CURRENT ECONOMICS TEST PAPER
1. A mechanism for facilitating the introduction of direct cash transfer to individuals under the various government schemes and programmes was announced in October 2012. Which of the following statements is/are correct?
I. Prime Minister will be the Chairperson of National Committee on Direct Cash Transfers
II. Planning Commission Deputy Chairman will be the Chairperson Executive Committee on Direct Cash Transfers.
III. Technology Committee, Financial Inclusion Committee and Implementation Committee on Electronic Transfers are the three Mission Mode Committees set up to finalize the direct cash transfer system.
a) I only b) I and II only c) II and III only d) III and I only
2. The Union Cabinet on October 25, 2012 approved the National Policy on Electronic 2012. Which of the following statements on targets for Electronic System Design and Manufacturing (ESDM) for 2020 is/are correct?
I. To develop an ESDM sector with turnover of $200 billion
II. To develop an ESDM sector involving investment of about $ 100 billion
III. To raise employment in ESDM sector to around 28 million
a) 1 Only b) I and II only c) II and III only d) III and I only
3. Which of the following is the special purpose vehicle set up by the Centre of expedite the mission of providing broadband connectivity to every gram Panchayat in the country?
a) Bharat Broadband Sanchar Ltd b) Bharat Broadband Mission Ltd
c) Bharat Broad System Ltd d) Bharat Broadband Network Ltd
4. which of the following are the reasons behind decline in investor interest in Special Economic Zones (SEZs)?
I. High minimum land area requirement
II. Withdrawal of tax incentives
III. Imposition of Minimum Alternate Tax
a) I only b) I and II only c) II and III only d) I, II and III
5. Payments for which of the following can be made by domestic companies to units in SEZ in foreign currency?
I. Goods sold by SEZs
II. Services delivered by SEZs
a) I only b) II only c) Both I and II d) Neither I nor II
6. The Cabinet Committee on Economic Affairs on October 25, 2012 approved the disinvestment of 10 per cent paid up equity capital of NMDC out of the government shareholding. Which of the following statements is/are correct?
I. NMDC is a listed Navratna company
II. NMDC is under the administrative control of Heavy Industries & Public Enterprises Ministry
III. Government shareholding in NMDC with fall to 90% after disinvestment
a) I only b) I and II only c) II and III only d) III and I only
7. How much subsidy has the government decided to provide for import to pulses to state governments for sale to BPL population through PDS in October 2012?
a) `5/kg b) `10/kg c) `15/kg d) `20/kg
8. Ministry of Petroleum and Natural Gas announced new norms for domestic LPG connections on October 26, 2012. Which of the following statements is/are correct?
I. Households will have to surrender multiple connections
II. Households can retain multiple connections but will get refills at unsubsidized rates
III. Each household will be eligible for only six subsidized cylinders, annually, against one of the connections
a) I only b) II only c) II and III only d) III and I only
9. The Corporate Affairs Ministry has extended the deadline for companies to file their financial statements in the new reporting format, extensible Business Reporting Language (XBRL), to December 15, 2012. Which of the following are covered under the XBRKL?
I. Listed companies
II. Firms with turnover of Rs. 50 crore and more
III. Entities having paid up capital of Rs. 5 crore and above
a) I only b) I and II only c) II and III only d) III and I only
10. The All India Council for Technical Education (AICTE) has decided to allow industries and businesses with turnover of…………..and above to set up technical institutions of their own from academic session 2013-14
a) `50 crore b) 100 crore c) `250 crore d) `500 crore
11. Which petroleum company has recently demanded that the CAG audit report on its operations should not be placed before the Parliament?
a) ONGC b) BPCL c) Essar Oil d) Reliance Industries
12. Which of the following statements on 'profit petroleum' is/are correct?
I. Higher is the cost of crude oil production, higher is the profit petroleum
II. It determines the share the government will get from revenue remaining after deducting costs incurred exploration and production
a) I only b) II only c) Both I and II d) Neither I nor II
13. A fact sheet on end to end computerization of targeted public distribution system (TDPS) was released by the Ministry of Consumer Affairs, Food & Public Distribution on October 23, 2012. Which of the following is not among the benefits of a computerized TDPS?
a) Weeding out the bogus ration cards
b) Better targeting of subsidies
c) Improvement in agricultural productivity
d) Movement of foodgrains upto Fair Price Shops (FPS) level can be tracked
14. What was the penetration of non life insurance sector (Premium of GDP ratio)in 2011 according to the Finance Minister in October 2012?
a) Less than 1% b) Between 1% and 2%
c) Between 2% and 3% d) Between 3% and 4%
15. What is the share of motor vehicle insurance in the non-life insurance sector?
a) 11% b) 21% c) 31% d) 41%
16. The Union Cabinet on October 18, 2012 notified revised rates and norms for Indira Gandhi National Widow Pension Scheme (IGNWPS). Which of the following is/are correct?
