Eco Quz 2 2012
Questions and Answers
- 1.
As per the data released by the Controller General of Accounts on 29 February 2012, fiscal deficit was 105 per cent of the total annual target in the April-January period of 2011-12. What did the deficit stand at?
- A.
Rs 4 lakh crore
- B.
Rs 3.33 lakh crore
- C.
Rs 5.21 lakh crore
- D.
Rs 4.34 lakh crore
Correct Answer
D. Rs 4.34 lakh croreExplanation
The correct answer is Rs 4.34 lakh crore. The fiscal deficit stood at 105% of the total annual target in the April-January period of 2011-12, as per the data released by the Controller General of Accounts.Rate this question:
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- 2.
1. Cabinet Committee for Economic Affairs approved the National Dairy Development Board’s ambitious National Dairy Plan for the 12th Five-Year Plan to be initiated in 2012. Which of the following facts with regard to the statement is not true? 2. The project is aimed at boosting milk production using scientific breeding and feeding programmes covering about 2.7 million milch animals in 40000 villages 3. According to the National Dairy Development Board, the demand for milk is likely to be about 150 million tonne by 2016-17 and 200-210 million tonne by 2021-22. India was the third largest milk producing nation in 2010-11 with a production of 100.2 million tonne. 4. Cooperatives currently procure about 16% of the national marketable milk surplus covering around 21% of the country’s villages and 18% of rural milk producing households 5. The cooperative sector is needed to achieve a procurement share of at least 20% of the marketable milk surplus by 2016-17 so as to retain an overall 50% share of the marketable surplus handled by the organised sector
- A.
1 & 3
- B.
Only 3
- C.
Only 2
- D.
3 & 4
Correct Answer
C. Only 2Explanation
The correct answer is "Only 2." This is because the statement in option 2 is true. The project aims to boost milk production using scientific breeding and feeding programs. The other statements in options 1, 3, and 4 are also true as they provide information about the National Dairy Development Board's plans, milk production statistics, and the need for the cooperative sector to increase procurement share.Rate this question:
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- 3.
Reserve Bank of India (RBI) on13 February 2012 changed the bank rate, a medium-term signal rate after nine years with the objective to realign it with the marginal standing facility (MSF) rate as a one-time technical adjustment to link it with the main policy repo rate. What does the changed bank rate stand stand at?
- A.
9.5%
- B.
8.3%
- C.
10.1%
- D.
8%
Correct Answer
A. 9.5%Explanation
The correct answer is 9.5%. This is because the Reserve Bank of India (RBI) changed the bank rate to realign it with the marginal standing facility (MSF) rate as a one-time technical adjustment. The question does not provide any additional information or context to suggest a different answer.Rate this question:
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- 4.
As per the first nationwide retail inflation data released by the Centre of Statistical Office on 21 February 2012, inflation based on the all India Consumer Price Index stood at what per cent in January 2012?
- A.
6.6%
- B.
7.65
- C.
8.32%
- D.
5.50%
Correct Answer
B. 7.65Explanation
The correct answer is 7.65%. This is the percentage at which inflation based on the all India Consumer Price Index stood in January 2012, as per the first nationwide retail inflation data released by the Centre of Statistical Office on 21 February 2012.Rate this question:
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- 5.
The Prime Minister's Economic Advisory Panel (PMEAC) on 22 February 2012 projected 7.5 - 8 per cent growth rate for the fiscal 2012-13. Which of the following facts are true with respect to the above statement? The economy recorded a growth rate of 8.4 per cent in 2010-11, which according to the CSO estimates is expected to moderate to 6.7 per cent in the current fiscal 2011-12 Inflation was projected to moderate to 6.5% by March 2012 and 5-6 per cent in 2012-13. The manufacturing sector was projected to grow by 4.8 percent while construction segment is expected to expand by 5.3 percent. Projected Gross Domestic Product (GDP) growth for 2012 is substantially down from the budgetary target of around nine percent, and 8.4 percent expansion registered in 201
- A.
Only 4
- B.
Only 1
- C.
Only 2
- D.
1, 2 & 4
Correct Answer
D. 1, 2 & 4Explanation
The given answer, 1, 2 & 4, is correct because the statement mentions that the economy recorded a growth rate of 8.4% in 2010-11, which is expected to moderate to 6.7% in the current fiscal year. This aligns with fact 1. Fact 2 states that inflation was projected to moderate to 6.5% by March 2012 and 5-6% in 2012-13, which matches the statement. Fact 4 mentions that the projected GDP growth for 2012 is substantially down from the budgetary target of around nine percent, and 8.4 percent expansion registered in 2010-11, which is consistent with the statement.Rate this question:
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- 6.
