Economics Miscellaneous (Part – IV)

Total Questions: 52

1. Which one of the following pairs is not correctly matched? [I.A.S. (Pre) 2007]

Correct Answer: (c) Nicholas Stern : Construction technology
Solution:Nicholas Stern is a British economist and academician. He was the Chief Economist and Senior Vice-President of the World Bank from 2000 to 2003. His research focused on economic development and growth. Hence Stern is associated with Economics rather than construction technology. Pairs of other options are correctly matched.

2. When did the Prime Minister Narendra Modi launch National Disaster Management Plan (NDMP)? [Jharkhand P.C.S. (Pre) 2017]

Correct Answer: (a) 1st June
Solution:The Prime Minister Narendra Modi launched the National Disaster Management Plan (NDMP) on 1st June, 2016, NDMP aims to make India disaster resilient and reduce the loss of lives due to disasters.

NDMA is the apex body for Disaster Management in India and is headed by the Prime Minister of India.

Setting up of NDMA and the creation of an enabling environment for institutional mechanisms at the State and District levels is mandated
by the Disaster Management Act, 2005.

NDMA is mandated to lay down the policies, plans and guidelines for Disaster Management.

Through NDMA, India envisions the development of an ethos of Prevention, Mitigation, Preparedness and Response.

3. To which place did Ratan Tata decide to move the Nano Project from Singur? [M.P.P.C.S. (Pre) 2008]

Correct Answer: (c) Sanand
Solution:Ratan Tata decided to move his Lakhtakia Nano Car project from Singur, West Bengal to Sanand, Gujarat.

The Tata Nano project was an ambitious attempt by Ratan Tata to provide a safe and affordable car for Indian families, particularly those using motorcycles. Inspired by the sight of families riding on scooters, Tata aimed to create a four-wheeled vehicle that would be accessible to a wider segment of the population.

The Nano was initially unveiled in 2008 with a price tag of Rs 1 lakh (approximately $2,500), earning it the nickname "the people's car". However, the project faced numerous challenges and ultimately ceased production in 2019.

4. Who is the new President of C.I.I.? [M.P.P.C.S. (Pre) 2006]

Correct Answer: (c) R. Seshasayee
Solution:When the question was asked, R. Seshasayee was the President of Confederation of Indian Industry (CII). For 2024-25, Sanjiv Puri is the President of CII. He assumed the office in May, 2024. He is the Chairman & Managing Director of ITC Limited.

About CCI:

  • It is a non-government, not-for-profit, industry-led and industry-managed organization.
  • It was founded in 1895,its headquarters is in New Delhi.
  • It works to create and sustain an environment conducive to the development of India, partnering industry, Government and civil society, through advisory and consultative processes.

Initiatives by CCI: CII has embarked on smarter initiatives that enhance competitiveness of Indian industry by underlining the need for rapid up gradation on parameters like quality, corporate governance, knowledge management, energy efficiency and environment management.

5. According to 'The Rich Report 2004' published by 'The Mail on Sunday' the richest person of Asia is: [Uttarakhand P.C.S. (Mains) 2002]

Correct Answer: (c) Lakshmi Mittal
Solution:According to 'The Rich Report 2004' published by 'The Mail on Sunday' the richest person of Asia was Lakshmi Niwas Mittal.

The Mail on Sunday is a British conservative newspaper, published in a tabloid format. Founded in 1982 by Lord Rothermere, it is the biggest-selling Sunday newspaper in the UK. Its sister paper, the Daily Mail, was first published in 1896. The Mail on Sunday is owned by the Daily Mail and General Trust (DMGT), but the editorial staffs of the two papers are separate.

6. The Indian Economist, who is the Nobel Prize Winner, is: [Uttarakhand U.D.A./L.D.A. (Pre) 2007]

Correct Answer: (b) Amartya Sen
Solution:Amartya Sen is an Indian economist who was awarded the 1998 Nobel Prize in Economic Sciences for his contributions to welfare economics and social choice theory and for his interest in the problems poorest members of society's. Welfare economics seeks to evaluate economic policies in terms of their effects on the well-being of the community.

7. Who was awarded 2023 Sveriges Riksbank Prize (Nobel prize) in Economic Sciences? [Chhattisgarh P.C.S. (Pre) 2023]

Correct Answer: (b) Claudia Goldin
Solution:Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel (Nobel Memorial Prize in Economic Sciences) was established in connection with the Riksbank's 300th anniversary in 1968.

The prize is awarded every year since 1969 to a person or persons in the field of economic sciences who have produced work of outstanding importance. The Royal Swedish Academy of Sciences appoints the prize- winner(s) according to the same principles as for the Nobel Prizes.

The prize amount is also the same as for the Nobel Prizes, 11 million Swedish Kronor, and is paid by the Riksbank. If there is more than one winner, the prize amount is shared equally between them. The 2023 Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel was awarded to Dr. Claudia Goldin of USA, "for having advanced our understanding of women's labour market outcomes."

8. Who among the following was awarded by Nobel Prize for Economics, 2015? [U.P. Lower Sub. (Pre) 2015*]

Correct Answer: (a) Angus Deaton
Solution:The Nobel Prize Committee has awarded the 2015 Nobel Memorial Prize in Economic Sciences to Angus Deaton for his analysis of consumption, poverty and welfare.

The 2022 Nobel Memorial Prize in Economic Sciences was divided equally between the American economists Ben S. Bernanke, Douglas W. Diamond and Philip H. Dybvig "for research on banks and financial crisis." The 2023 Nobel Memorial Prize in Economic Sciences was awarded to Claudia Goldin, "for having advanced our understanding of women's labour mar- ket outcomes".

9. Who among the following has authored the book 'India's Economic Policy: The Gandhian Blue Print'? [U.P.P.C.S. (Mains) 2012]

Correct Answer: (d) Charan Singh
Solution:The book 'India's Economic Policy: The Gandhian Blue Print' is written by former Prime Minister of India, Chaudhary Charan Singh.

The Gandhian blueprint for the Indian economy emphasizes decentralization, self-sufficiency, and the upliftment of rural communities through agriculture and small-scale industries. It prioritizes human well-being over purely economic growth, advocating for a model that is both ethical and sustainable.

Farming is seen as the foundation of the economy, and its development is prioritized to ensure food security and provide livelihoods for the majority of the population. Small-scale, labor-intensive industries are encouraged to provide employment opportunities and reduce dependence on large-scale, capital-intensive factories.

10. Which of the following pairs is not correctly matched? [U.P.R.O./A.R.O. (Pre) 2023]

Correct Answer: (a) Karl Marx - Principles of Political Economy and Taxation
Solution:The book 'On the Principles of Political Economy and Taxation' was written by David Ricardo. Pairs of other three options are correctly matched.

David Ricardo (18 April 1772-11 September 1823) was a British economist and politician. He is recognized as one of the most influential classical economists, alongside figures such as Thomas Malthus, Adam Smith and James Mill. Ricardo wrote his first economics article at age 37, advocating for a reduction in the note-issuing of the Bank of England.

He was also an abolitionist and believed in the autonomy of a central bank as the issuer of money.