I. Pension under IGNWPS has been increased to Rs. 500/month
II. The eligibility criteria will be 40-79 years
a) I only b) II only c) Both I and II d) Neither I nor II
17. The Union Cabinet on October 18, 2012 notified revised rates and norms for Indira Gandhi National Disability Pension Scheme (IGNDPS). Which of the following is/are correct?
I. Pension under IGNDPS has been increased to Rs.300/month.
II. The eligibility criteria will be 40-79 years.
a) I only b) II only c) Both I and II d) Neither I nor II
18. The Union Cabinet on October 18, 2012 enhanced one time lump sum grant given to BPL families in the event of the death of the primary breadwinner in the family under the National Family Benefit Scheme (NFBS) and also revised the eligibility criteria. Which of the following is/are correct?
I. Lump sum grant has been increased to Rs. 25,000
II. The eligibility, criteria will be 18-59 years.
a) I only b) II only c) Both I and II d) Neither I nor II
19. Prime Minister Dr. Manmohan Singh launched the Aadhaar Enabled Service Delivery in October 2012. Which of the following statements is/are correct?
I. It was launched from Kakinada, Andhra Pradesh
II. 21st crore Aadhaar number was issued in October 2012
a) I only b) II only c) Both I and II d) Neither I nor II
20. The Union Cabinet on October 18, 2012 approved the constitution of a 14th Finance Commission. What is the task of the Finance Commission?
a) It gives advice on revision of salaries and service conditions of government employees
b) It identifies new sources of revenue for the government
c) It assists the Finance Minister in preparation of Budget
d) It gives advice on division of tax revenues between the Centre and the states
21. The 11th Conference of Parties (CoP) on Convention on Biological Diversity (CBD) was hosted by India in October 2012. Which of the following statement is/are correct?
I. 'One Nature. One World. One Future' was the theme of CBD.
II. Achim Steiner is the Head (Executive Director) of UN Environment Programme (UNEP)
III. The CBD decided to increase conservation efforts for protecting marine life in 'Sargasso Sea' in the Atlantic Ocean.
a) I only b) I and II only c) II and III only d) III and I only
22. October 24, 2012 was observed as the United Nations Day. Which of the following statements is/are correct?
I. UN institutions have Nobel Peace Prize twice.
II. UN Peacekeeping operations was the first UN institution to win the Nobel Peace Prize
III. Frankling Roosevelt was the US President who signed the UN Charter that led to the establishment of UN.
a) I only b) I and II only c) II and III only d) III and I only
23. According to an International Telecommunication Union report unveiled in October 2012, there were about…….billion cell phone subscriptions in the world by the end of 2011.
a) 2 b) 4 c) 5 d) 6
24. Moro Islamic Liberation Front is a separatist organization active in which ASEAN country?
a) Indonesia b) Cambodia c) Laos d) Philippines
25. Eruption of which volcano in Indonesia was in news in October 2012?
a) Mount Empung b) Mount Klabat c) Mount Lokon d) Mount Mahawu
26. Which of the following is the disputed territory claimed by Georgia?
a) Kamchatka b) South Ossetia c) Transnistria d) Abkhazia
27. Which country, where more than half of its population of Mayan descent, is organizing events to observe the Mayan doomsday prophecy predicted to occur on December 21, 2012?
a) Mexico b) Bolivia c) Cuba d) Guatemala
28. Which country set a new Guinness World Record for the 'largest human flag' in October 2012?
a) Sri Lank b) Pakistan c) Bangladesh d) Nepal
29. Which country was readmitted into the African Union (A.U.) in October 2012?
a) Mali b) Congo c) Sudan d) Somalia
30. Which constituent of United Kingdom will hold a referendum in 2014 on whether it wants to remain part of UK or secede from the 300-year old political union?
a) England b) Northern Ireland c) Scotland d) Wales
31. Which of the following pairs of continents and their countries elected on October 18, 2012 for a two year term as non-permanent members of the UN Security Council is not matched correctly?
a) South America – Argentina b) Austrlia – New Zealand
c) Europe – Luxembourg d) Asia – Korea
32. President Francois Hollande officially acknowledged the 1961 massacre of hundreds of unarmed …………in Paris demanding independence from France for the first time in October 2012.
a) Tunisians b) Moroccans c) Algerians d) Egyptians
33. Which well – known magazine has decided to discontinue its print edition and remain available in digital version only from 2013?
a) Time b) The Economist c) Forbes d) Newsweek
34. Where was the first summit of the Asia Cooperation Dialogue organized in October 2012?
a) Amman b) Kuwait City c) Abu Dhabi d) Muscat
35. The South Asia Foundation (SAF), a not –for profit association that operates in eight countries of SAARC, pledged $1 million to which UN-affiliated organization in October 2012?
a) ILO b) UNESCAP c) UNESCO d) WHO
36. Which NGO launched the 'Maila Mukti Yatra' demanding eradication of manual scavenging, and rehabilitation of liberated night soil carriers in October 2012?
a) Swasthya Adhikar Manch b) Rashtriya Garima Abhiyan
c) Hand in Hand India d) Sulabh Foundation
37. The Union Ministry of Health & Family Welfare in October 2012 notified a new set of warning to be depicted on tobacco product packs with effect from April 2013.