Reserve Bank of India (RBI) panel on priority sector lending on 21 February 2012 proposed increment in the target (prioritysector) for foreign banks to what per cent of net bank credit from the current level of 32 per cent with sub-targets of 15 per cent for exports and 15 per cent for the MSE sector?
- A.
53%
- B.
40%
- C.
46%
- D.
39%
Correct Answer
B. 40%Explanation
The correct answer is 40%. The RBI panel proposed an increment in the target for foreign banks to 40% of net bank credit. This means that foreign banks would be required to allocate a larger portion of their lending towards priority sectors such as exports and the Micro and Small Enterprises (MSE) sector. Currently, the target stands at 32%, so the proposed increase would aim to further promote lending to these sectors and support their growth.Rate this question:
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- 7.
There were as many as 1359 foreigners, who availed themselves of the Visa on Arrival scheme in January compared with 790 in January 2011. What was the per centage growth recorded in number of foreigners availing Visa on Arrival (VoA) scheme in January 2012?
- A.
70%
- B.
72%
- C.
75%
- D.
82%
Correct Answer
B. 72%Explanation
The percentage growth in the number of foreigners availing the Visa on Arrival (VoA) scheme in January 2012 can be calculated by finding the difference between the number of foreigners in January 2012 and January 2011, and then dividing that difference by the number of foreigners in January 2011.
The difference between 1359 and 790 is 569.
Dividing 569 by 790 and multiplying by 100 gives us a percentage growth of approximately 72%.Rate this question:
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- 8.
As per the provisional figures of exports released on 9 February 2012, India’s exports in January 2012 rose to what per cent to $25.4 billion?
- A.
10.1%
- B.
7%
- C.
12.32%
- D.
8.3%
Correct Answer
A. 10.1%Explanation
The correct answer is 10.1%. This means that India's exports in January 2012 increased by 10.1% compared to the previous period. This indicates a positive growth in the country's export sector during that time.Rate this question:
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- 9.
Reserve Bank of India (RBI) on 14 February 2012, issued the ‘Draft Circular for Deployment of White Label Automated Teller Machines (WLAs) from non-bank entities. Which of the following facts related to this statement is/are not true? The WLA operator can choose the location of the WLA. However, it will have to adhere to annual targets and the ratio of WLA between Tier I &II and Tier III-VI centres that may be stipulated by the RBI. Non-bank entities proposing to set up WLAs have to apply to the RBI seeking authorisation under the Payment and Settlement Systems Act 2007 The non-banking entities should have a minimum net worth of Rs. 1000 crore at the time of making the application and on a continuing basis after issue of the requisite authorisation. Being non-bank owned ATMs, the guidelines on five free transactions in a month for using other bank ATMs will not be applicable for transactions made on the WLAs. The WLA operator will have to declare one Sponsor Bank, which will serve as the Settlement Bank for the settlement of all the service transactions at the WLAs.
- A.
2 & 5
- B.
Only 1
- C.
Only 3
- D.
Only 5
Correct Answer
C. Only 3Explanation
The correct answer is Only 3. This is because the statement "The non-banking entities should have a minimum net worth of Rs. 1000 crore at the time of making the application and on a continuing basis after issue of the requisite authorisation" is not true. The RBI's draft circular does not mention any specific requirement for the minimum net worth of non-banking entities applying to set up WLAs.Rate this question:
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- 10.
Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee on 15 February 2012 approved the auction route for selling 5 per cent stake in state-run oil major?
- A.
IOC
- B.
ONGC
- C.
HPCL
- D.
BPCL
Correct Answer
B. ONGCExplanation
The Empowered Group of Ministers (EGoM) headed by Finance Minister Pranab Mukherjee approved the auction route for selling a 5% stake in state-run oil major ONGC. This means that the government will sell its stake in ONGC through an auction process, where interested buyers will bid for the shares. This method allows for transparency and fair market value discovery, ensuring that the government gets the best price for its stake in ONGC.Rate this question:
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- 11.
As per official data released on 14 February 2012, headline inflation eased to a 26-month low in January 2012 from 7.47 percent in December 2011 on the back of further fall in vegetable prices. What did the headline inflation stand at in January 2012?
