Economics Miscellaneous (Part – III)

Total Questions: 50

11. How did Madhya Pradesh perform in the assessment of States for Business Reforms Action Plan 2020? [M.P.P.C.S. (Pre) 2023]

Correct Answer: (d) Madhya Pradesh was rated as 'Achievers'.
Solution:Madhya Pradesh was rated as 'Achievers' in the assessment of States for Business Reforms Action Plan (BRAP) 2020. Himachal Pradesh, Maharashtra, Odisha, Uttarakhand and Uttar Pradesh were also in this category. Andhra Pradesh, Gujarat, Haryana, Karnataka, Punjab, Tamil Nadu and Telangana were rated as "Top Achievers'.

The Business Reforms Action Plan (BRAP) 2024 is set to establish a seamless business regulatory framework across the country, enhancing the ease of doing business. Led by the Department for Promotion of Industry and Internal Trade (DPIIT), BRAP 2024 introduces next-generation reforms that address the needs of both businesses and citizens.

Building on the successes of previous editions, BRAP 2024 aligns with key government initiatives such as the Reducing Compliance Burden (RCB) and Decriminalisation, while also integrating elements from the World Bank's upcoming B-READY program. This convergence will streamline regulatory processes, bolster economic growth, and foster greater investor confidence in India's business landscape.

12. It is a method of making automatic predictions about the interest of a user by collecting preferences: [M.P.P.C.S. (Pre) 2020]

Correct Answer: (d) Collaborative Filtering
Solution:Collaborative filtering is a way recommendation systems filter information by using the preferences of other people. It uses the assumption that if person A has similar preferences to person B on items they have both reviewed, then person A is likely to have a similar preference to person B on an item only person B has reviewed.
  • Collaborative filtering relies on a matrix of user-item interactions, where each row represents a user and each column represents an item. The values in the matrix can be explicit ratings (e.g., movie ratings from 1 to 5) or implicit feedback (e.g.. purchase history, page views, likes).
  • The algorithm identifies users who have similar preferences based on their interaction patterns with items. This similarity is often calculated using metrics like cosine similarity or Pearson correlation.
  • Once similar users are identified, the algorithm uses their preferences to predict the target user's preference for items they haven't interacted with. For example, if a user has liked movies A, B, and C, and other users with similar tastes also liked movie D, the algorithm might recommend movie D to the user.

13. The concept of 'Marginal Man' was propounded by: [U.P.P.C.S. (Pre) 2020]

Correct Answer: (a) Robert E. Park
Solution:'Marginal Man' is a sociological concept which was propounded by an American urban sociologist Robert Erza Park in his article 'Human Migration and the Marginal Man' (1928). The concept was further developed by E.V. Stonequist. The concept of 'Marginal Man' explains how an individual suspended between two cultural realities may struggle to establish his or her identity.

14. The phrase 'Missing women' was coined by: [U.P. Lower Sub. (Pre) 2015]

Correct Answer: (d) Amartya Sen
Solution:The phrase 'Missing women' was coined by Amartya Sen in 1990 when he showed that in parts of the developing world, the ratio of women to men in the population is suspiciously low. The term 'Missing women' indicates a shortfall in the number of women relative to the expected number of women in a region or country.
  • Missing women" refers to the discrepancy between the actual number of women and the number that would be expected based on biological norms and population ratios.
  • This shortfall is primarily attributed to cultural and societal factors that lead to discrimination against women, resulting in practices like sex-selective abortions, female infanticide, and inadequate care for female children.
  • While the issue is most pronounced in parts of Asia and North Africa, it is a global concern with varying degrees of impact.

15. The development of the concept of 'Global Village' is based on: [U.P.P.C.S. (Pre) 2018]

Correct Answer: (c) Transport and Communication development
Solution:The development of the concept of 'Global Village' is based on transport and communication development. This term was coined by the Canadian media theorist Marshall McLuhan. The term 'Global Village' describes the phenomenon of the entire world becoming more interconnected as the result of the propagation of media technologies and transport and communication development throughout the world.

