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According to the Tendulkar Committee report, what was the estimated rural poverty line (per capita per month) for the year 2011-12?
- Rs. 673
- Rs. 816
- Rs. 1000
- Rs. 32
Answer: Rs. 816
The Tendulkar Committee shifted the poverty estimation away from calorie consumption to a broader basket including health and education. For 2011-12, it set the rural poverty line at Rs. 816 per month and the urban poverty line at Rs. 1000 per month.
The Periodic Labour Force Survey (PLFS), which replaced the quinquennial employment surveys, is conducted by which organization?
- NITI Aayog
- National Statistical Office (NSO)
- Reserve Bank of India
- Ministry of Labour and Employment
Answer: National Statistical Office (NSO)
The NSO, operating under the Ministry of Statistics and Programme Implementation (MoSPI), launched the PLFS in 2017. It was designed to provide more frequent and reliable estimates of labor force indicators like unemployment and labor force participation rates in both rural and urban areas.
In the case of 'disguised unemployment', the marginal productivity of labor is:
- Highly positive
- Zero or negative
- Equal to average productivity
- Infinite
Answer: Zero or negative
Disguised unemployment occurs when more people are employed than actually needed for a job, commonly seen in the Indian agricultural sector. If these extra workers are removed, the total output remains unaffected, meaning their marginal productivity is zero.
Under the PM-KISAN scheme, what is the total annual income support provided to eligible farmer families?
- Rs. 2,000
- Rs. 4,000
- Rs. 6,000
- Rs. 10,000
Answer: Rs. 6,000
The Pradhan Mantri Kisan Samman Nidhi (PM-KISAN) provides an annual financial benefit of Rs. 6,000 to small and marginal farmer families. This amount is transferred directly into their bank accounts in three equal installments of Rs. 2,000 every four months.
What is the primary purpose of maintaining a 'Buffer Stock' of food grains by the government?
- To export to foreign countries
- To stabilize market prices and ensure food security
- To provide free food to all citizens
- To generate revenue for the FCI
Answer: To stabilize market prices and ensure food security
Buffer stocks are maintained to intervene in the market during times of shortage or surplus. By releasing stocks during scarcity, the government prevents price spikes, and by procuring during bumper harvests, it prevents price crashes, thereby protecting both consumers and farmers.
Under the MGNREGA scheme, what is the minimum mandated percentage of workdays that must be generated for women?
- 25%
- 33%
- 50%
- No specific reservation
Answer: 33%
The Mahatma Gandhi National Rural Employment Guarantee Act legally mandates that at least one-third (33%) of the total beneficiaries or person-days generated under the scheme must be women. This provision is designed to ensure female participation in the rural workforce and promote grassroots economic empowerment.
Dumping means selling abroad at?
- High price
- Lower than domestic price
- Cost price
- Premium
Answer: Lower than domestic price
Considered an unfair trade practice under WTO rules.
Devaluation of currency helps?
- Imports
- Exports
- Both
- Neither
Answer: Exports
Makes domestic goods cheaper and more competitive abroad.
Balance of Payments records?
- Only exports
- All economic transactions
- Only imports
- Only gold
Answer: All economic transactions
A systematic record of all economic transactions with the world.
WTO was established in?
- 1991
- 1995
- 2000
- 1947
Answer: 1995
Established on Jan 1, 1995, replacing GATT.
Poverty line in India is estimated by?
- NITI Aayog / Tendulkar
- RBI
- World Bank
- NSSO only
Answer: NITI Aayog / Tendulkar
Historically estimated by Planning Commission using Tendulkar/Rangarajan methods.
Father of Indian economic reforms?
- Nehru
- Manmohan Singh
- Modi
- Vajpayee
Answer: Manmohan Singh
Served as the Finance Minister during the 1991 crisis.
LPG reforms were introduced in?
- 1985
- 1991
- 1995
- 2000
Answer: 1991
Liberalization, Privatization, and Globalization.
NITI Aayog replaced?
- Finance Commission
- Planning Commission
- CAG
- ECI
Answer: Planning Commission
Formed on January 1, 2015, via a cabinet resolution.
Finance Commission constituted under Article?
- 280
- 275
- 265
- 110
Answer: 280
Appointed by the President of India every 5 years.
Revenue deficit relates to?
- Capital account
- Current account
- Both
- Neither
Answer: Current account
Occurs when revenue expenditure exceeds revenue receipts.
Progressive tax rate ___ with income.
- Decreases
- Increases
- Remains same
- Fluctuates
Answer: Increases
Higher income groups pay a higher percentage of tax.
Fiscal policy is managed by?
- RBI
- Ministry of Finance
- SEBI
- NITI Aayog
Answer: Ministry of Finance
Deals with government taxation and expenditure.
Base rate system replaced?
- PLR
- BPLR
- MCLR
- RLLR
Answer: BPLR
Benchmark Prime Lending Rate.
SLR is maintained in?
- Cash only
- Liquid assets
- Gold only
- FDs
Answer: Liquid assets
Cash, gold, or approved government securities.