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]

(a) Madhya Pradesh was rated as 'Under Achievers'.
(b) Madhya Pradesh was rated as Top Achievers'.
(c) Madhya Pradesh was not rated in the assessment.
(d) Madhya Pradesh was rated as 'Achievers'.

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'.

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]

(a) Social Networking
(b) Social Targetting
(c) Collaborative Publishing
(d) Collaborative Filtering

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.

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

(a) Robert E. Park
(b) Robert Redfield
(b) Robert Redfield
(d) Louis Dumont

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]

(a) Helen Keller
(b) Emma Watson
(c) Medha Patkar
(d) Amartya Sen

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.

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

(a) Social development
(b) Political development
(c) Transport and Communication development
(d) International organization

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]

(a) Transaction, Interaction, Transformation and Information
(b) Information, Transformation, Interaction and Transaction
(c) Transaction, Information, Interaction and Transformation
(d) Information, Interaction, Transaction and Transformation

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).

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

(a) Graph
(b) Tree
(c) Star
(d) Ring
(e) Both Graph & Tree

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]

(a) Smt. Sarojini Naidu
(b) Smt. Hansa Mehta
(c) Smt. Vijaya Laxmi Pandit
(d) None of the above

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]

(a) Vijay Kelkar Committee
(b) Rangarajan Committee
(c) S.V.S. Raghavan Committee
(d) More than one of the above

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]

(a) 2001
(b) 2002
(c) 2003
(d) 2004

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.

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