Static Quiz 02 February 2023
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Static Quiz 02 February 2023 for UPSC Prelims
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- Question 1 of 5
1. Question
With reference to the Indian economy, which of the following is correct?
1. Ad valorem tax is levied as a percentage of the value of the goods regardless of the number of units produced or imported.
2. Tobin tax is a duty proposed on spot currency trades to penalize short-term currency trading.
3. A Pigovian tax is a tax imposed for engaging in activities that create adverse side effects for society.
Select the correct answer using the codes given below:CorrectAnswer: D
IncorrectAnswer: D
- Question 2 of 5
2. Question
A wide cross section of the leaders of the capitalist class put forwarded a plan in 1944-45 in which they argued for comprehensive land reform, including cooperativization of production, finance and marketing. The signatories to their plan included, among others, Purshottamdas Thakurdas, J.R.D. Tata, G.D. Birla, Ardeshir Dalal, Sri Ram, Kasturbhai Lalbhai, A.D. Shroff and John Mathai. The plan they put forward is known as:
CorrectAnswer: B
IncorrectAnswer: B
- Question 3 of 5
3. Question
Which of the following were the reasons for the larger promotion of the public sector in the Indian economy after independence?
1. Public Sector aimed to correct the regional imbalances and create employment.
2. Public sector aimed to provide self-reliant economic growth.
3. The base of private entrepreneurship was not strong enough in early years of independence.
Select the correct answer using the codes given below:CorrectAnswer: D
IncorrectAnswer: D
- Question 4 of 5
4. Question
Which of the following were the reasons behind the occurrence of the 1991 economic crisis in India?
1. Accelerated fiscal deficit during 1990-91 in comparison to 1980s.
2. Import substitution policy of India.
3. Widening current account deficit.
Select the correct answer using the codes given below:CorrectAnswer: B
Statement 2 is incorrect. Import substitution was not the reason for economic crisis of 1991, rather it was
a measure against crisis. Under trade policy, import substitution is a strategy that abolishes the import of
foreign products and encourages production in the domestic market. This policy aims to change the
economic structure of the country by replacing foreign goods with domestic goods.IncorrectAnswer: B
Statement 2 is incorrect. Import substitution was not the reason for economic crisis of 1991, rather it was
a measure against crisis. Under trade policy, import substitution is a strategy that abolishes the import of
foreign products and encourages production in the domestic market. This policy aims to change the
economic structure of the country by replacing foreign goods with domestic goods. - Question 5 of 5
5. Question
In the context of the economy, the concept of inclusive growth inculcates which of the following?
1. Industrial development
2. Agriculture development
3. Equal distribution of income
4. Environment protection
5. Reduction in regional disparities
Select the correct answer using the codes given below:CorrectAnswer: D
IncorrectAnswer: D
