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Indian Economy Quiz 27. 04. 2018

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Question 1

Organization of the Petroleum Exporting Countries (OPEC) is an intergovernmental organization of 13 nations. Consider the following statements regarding OPEC:
(1) Iran, Iraq, Kuwait, Saudi Arabia and Venezuela are the original founding members of OPEC.
(2) The Headquarter of OPEC is in Baghdad.
(3) 79.4% of the world's proven oil reserves are located in OPEC Member Countries.
(4) No European country is a member of OPEC.
Which of the above options are correct:

Question 2

Consider the following statements:
(1). In India, the nodal agency for Food Management is Food Corporation of India (FCI). FCI is a statutory body established under Food Corporation Act 1964.
(2). Food management consists of procurement of food grains from farmers; distribution of food grains to consumers and maintenance of food buffers for food security and price stability.
(3). The demand for processed food is increasing due to increasing disposable income, urbanisation, young population and nuclear families.
(4). National Mission on Food Processing (NMFP) is a Centrally Sponsored Scheme which is being implemented by Centre Govt.
Which of the above options are correct:

Question 3

Which of the following initiatives may not be termed as economic reforms:

(1). Abolition of Licensing and Contraction of Public Sector
(2). Free Entry of Foreign Investment
(3). Increase in the Importance of Small Industries
(4). Full Convertibility on Current Account
(5). Introducing Goods and Services Tax (GST)
(6). Phasing out Subsidies
(7). Dismantling Price Control

Which of the above options are correct:

Question 4

Consider the following statements:
1). Inferior goods is a goods whose demand decreases when consumer income rises.
2). Giffen goods is a special type of inferior goods that people consume more of as the price of the goods rises.
3). Veblen goods are types of luxury goods, such as expensive wines, jewellery, fashion-designer handbags, and luxury cars, which are in demand because of their high prices.
Which of the above statements is/are correct?

Question 5

Consider the following statements:
1). The Basel Accord is the banking supervision recommendations issued by RBI.
2). Basel norms focus on minimum capital requirements, internal assessment process, and encourage sound banking practices including supervisory review.
3). The Basel committee has the authority to enforce its recommendations.
Which of the above options are correct:

Question 6

The lower Gangetic plain is characterised by humid climate with high temperature throughout the year. Which one among the following pairs of crops is most suitable for this region?
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Apr 10Other State PSC