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Prelims Practice Questions 09-02-2018

01. Consider the following statements.

  1. The Bhagnath temple in Bhageshwar is dedicated to Lord Brahma.
  2. The temple is located at confluence of Sarayu and Gomti rivers.
  3. The temple has Nagara style of architecture.

Which of the above statements is/are correct?

  • a. 
  • b. 
  • c. 
  • d. 
Answer : b

The Bhagnath temple in Bhageshwar is dedicated to Lord Shiva. Bhag in Kumoni language means 'tiger'. The temple is built in 1450 by King Lakshmi Chand of  the Chand dynasty.

02. Consider the following statements.

  1. The kailash Mansarovar Yatra can be made through both Nathu la route and Lipulekh route.
  2. The Lipulekh pass has been used since ancient times by traders, mendicants and pilgrims transiting between India and Tibet.

Which of the above statements is/ are correct?

  • a. 
  • b. 
  • c. 
  • d. 
Answer : c

Nathu la is a mountain pass in the Himalayas in East Sikkim district. It connects the Indian state of Sikkim with China's Tibet Autonomous Region. Nathu La is one of the three open trading border posts between China and India; the others are Shipkila in Himachal Pradesh and Lipulekh (or Lipulech) at the trisection point of Uttarakhand–India, Nepal and China.

03. Consider the following statements.

  1. Pradhan Mantri  Ujjawala Yojana aims to provide free of cost LPG (cooking gas) connections to women from BPL Households.
  2. It is first social welfare scheme implemented by Ministry of Petroleum and Natural Gas.

Which of the above statements is/are correct?

  • a. 
  • b. 
  • c. 
  • d. 
Answer : c

The Cabinet Committee on Economic Affairs (CCEA) has approved to enhance target base of Pradhan Mantri Ujjwala Yojana (PMUY) from 5 crore to 8 crore.

04. Consider the following statements.

  1. Commission for Agricultural Costs and Prices (CACP) is an expert body which recommend minimum support prices (MSPs) to Cabinet Committee on Economic Affairs.
  2. It is an attached office of the Ministry of Agriculture and Farmers Welfare.

Which of the above statements is/are correct?

  • a. 
  • b. 
  • c. 
  • d. 
Answer : c

05. Consider the following statements.

  1. As per the approved amendment to MSME act, 2006, a micro enterprise is defined as a unit where the annual turnover does not exceed ten crore rupees;
  2. A small enterprise will be defined as a unit where the annual turnover is more than ten crore rupees but does not exceed Rs 75 crore;
  3. A medium enterprise will be defined as a unit where the annual turnover is more than seventy five crore rupees but does not exceed Rs 250 crore.

Which of the above statements is/are correct?

  • a. 
  • b. 
  • c. 
  • d. 
Answer : c

The Union Cabinet has approved change in the basis of classifying Micro, Small and Medium enterprises from ‘investment in plant & machinery/equipment’ to ‘annual turnover’.

As per the approved amendment to MSME act, 2006, a micro enterprise is defined as a unit where the annual turnover does not exceed five crore rupees.

A small enterprise will be defined as a unit where the annual turnover is more than five crore rupees but does not exceed Rs 75 crore;

06. Consider the following statements.

  1. The Minamata Convention is a global treaty that aims to protect human health and the environment from anthropogenic emissions and releases of mercury and mercury compounds.
  2. Recently, the Union Cabinet approved the proposal of ratification of the convention.

Which of the above statements is/are correct?

  • a. 
  • b. 
  • c. 
  • d. 
Answer : c

07. Consider the following statements.

  1. The Prime Minister Research fellowship scheme was announced in the Budget Speech 2017-18.
  2. Maximum of 3000 Fellows would be selected in three year period, beginning 2018-19.
  3. Selected students through selection process will be offered monthly fellowship of Rs.70,000 for first two years.

Which of the above is are correct?

  • a. 
  • b. 
  • c. 
  • d. 
Answer : b

The Prime Minister Research fellowship scheme was announced in the Budget Speech 2018-19.

08. Disinvestment in a PSU is approved by

  1. Ministry of Finance
  2. Parliament by law
  3. Cabinet Committee on Economic Affairs
  4. Department of Industrial Policy and Promotion
  • a. 
  • b. 
  • c. 
  • d. 
Answer : c

09. Trade deficit is possibly affected by which of the following factors?

  1. Domestic savings
  2. Fiscal deficit
  3. Investment in the economy

Select the correct answer using the codes given below:

  • a. 
  • b. 
  • c. 
  • d. 
Answer : d

A trade deficit is an economic measure of international trade in which a country's imports exceeds its exports.

Trade Deficit = Total Value of Imports – Total Value of Exports
When a country runs a trade deficit, it is important to see whether there has been a decrease in saving, increase in investment or an increase in the budget deficit. There is reason to worry about a country’s long-run prospects, if the trade deficit reflects smaller saving or a larger budget deficit (when the economy has both trade deficit and budget deficit, it is said to be facing twin deficits. The deficit could reflect higher private or government consumption. 

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