Current Affairs Quiz 08 January 2025
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Current Affairs Quiz 08 January 2025 For UPSC Exam
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- Question 1 of 5
1. Question
Who is responsible for calculating the GDP in India?
CorrectAnswer : c) National Statistical Office (NSO)
Explanation:
● The National Statistical Office (NSO) is responsible for calculating and publishing India’s GDP. It operates under the Ministry of Statistics and Programme Implementation (MOSPI) and compiles data from various sources to calculate the GDP.
● The NSO uses methods like the production approach, expenditure approach, and income approach to estimate the economic output of the country.
● Other options like the Ministry of Finance, Reserve Bank of India (RBI), and NITI Aayog play important roles in economic policy, finance, and planning, but they do not directly calculate the GDP.
● The RBI may use GDP data for monetary policy decisions, and NITI Aayog contributes to long-term economic planning, but the actual calculation is carried out by the NSO.IncorrectAnswer : c) National Statistical Office (NSO)
Explanation:
● The National Statistical Office (NSO) is responsible for calculating and publishing India’s GDP. It operates under the Ministry of Statistics and Programme Implementation (MOSPI) and compiles data from various sources to calculate the GDP.
● The NSO uses methods like the production approach, expenditure approach, and income approach to estimate the economic output of the country.
● Other options like the Ministry of Finance, Reserve Bank of India (RBI), and NITI Aayog play important roles in economic policy, finance, and planning, but they do not directly calculate the GDP.
● The RBI may use GDP data for monetary policy decisions, and NITI Aayog contributes to long-term economic planning, but the actual calculation is carried out by the NSO. - Question 2 of 5
2. Question
The National Statistical Office (NSO) comes under which ministry?
CorrectAnswer:
b) Ministry of Statistics and Programme Implementation.
Explanation:
● The National Statistical Office (NSO) comes under the Ministry of Statistics and Programme Implementation (MOSPI). MOSPI is responsible for the collection, compilation, and dissemination of statistical data in India.
● The NSO, as a part of MOSPI, specifically focuses on conducting large-scale statistical surveys and producing important economic indicators, including GDP, inflation, and employment data.IncorrectAnswer:
b) Ministry of Statistics and Programme Implementation.
Explanation:
● The National Statistical Office (NSO) comes under the Ministry of Statistics and Programme Implementation (MOSPI). MOSPI is responsible for the collection, compilation, and dissemination of statistical data in India.
● The NSO, as a part of MOSPI, specifically focuses on conducting large-scale statistical surveys and producing important economic indicators, including GDP, inflation, and employment data. - Question 3 of 5
3. Question
What does the Richter Scale measure?
CorrectAnswer:
b) The magnitude of an earthquake.
Explanation:
● The Richter Scale measures the magnitude of an earthquake, which is the amount of energy released at the earthquake’s source.
● It is a logarithmic scale, meaning each whole number increase on the Richter Scale represents a tenfold increase in the amplitude of seismic waves and approximately 31.6 times more energy released.
● Unlike the Mercalli Intensity Scale, which measures the intensity or the effects of an earthquake on people, buildings, and the Earth’s surface, the Richter Scale focuses on the energy released during the earthquake.IncorrectAnswer:
b) The magnitude of an earthquake.
Explanation:
● The Richter Scale measures the magnitude of an earthquake, which is the amount of energy released at the earthquake’s source.
● It is a logarithmic scale, meaning each whole number increase on the Richter Scale represents a tenfold increase in the amplitude of seismic waves and approximately 31.6 times more energy released.
● Unlike the Mercalli Intensity Scale, which measures the intensity or the effects of an earthquake on people, buildings, and the Earth’s surface, the Richter Scale focuses on the energy released during the earthquake. - Question 4 of 5
4. Question
Which body is responsible for framing the electricity rules in India?
CorrectAnswer:
b) Central Electricity Authority (CEA)
Explanation:
● Under the Electricity Act, 2003, the Central Electricity Authority (CEA) is responsible for framing the rules related to the generation, transmission, and distribution of electricity in India.
● The Central Electricity Regulatory Commission (CERC), on the other hand, is responsible for regulating the tariffs and licenses for the electricity sector.IncorrectAnswer:
b) Central Electricity Authority (CEA)
Explanation:
● Under the Electricity Act, 2003, the Central Electricity Authority (CEA) is responsible for framing the rules related to the generation, transmission, and distribution of electricity in India.
● The Central Electricity Regulatory Commission (CERC), on the other hand, is responsible for regulating the tariffs and licenses for the electricity sector. - Question 5 of 5
5. Question
What does the term “front running” refer to in the context of financial markets?
CorrectAnswer:
a) Unethical practice of executing orders based on insider information
Explanation:
Front running refers to the unethical practice where a broker or trader executes orders for their own account based on advance knowledge of pending orders from their clients. This usually happens when a trader anticipates that a large order will affect the market price, so they make a profit by buying or selling before executing the client’s order. This practice is illegal in most financial marketsIncorrectAnswer:
a) Unethical practice of executing orders based on insider information
Explanation:
Front running refers to the unethical practice where a broker or trader executes orders for their own account based on advance knowledge of pending orders from their clients. This usually happens when a trader anticipates that a large order will affect the market price, so they make a profit by buying or selling before executing the client’s order. This practice is illegal in most financial markets