I. The word "warning" will be the insertion in grey font on the tobacco packs
II. The ratio between the vertical and horizontal length of the health warning will have to be maintained irrespective of the size of the cigarette pack
a) I only b) II only c) Both I and II d) Neither I nor II
38. The government issued guidelines disallowing schools from announcing community, castes or tribes of students admitted under Right to Education (RTE) Act and labeling students as reserved category in classes in October 2012. How much is the budgetary allocation for RTE for 2012-13?
a) `5,555 crore b) `10,555 crore c) `15,555 crore d) `25,555 crore
39. National Human Rights Commission (NHRC) constituted a committee comprising D.C. Doval, Vivekanand Jha and B.N. Dhawan in October 2012 on which of the following in October 2012?
a) To frame guidelines for maintenance of uniform standards of medical education, both undergraduate and postgraduate
b) To frame guidelines for funding R&D initiatives in the health sector
c) To frame guidelines for clinical trial of drugs in the country
d) To frame guidelines for affordable medicines for the poor
40. Data on India's Infant Mortality Rate – IMR (deaths per 1000 live births) during 2011 was released by the Registrar General of India (RGI) in October 2012. Which of the following statements is/are correct?
I. India's Infant Mortality Rate (IMR) is 44
II. Goa and Manipur are the states with lowest IMR
III. IMR in rural areas is more than 50
a) I only b) I and II only c) II and III only d) I, II and III
41. Foundation stone for establishment of National Institute of Technology in which of the following states was laid on October 13, 2012?
a) Tripura b) Mizoram c) Manipur d) Meghalaya
42. The 7th Annual Convention of the Central Information Commission was organized in New Delhi on October 12, 2012. Which of the following statements on appointments and service conditions of Chief Information Commissioner (CIC) and Information Commissioners (IC) are correct?
I. CIC has a term of 5 years or till he attains the age of 65 years, whichever is earlier
II. IC has a term of 3 years or till he attains the age of 62 years, which is earlier
III. Salary of CIC is the same as that of the Chief Election Commissioner
a) I only b) I and II only c) II and III only d) III and I only
43. Which of the following was organized in Chennai in October 2012?
a) World Leather Summit b) World Handlooms Summit
c) World Arts Summit d) World Crafts Summit
44. The Election Commission announced the Assembly poll schedule for Gujarat on October 3, 2012. Which is the only constituency with a single voter polling booth in the state?
a) Vav b) Savli c) Kalol d) Una
45. The Election Commission announced the Assembly poll schedule for Himachal Pradesh on October 3, 2012. Which constituency in the state has the world's highest polling union at an altitude of 15,000 feet above the mean seal level?
a) Dharamshala b) Chamba c) Dalhousie d) Lahaul & Spiti
46. The Union Cabinet approved the constitution of the Law Commission on October 4, 2012. Which of the following statements is/are correct?
I. The Law Commission has been constituted for a term of three years
II. The Commission Law is a statutory body constituted by the Government in India
III. The tenure of the 18th Law Commission ended recently
a) I only b) I and II only
c) II and III only d) III and I only
47. The 'Nirmal Bharat Yatra' to spread awareness about sanitation and promote the message of making the country open defecation free began from October 5, 2012. Which of the following statements about the Yatra is/are correct?
I. Vidya Balan is the brand ambassador
II. It started from Maharashtra and ended in Bihar
III. IT was organized by Sulabh Foundation
a) I only b) I and II only
c) II and III only d) III and I only
48. Where was the first-ever knowledge hub, named the Regional Centre for Excellence, for elected women representatives living in rural areas of South Asia launched by U.N. Women in October 2012?
a) Bihar b) Rajasthan c) Madhya Pradesh d) Uttar Pradesh
49. The construction of the Z-Morh tunnel which will provide all-leather, round the year connectivity between Ladakh and Kashmir Valley was launched on October 4, 2012. Which of the following is constructing the tunnel?
a) BRO b) Gammon India Ltd c) Jaypee Infratech d) Larsen & Toubro
50. The Union Cabinet on October 11, 2012 approved a proposal to broaden the scope of the Indecent Representation of Women (Prohibition) Act, 1986. Which of the following statements is/are correct?
I. It will cover audio-visual media
II. It will cover newer forms of communication including the Internet and multimedia messaging
III. Maximum imprisonment for first conviction will be two years
a) I only b) I and II only c) II and III only d) III and I only
ANSWER SHEET
1.d 2.c 3.d 4.d 5.c 6.a 7.d 8.c 9.d 10.b 11.d 12.b 13.c 14.a 15.d
16.b 17.b 18.b 19.b 20.d 21.c 22.a 23.d 24.d 25.c 26.b 27.d 28.b 29.a 30.c
31.b 32.c 33.d 34.b 35.c 36.b 37.b 38.d 39.c 40.d 41.b 42.d 43.d 44.d 45.d
46.a 47.b 48.b 49.a 50.b