- A.
6.55%
- B.
5.33%
- C.
5.75%
- D.
7.1%
Correct Answer
A. 6.55%Explanation
The correct answer is 6.55%. According to the official data released on 14 February 2012, headline inflation in January 2012 stood at 6.55%. This was a decrease from the previous month's inflation rate of 7.47%. The decline in inflation was attributed to a further fall in vegetable prices.Rate this question:
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- 12.
The Union government in January 2012 decided to subscribe to preferential equity shares issued by which of the two public sector banks?
- A.
SBI & PNB
- B.
PNB & Union Bank
- C.
SBI & UCO
- D.
Bank of Baroda & Canara Bank
Correct Answer
A. SBI & PNBExplanation
The Union government in January 2012 decided to subscribe to preferential equity shares issued by State Bank of India (SBI) and Punjab National Bank (PNB). This means that the government agreed to purchase these shares at a predetermined price, giving them a higher priority compared to other shareholders. This move was likely aimed at increasing the capital base of these banks and strengthening their financial position.Rate this question:
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- 13.
According to the data released by the Commerce and Industry Ministry on 30 January 2012, the growth rate of eight core industries slowed down to what per cent in December 2011 from 6.3 per cent in December 2010?
- A.
2.5%
- B.
3.1 %
- C.
4%
- D.
5.2%
Correct Answer
B. 3.1 %Explanation
The correct answer is 3.1%. According to the data released by the Commerce and Industry Ministry, the growth rate of eight core industries slowed down to 3.1% in December 2011 from 6.3% in December 2010. This indicates a decrease in the growth rate of these industries over the one-year period.Rate this question:
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- 14.
The apex decision-making body of the communications ministry, the Telecom Commission decided to allow mobile phone companies to share spectrum. Identify the statement which is incorrect. The Commission has however limited this facility to 3G airwaves alone Only those operators that have airwaves in a particular region can share it. Spectrum can be shared only between two spectrum holders Two companies can share airwaves only if their combined holdings do not exceed the limits prescribed in the M&A norms Spectrum sharing deals will also have to be renewed every five years
- A.
Only 4
- B.
Only 2
- C.
Only 1
- D.
2 & 3
Correct Answer
C. Only 1Explanation
The statement that is incorrect is "The Commission has however limited this facility to 3G airwaves alone." This is not true as the Telecom Commission has allowed mobile phone companies to share spectrum, not just limited to 3G airwaves.Rate this question:
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- 15.
The Union government on 31 January 2012 revised the economic growth rate for 2010-2011 financial year to what percent in comparison to the previous estimate of 8.5 percent?
- A.
8%
- B.
8.4%
- C.
7.5%
- D.
7%
Correct Answer
B. 8.4%Explanation
The Union government revised the economic growth rate for the 2010-2011 financial year to 8.4%, which is higher than the previous estimate of 8.5%. This indicates that the economy performed slightly better than initially projected.Rate this question:
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- 16.
Centre for Monitoring Indian Economy (CMIE) estimated Corporate India’s sales to grow by what per cent in 2011-12?
- A.
21.6%
- B.
20.8%
- C.
22
- D.
23.7%
Correct Answer
A. 21.6%Explanation
In 2011-12, the Centre for Monitoring Indian Economy (CMIE) estimated that Corporate India's sales would grow by 21.6%. This indicates that there was a positive growth in the sales of Indian companies during that period.Rate this question:
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- 17.
According to the report by Gems and Jewellery Export Promotion Council (GJEPC) released in January 2012, gems and jewellery exports fell into the negative zone to $3 billion in December 2011. What per cent fall did it register in the month in question?
- A.
10.33%
- B.
12.17%
- C.
13.33%
- D.
15%
Correct Answer
D. 15%Explanation
The given question states that gems and jewellery exports fell into the negative zone to $3 billion in December 2011. To find the percentage fall, we need to calculate the difference between the initial value and the final value, and then divide it by the initial value and multiply by 100. In this case, the initial value is not given, but since the exports fell into the negative zone, we can assume that the initial value was positive. Therefore, the percentage fall cannot be determined accurately based on the given information.Rate this question:
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- 18.
Reserve Bank of India (RBI) on 24 January 2012 cut the cash reserve ratio (CRR) by 50 basis point. The current CRR stands at what percent?
- A.
5%
- B.
5.5%
- C.
6%
- D.
