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Economics and Current Affairs Day 2

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1. The barter system became obsolete when we started the use of cash. In this regard consider the following statements about Barter system?

  1. In the barter system, a monarch or a king monitors and controls the value of goods.
  2. Double coincidence of wants is an essential prerequisite for the barter system,.

Which of the above statements is/are true?

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

 

2.  Which of the following statement is true regarding Giffen Goods?

  1. All goods for which the demand will decrease when price rises are Giffen goods.
  2. In Giffen goods, Income effect is greater than the substitution effect.

Which of the above statements is/are NOT true?

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

 

  1. Which of the following is/are a feature of a perfectly competitive market?
  1. Free and Perfect Competition
  2. Cheap and Efficient Transport and Communication
  3. All the firms produce and supply the identical products.
  4. There are no restrictions on the entry of new firms into the market or on the exit of existing firms from the market.

Select the correct answer using the codes given below:

  1. 1,2 and 4
  2. 1, 3 and 4
  3. 1 and 4 only
  4. All The above

 

4. Which of the following is true regarding the Fiat Money?

  1. It has the intrinsic value of the material used only.
  2. It is made a legal tender by a government decree.

Which of the above statements is/are true?

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

 

  1. Consider  the statement regarding the High Power Money:
  1. It is the total liability of government of any country and includes External Commercial Borrowings.
  2. Deposits held by government and commercial bank with a central bank(RBI in India) comes under the High Powered Money.
  3. High powered money affects the Ease of doing business.

Select the correct answer using the codes given below

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

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  1. Which of the following statement is/are true regarding National Mission on Cultural Mapping of India?
  1. It is a submission under ‘Ek Bharat Shreshtha Bharat’ umbrella
  2. It is launched by Ministry of Culture.
  3. Mission also seeks to open a direct channel of communication of artists with the Government and peer to peer communication among artists

Select the correct answer using the codes given below

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

 

  1. Consider the statements regarding the Anuyatra Scheme:
  1. It is launched by the Union Ministry of Family and Welfare.
  2. It is an initiative for the persons with special needs.

Which of the above statements is/are true?

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

 

  1. Which of the following statements is/are true regarding the Eklavya Model Residential Schools?
  1. The Eklavya Model Residential School Scheme was started under the budget of 2017-18
  2. It provides educational support for the students in slums of the urban region.

Select the correct answer using the codes given below.

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

 

  1. Which of the following statements is/are true regarding the Biotechnology Innovation Organization (BIO)?
  1. It is the largest trade organization in the world that represents the biotechnology industry.
  2. BIO holds a trade meeting each year in the United States.

Select the correct answer using the codes given below.

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

 

  1. Consider the statements regarding United Nations Convention against Corruption (UNCAC):
  1. It is a multilateral treaty negotiated by member states of the United Nations (UN).
  2. It is promoted by the UN Office on Drugs and Crime (UNODC).
  3. It is a legally binding international anti-corruption agreement.

Select the correct answer using the codes given below

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

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