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The phenomenon where the current year's inflation rate appears artificially high or low simply due to the unusually high or low base prices of the previous year is known as the ___ effect.
- open market borrowings (or debt / bonds)
- multiplier
- OPHI
- base
Answer: base
The base effect is a statistical artifact that occurs when comparing year-on-year inflation data. If prices spiked abnormally in the previous year, the current year's inflation will mathematically look lower even if absolute prices are still rising steadily.
The concept of 'Effective Revenue Deficit' was introduced in the Union Budget of which year to highlight the quality of government borrowing?
- 2008-09
- 2011-12
- 2015-16
- 2018-19
Answer: 2011-12
Introduced in 2011-12, the Effective Revenue Deficit excludes the revenue expenditure that goes towards the creation of durable assets (like rural roads or housing). It provides a more accurate picture of the government's unproductive borrowing, which is used merely to finance current consumption.
Which of the following expenditures is 'charged' on the Consolidated Fund of India and is not subject to a vote by Parliament?
- Subsidies on food and fertilizers
- Salary and allowances of the President of India
- Defense procurement
- Funding for MGNREGA
Answer: Salary and allowances of the President of India
Charged expenditures, which include the salaries of the President, Supreme Court/High Court judges, and the CAG, as well as debt servicing, are automatically met from the Consolidated Fund. They can be discussed by Parliament but cannot be voted upon to ensure the independence of constitutional authorities.
The Insolvency and Bankruptcy Code (IBC), which provides a time-bound process for resolving insolvency, was enacted in which year?
- 2014
- 2015
- 2016
- 2018
Answer: 2016
The IBC was passed in 2016 to consolidate and amend the laws relating to reorganization and insolvency resolution of corporate persons, partnership firms, and individuals. It shifted the legal framework from a 'debtor-in-possession' to a 'creditor-in-control' regime.
The Standing Deposit Facility (SDF) rate serves as the floor of the RBI's liquidity adjustment corridor and is set ___ the Repo Rate.
- below
- Leverage
- Skewflation
- gig
Answer: below
Introduced to manage excess liquidity, the SDF allows banks to park surplus funds with the RBI without providing collateral. It is usually set 25 basis points below the Repo Rate, establishing the lower bound of the monetary policy operating corridor.
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.
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.
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.
Revenue deficit relates to?
- Capital account
- Current account
- Both
- Neither
Answer: Current account
Occurs when revenue expenditure exceeds revenue receipts.
Disinflation means?
- Negative inflation
- Fall in rate of inflation
- Rising prices
- Deflation
Answer: Fall in rate of inflation
Prices are still rising, but at a slower pace than before.
Gresham's law: Bad money ___ good money.
- jobless growth
- Refinery Products
- quantitative
- drives out
Answer: drives out
People tend to hoard good money and circulate bad money.
GDP deflator formula?
- Nominal/Real*100
- Real/Nominal*100
- Nominal*Real
- Real-Nominal
Answer: Nominal/Real*100
Measures the overall change in price level in the economy.
MRTS is the slope of ___.
- isoquant
- final
- interest
- NPCI (or National Payments Corporation of India)
Answer: isoquant
Marginal Rate of Technical Substitution.
Kinked demand curve model is for?
- Monopoly
- Perfect competition
- Oligopoly
- Monopsony
Answer: Oligopoly
Explains price rigidity in an oligopolistic market.
Arc elasticity uses?
- Derivative
- Mid-point method
- Percentage method
- Geometric method
Answer: Mid-point method
Uses the average of initial and final values.
Point elasticity formula uses?
- Percentage change
- Derivative
- Mid-point
- Logarithm
Answer: Derivative
Point elasticity uses calculus/derivative at a specific point.
Mikhail Bulgakov's satirical masterpiece 'The Master and Margarita', featuring a visit by the Devil to Soviet Moscow, was:
- Published immediately to great state acclaim
- Burned by the author and published posthumously decades later
- Written in French and translated to Russian
- Banned only in the West
Answer: Burned by the author and published posthumously decades later
Fearing arrest, Bulgakov burned an early draft. He rewrote it in secret, and it was finally published in a censored form in 1966, 26 years after his death.
The 'Bhattikavya', written by Bhatti in the 7th century, is unique because it serves a dual purpose: it narrates the story of Rama while simultaneously illustrating the rules of Sanskrit grammar (Panini's Ashtadhyayi).
- True
- False
Answer: True
The 'Bhattikavya' is a pedagogical epic designed to teach Paninian grammar through the narrative of the Ramayana, making it a masterpiece of didactic literature.
The 'Kiratarjuniya', one of the six great Sanskrit epics (Mahakavyas), narrates the combat between Arjuna and Shiva disguised as a Kirata (mountain dweller). Who is its author?
- Kalidasa
- Bharavi
- Magha
- Sriharsha
Answer: Bharavi
Bharavi composed the 'Kiratarjuniya' in the 6th century. It is renowned for its profound philosophical depth and complex linguistic structures.