6.5%
Correct Answer
B. 5.5%Explanation
The correct answer is 4.5%. This is because the statement mentions that the Reserve Bank of India (RBI) cut the cash reserve ratio (CRR) by 50 basis points. If the current CRR stands at 5.5%, a 50 basis point cut would result in a new CRR of 5%. Therefore, the correct answer is 5%.Rate this question:
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- 19.
The Reserve Bank of India on 24 January 2012 also kept the repo rate unchanged for the second consecutive time after raising it 13 times between March 2010 and October 2011. What is the present repo rate?
- A.
8%
- B.
7.5%
- C.
8.5%
- D.
9%
Correct Answer
C. 8.5%Explanation
The present repo rate is 8.5%. The question states that the Reserve Bank of India kept the repo rate unchanged for the second consecutive time after raising it 13 times between March 2010 and October 2011. This implies that the repo rate was raised multiple times before, and the fact that it has remained unchanged for two consecutive times suggests that it is currently at 8.5%.Rate this question:
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- 20.
The poor performance of National Pension System, or NPS led the Pension Fund Regulatory and Development Authority (PFRDA) to change the incentive structure for the distributors. Which of the following statements in this regard is/are not true?
- A.
The pension regulator on the basis of the recommendation of the G.N. Bajpai committee constituted by PFRDA to review NPS, fixed the incentive at 0.25% of the subscription amount
- B.
As per PFRDA’s measures announceds, a distributor will get a flat Rs 50 on initial subscription and 0.05% of the initial subscription amount
- C.
Every year on subsequent investments, the point of presence will be entitled to 0.25% of that amount.
- D.
The minimum that a point of presence can charge is Rs 20 and the maximum Rs 25000.
Correct Answer
B. As per PFRDA’s measures announceds, a distributor will get a flat Rs 50 on initial subscription and 0.05% of the initial subscription amountExplanation
The statement "As per PFRDA’s measures announced, a distributor will get a flat Rs 50 on initial subscription and 0.05% of the initial subscription amount" is not true. The correct statement is that the incentive for distributors was fixed at 0.25% of the subscription amount, as recommended by the G.N. Bajpai committee.Rate this question:
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- 21.
As per the Index of Industrial Production (IIP) data, industrial production bounced back with a growth of what per cent in November 2011, marking a five-month high in a reversal from the negative trend witnessed in October 2011?
- A.
5.9%
- B.
6.5%
- C.
7%
- D.
8.2%
Correct Answer
A. 5.9%Explanation
In November 2011, the Index of Industrial Production (IIP) data showed that industrial production grew by 5.9%. This marked a five-month high and a reversal from the negative trend observed in October 2011. This indicates that there was a significant improvement in industrial production during this period, with a growth rate of 5.9%.Rate this question:
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- 22.
India on 13 January 2012 extended for how many years an anti-dumping duty on import of four Chinese products like nylon filament yarn, Saccharin, cellophane transparent film etc?
- A.
3 years
- B.
5 years
- C.
10 years
- D.
12 years
Correct Answer
B. 5 yearsExplanation
India extended the anti-dumping duty on import of four Chinese products like nylon filament yarn, Saccharin, cellophane transparent film, etc. for a period of 5 years. This extension suggests that the Indian government believes that these products from China are being dumped in the Indian market at unfairly low prices, which is causing harm to the domestic industry. By imposing the anti-dumping duty for 5 years, India aims to protect its domestic industry from such unfair trade practices and promote fair competition.Rate this question:
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- 23.
Reserve Bank of India (RBI) on 13 January 2012 issued guidelines on compensation of wholetime directors, chief executive officers and other risk takers in private and foreign banks. Which of the following facts regarding the above statement is/are not true. 1. The central bank’s directions are aimed at preventing greed from destabilising the institution. 2. The guiderlines include provisions to clawback pay if transactions fail years after origination 3. The norms provided also include capping the variable component of the compensation at 48% of the fixed pay in a year 4. As per the guidelines issued, banks are permitted to exclude the Employees Stock Option Plan from variable pay
- A.
Only 2
- B.
Only 4
- C.
Only 3
- D.
2 & 4
Correct Answer
C. Only 3Explanation
The given statement is about the guidelines issued by the RBI on compensation of directors and risk takers in banks. It states that the guidelines include provisions to clawback pay if transactions fail years after origination. This means that if a transaction fails in the future, the bank can recover the pay that was given to the director or risk taker. This is not true according to the given answer. The correct answer states that only statement 3 is not true, which means that the guidelines do not include capping the variable component of the compensation at 48% of the fixed pay in a year.Rate this question:
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- 24.
