GIC General Studies Questions on Economics – Part 2

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Q. For which of the following industries is Industrial Licensing compulsory?

1. Distillation and brewing of alcoholic drinks

2. Railway transport

3. Drugs and Pharmaceuticals

4. Atomic energy

5. Electronic Aerospace and Defence equipment

Select the correct answer using the code given below

(a) 1, 3 and 5 only

(b) 1 and 4 only

(c) 2, 4 and 5 only

(d) 3, 4 and 4 only

Answer: A

Q. Consider the following statements with reference to Domestic Systematically Important Banks (D-SIB):

1. These banks maintain additional capital per loan than other banks

2. These banks are identified by Reserve bank of India

3. State Bank of India is the only public sector D-SIB in India

Which of the statements given above is/are correct?

(a) 1 only

(b) 1 and 3 only

(c) 2 and 3 only

(d) 1, 2 and 3

Answer: D

Q. With reference to conservation of species, the recently signed Memorandum of Understanding Raptor MoU’ is under which of the following conventions?

(a) Bonn Convention

(b) Mamata Convention

(c) Ramsar Convention on Biological Diversity

(d) Convention on Biological Diversity

Answer: A

Q. With reference to Micro plastics consider the following statements:

1. Their sources include cosmetics, clothing and industrial processes.

2. They can persist in the marine and aquatic ecosystems

3. They make up the bulk of the Great Pacific Garbage Patch’

Which of the statements given above is/are correct?

(a) 1 and 2 only

(b) 1 and 3 only

(c) 2 and 3 only

(d) 1, 2 and 3

Answer: D

Q. Which of the following statements regarding the Mines and Minerals (Development and Regulation) Amendment Act, 2015 is/are correct?

1. The state governments shall grant mining leases for both notified and other minerals

2. District Mineral Foundation is to be established by the state government for the benefit of affected persons in districts

3. All leases shall be granted through auction by competitive bidding including e-auction

Select the correct answer from the code given below

(a) 1 and 2 only

(b) 1 and 3 only

(c) 2 and 3 only

(d) 1, 2 and 3

Answer: D

Q. With reference to the insurance sector in India, consider the following statements:

1. Foreign Direct Investment (FDI) limit is 49% in this sector.

2. It is dominated by the private sector

3. Foreign reinsurers can set up branches in India

4. Only the Union government can frame laws in this sector

Which of the statements given above is/are correct?

(a) 1 and 2 only

(b) 3 and 4 only

(c) 1, 3 and 4 only

(d) 1, 2, 3 and 4

Answer: C

Q. Consider the following statements regarding Micro and Small Enterprises (MSEs):

1. Currently there are on items exclusively reserved for production by Mses.

2. Central public sector units (CPSUs) must procure at least 20% of products or services from Mses.

Which of the statements given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2.

Answer: C

Q. Which of the following statements is/are correct in the context of Hybrid Annuity Model (HAM) for infrastructure projects?

1. It is a mix of engineering procurement and construction (EPC) and build-operate-transfer (BOT) formats.

2. As per this model construction and maintenance risks will be borne by the government

3. The government and the private companies will share the total project cost in the ratio of 60:40 respectively

4. The responsibility of revenue collection lies with the government

Select the correct answer using the code given below

(a) 1, 2 and 3 only

(b) 1 and 4 only

(c) 2 and 4 only

(d) 1, 2, 3 and 4

Answer: B