16. According to Gartner, 4-phase maturity model can be arranged in sequence as: [M.P.P.C.S. (Pre) 2020]

Correct Answer: (d) Information, Interaction, Transaction and Transformation
Solution:According to Gartner, 4-phase maturity model can be arranged in sequence as - Information (Phase-1), Interaction (Phase-2), Transaction (Phase-3) and Transformation (Phase-4).
  • Information Phase: This is the initial stage. It involves simply providing information online or digitally. Users can access static content. Think of a basic website that only displays information without any interactive features.
  • Interaction Phase: In this phase, users can interact with the system or organization. This might involve filling out forms, sending emails, using search functions, or engaging in simple communication. There is a two-way flow, but complex processes or transactions are not yet possible.
  • Transaction Phase: This stage allows users to complete transactions online. This could include making payments, submitting applications, registering for services, or conducting other formal processes that involve a direct exchange or action. Services become functional and operational.
  • Transformation Phase: The highest level of maturity. This involves a fundamental re-engineering of services and processes, often breaking down silos between different parts of an organization. Services are integrated, personalized, and citizen-centric (in the case of e-government). The digital presence becomes the primary channel for service delivery and engagement, leading to significant efficiency gains and improved user experience.

17. A social network can be represented as: [M.P.P.C.S. (Pre) 2020]

Correct Answer: (e) Both Graph & Tree
Solution:A social network can be represented as Graph and also as Tree. Social networks permeate our social and economic lives. They play a central role in the transmission of information about job opportunities, and are critical to the trade of many goods and services. Social networks are also important in determining how diseases spread, which products we buy, which languages we speak, how we vote etc. As per MPPSC answer key, both option (a) and (b) are correct.

18. Who was the first Indian to join as a member of UN Human Rights Commission constituted in 1946? [Uttarakhand P.C.S. (Pre) 2012]

Correct Answer: (b) Smt. Hansa Mehta
Solution:Smt. Hansa Mehta was a social activist, independence activist and an educator. She was the first Indian to join as a member of UN Human Right Commission in the year 1947-48. Hansa later went on to become the Vice-Chairperson of the Human Rights Commission of the United Nations in 1950. She was also a member of the Executive Board of UNESCO. Smi. Vijaya Laxmi Pandit also represented India on UN Human Rights Commission in the year 1979,

19. Which committee suggested the enactment of the Competition Act, 2002? [B.P.S.C. (Pre) 2022]

Correct Answer: (c) S.V.S. Raghavan Committee
Solution:The financial and economic policies of India went through a significant change post liberalization of the Indian economy in 1991. Many legal reforms made at this time were directed towards deregulation of various industries and boosting growth of private sector businesses. In this backdrop, the High Level Committee on Competition Policy and Law (S.V.S. Raghavan Committee) was tasked with reforming the antitrust law in operation at the time - the Monopolies and Restrictive Trade Practices (MRTP) Act, 1969.

The Raghavan Committee encapsulated its recommendations in a report released in 2000 which noted that the MRTP Act was inadequate for fostering competition in the market and reducing anticompetitive practices. The Raghavan Committee recommended large scale reforms to bring the antitrust law in line with the new domestic economic policies and global best practices.

Based on these recommendations, the Competition Act, 2002 was enacted by the Parliament to "prevent practices having adverse effect on competition, to promote and sustain competition in markets, to protect the interests of consumers and to ensure freedom of trade carried on by other participants in markets, in India."

20. Competition Commission has been established in India in the year: [U.P.P.C.S. (Mains) 2004]

Correct Answer: (c) 2003
Solution:The Competition Commission of India has been established under the Competition Act, 2002 on 14th October, 2003, with the goal to create and sustain fair competition in the economy that will provide a 'level playing field' to the producers and make the markets work for the welfare of the consumer.

It is the duty of the Commission to eliminate practices having adverse effect on competition, promote and sustain competition, protect the interest of consumers and ensure freedom of trade in the markets of India.