Which of the following bodies unveiled rules for direct investment in stocks by foreign investors, including individuals to put curbs on opaque structures to prevent routing of funds by resident Indians?
- A.
IRDA
- B.
FICCI
- C.
CCI
- D.
SEBI
Correct Answer
D. SEBIExplanation
SEBI, the Securities and Exchange Board of India, unveiled rules for direct investment in stocks by foreign investors, including individuals. These rules were introduced to put curbs on opaque structures and prevent routing of funds by resident Indians. SEBI's aim was to ensure transparency and accountability in the investment process and to safeguard the interests of all stakeholders in the Indian stock market.Rate this question:
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- 25.
As per the Wholesale Price Index, published by the government on 16 January 2012, Reduced food prices caused the inflation to dip to a year low at what per cent in December 2011?
- A.
7.47%
- B.
7.65%
- C.
6.33%
- D.
5.41%
Correct Answer
A. 7.47%Explanation
The correct answer is 7.47%. According to the Wholesale Price Index published by the government on 16 January 2012, reduced food prices caused the inflation rate to decrease to a year low. The percentage mentioned indicates the extent to which the inflation rate dropped in December 2011.Rate this question:
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- 26.
Foreign direct investment (FDI) into India went up by what per cent to $2.53 billion in November 2011, indicating an improvement in investor sentiment?
- A.
56%
- B.
49%
- C.
33%
- D.
26%
Correct Answer
A. 56%Explanation
The correct answer is 56%. The explanation for this answer is that foreign direct investment (FDI) into India increased by 56% to $2.53 billion in November 2011. This indicates a significant improvement in investor sentiment, as more foreign investors were willing to invest in India during that period. The increase in FDI suggests that India was seen as an attractive destination for foreign investment, potentially due to positive economic indicators or government policies that encouraged foreign investors.Rate this question:
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- 27.
As per the Forward Markets Commission data released on 9 January 2012 that the turnover of the 21 commodity exchanges in India increased by 66% to what amount till December 2011?
- A.
Rs 123 lakh crore
- B.
Rs 137.22 lakh crore
- C.
Rs 100.57 lakh crore
- D.
Rs 93 lakh crore
Correct Answer
B. Rs 137.22 lakh croreExplanation
The correct answer is Rs 137.22 lakh crore. According to the Forward Markets Commission data released on 9 January 2012, the turnover of the 21 commodity exchanges in India increased by 66% till December 2011. This means that the turnover reached Rs 137.22 lakh crore during that period.Rate this question:
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- 28.
Indirect tax collections increased by what per cent to Rs 285787 crore during April-December 2011 driven by an increase in service tax mop-up?
- A.
15%
- B.
14.56%
- C.
16.1%
- D.
16.33%
Correct Answer
C. 16.1%Explanation
The correct answer is 16.1%. Indirect tax collections increased by this percentage during April-December 2011 due to a rise in service tax mop-up. This means that the amount of tax collected from services increased, contributing to the overall increase in indirect tax collections.Rate this question:
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- 29.
The Directorate General of Foreign Trade (DGFT) notified that the Commerce Ministry on on 11 January 2012 lowered the minimum export price of onions by $100 a tonne to boost exports. What is the changed minimum export price of onion?
- A.
$200 a tonne
- B.
$250 a tonne
- C.
$300 a tonne
- D.
$150 a tonne
Correct Answer
D. $150 a tonneExplanation
The correct answer is $150 a tonne. The Commerce Ministry lowered the minimum export price of onions by $100 a tonne to boost exports. Therefore, the changed minimum export price of onion is $150 a tonne.Rate this question:
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- 30.
Prime Minister's Office on 11 January 2012 directed cash-rich public sector undertakings (PSUs) to invest around Rs.1.76 lakh crore to act as a stimulus in the next fiscal 2012-13. What is the amount to be invested domestically?
- A.
Rs.1.41 lakh crore
- B.
Rs 1.57 lakh crore
- C.
Rs 2.50 lakh crore
- D.
Rs 3.19 lakh crore
Correct Answer
A. Rs.1.41 lakh croreExplanation
The correct answer is Rs.1.41 lakh crore. The question asks for the amount to be invested domestically, and the correct answer states that it is Rs.1.41 lakh crore.Rate this question:
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