94. E

95. A Unicorn companies

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96. D

97. E

98. B CPI Consumer Price Index

99. E The index is an annual analysis of how political, economic


and regulatory changes will likely effect FDI flows into
countries in coming years.
USA topped the list.
100. D

101. A Privatisation is the process of transferring ownership of a


business, enterprise, agency, public service or public
property from government to a private sector came in 1991
102. D

103. E

104. B On 28 June 2011 Christine Lagarde was confirmed as


managing director of the IMF for a five-year term starting on
5 July 2011.
105. C It is the presence of, or support for the presence of, several
distinct cultural or ethnic groups within a society.
106. A

107. C It is an action favouring those who tend to suffer from


discrimination; positive discrimination.
108. B The Right of Children to Free and Compulsory Education
Act' or 'Right to Education Act also known as RTE', is
an Act of the Parliament of India enacted on 4 August 2009,
which describes the modalities of the importance of free and
compulsory education for children between 6 and 14 in India
under Article 21A
109. D The position is currently held by Urjit Patel, who took over
from Raghuram Rajan on 4 September 2016.
110. A It is a commission of the Indian government.
It is chaired by the PM with the Deputy Chairman Planning
Commission as vice chairman. Chief ministers of all states,
ministers of the related central ministries, secretaries of the
concerned departments, eminent physicians, demographers
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and the representatives of the civil society are members of
the commission.

111. C

112. B

113. D

114. D

115. E Dalit Panthers is a social organisation that seeks to


combat caste discrimination. It was founded by Namdeo
Dhasal and J. V. Pawar on 29 May 1972 in the Indian state
of Maharashtra.
116. B Harijan was the name given to the Dalit community in India.

117. A

118. C Telangana's first chief minister, K. Chandrashekar Rao of


the Telangana Rashtra Samithi, is also the current
incumbent. He has held office since the day Telangana was
carved out of Andhra Pradesh, 2 June 2014.
119. D

120. E Uttar Pradesh tops the chart in most densely Populated state
in India. According to recent estimates, there are more than
210 million people living in the state of Uttar Pradesh.
121. B The gilt-edged market is the market in government securities
or the securities guaranteed (as to both principal and
interest) by the government.
122. C

123. A Operation Flood, launched in 1970, was a project of


India's National Dairy Development Board (NDDB), which
was the world's biggest dairy development program.
124. D

125. E Subsistence agriculture is self-sufficiency farming in


which the farmers focus on growing enough food to feed

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themselves and their families. The output is mostly for local
requirements with little or no surplus trade.
126. B Objective of "Pradhan Mantri Jan-Dhan Yojana
(PMJDY)" is ensuring access to various financial services
like availability of basic savings bank account, access to need
based credit, remittances facility, insurance and pension to
the excluded sections i.e. weaker sections & low income
groups. This deep penetration at affordable cost is possible
only with effective use of technology.
127. A Radha Mohan Singh is the Union Minister of Agriculture in
the Narendra Modi government.
128. C Regional Rural Banks (RRBs) were established under the
provisions of an Ordinance promulgated on the 26th
September 1975 and the RRB Act, 1976 with an objective to
ensure sufficient institutional credit for agriculture and other
rural sectors.
129. D

130. E It is the income illegally obtained or not declared for tax


purposes.
131. A Public-private partnership (PPP) is a funding model for a
public infrastructure project such as a new
telecommunications system, airport or power plant.
132. B

133. E

134. D

135. C Index of Economic Freedom measures economic


freedom of 186 countries based on trade freedom, business
freedom, investment freedom, and property rights.
136. E

137. E

138. D The Scheduled Castes and Tribes (Prevention of


Atrocities) Act, 1989 is an Act of the Parliament of India
enacted to prevent atrocities against scheduled
castes and scheduled tribes.
139. B Shashi Tharoor, MP, introduced the Anti-Discrimination
and Equality Bill 2016 in Lok Sabha on March 10.
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140. B

141. C the reduction in the official value of a currency in relation to


other currencies.
142. A

143. D

144. D

145. E The G20 is an international forum for the governments


and central bank governors from 20 major economies.
146. E Uniform civil code is the constitutional mandate to
replace the personal laws based on the scriptures and
customs of each major religious community in India with a
common set governing every citizen.
147. B

148. C

149. D

150. A the process by which businesses or other organizations


develop international influence or start operating on an
international scale.
151. C

152. B National Bank for Agriculture and Rural Development


(NABARD) is an apex development bank in India,
headquartered at Mumbai with branches all over India.
153. E

154. A The Patanjali Ayurved Limited is


an Indian FMCG company. Manufacturing units and
headquarters are located in the industrial area
of Haridwar while the registered office is located
at Delhi. The company
manufactures mineral and herbal products.
155. D Govind Pansare was a left-wing Indian politician of the
Communist Party of India.
156. D

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157. E The International Monetary Fund is an international
organization headquartered in Washington, D.C., of "189
countries working to foster global monetary cooperation,
158. A

159. B The Swachh Bharat Abhiyan is the most significant


cleanliness campaign by the Government of India.
160. C

Question Bank for Economic & Social Issues for NABARD Grade
A & B 2017

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