Economics (Part-II) (Railway)

Total Questions: 50

21. According to the rule of sup ply when the value of the product decreases, the quantity of supply- [RRB RPF Constable Exam, 25.01.2019 Shift-III]

(1) Will remain constant
(2) Increase or decrease
(3) Decrease
(4) Will Increase

Correct Answer: (3) Decrease

Solution:Law of supply depicts the producer behavior at the time of changes in the prices of goods and services.

• When the price of a good rises, the supplier increases the supply in order to earn a profit because of higher prices.

22. The Hill Area Development Programmes were started during________. [RRB RPF Constable Exam, 02.02.2019 Shift-I]

(1) Second Five Year Plan
(2) Third Five Year Plan
(3) First Five Year Plan
(4) Fifth Five Year Plan

Correct Answer: (4) Fifth Five Year Plan

Solution:The Hill Area Development Programs were initiated during Fifth Five Year Plan ( 1974-78) covering 15 districts.

• It comprised all the hilly districts of Uttar Pradesh (present Uttarakhand), Mikir Hill and North Cachar hills of Assam, Darjiling district of West Bengal and Nilgiri district of Tamil Nadu.

23. The Rural Employment Generation Program (REGP) was started in_________. [RRB RPF Constable Exam, 02.02.2019 Shift-I]

(1) 2000
(2) 2010
(3) 2005
(4) 1995

Correct Answer: (4) 1995

Solution:The Khadi& Village Industries Commission (KVIC) launched the Rural Employment Generation Programme (REGP) on 1st April, 1995.

• It aimed for generation of two million jobs under the KVI sector in the rural areas of the country.

24. Food grains like wheat and rice bought by the government through the Food Corporation of India (FCI) are called- [RRB RPF Constable Exam, 02.02.2019 Shift-I]

(1) Food Security
(2) Food Storage
(3) Safe Stores (Buffer Stock)
(4) Food Stocks

Correct Answer: (3) Safe Stores (Buffer Stock)

Solution:Buffer Stock is the stock of food grains, namely wheat and rice procured by the government through the Food Corporation of India (FCI).

• Buffer stock refers to a reserve of a commodity that is used to offset price fluctuations and unforeseen emergencies.

25. Who determines the amount to be kept by the banks? [RRB RPF Constable Exam, 11.02.2019 Shift-I]

(1) IDBI
(2) SIDBI
(3) RBI
(4) SBI

Correct Answer: (3) RBI

Solution:The percentage of cash required to be kept in reserves, total deposits of a bank is called the Cash Reserve Ratio.

• The Cash Reserve Ratio (CRR) in India is decided by the RBI's Monetary Policy Committee.

26. When was the World Trade Organization established? [RRB RPF Constable Exam, 11.02.2019 Shift-I]

(1) 1994
(2) 1990
(3) 1995
(4) 1992

Correct Answer: (3) 1995

Solution:The World Trade Organization (WTO) is the successor to the General Agreement on Tariffs and Trade (GATT), which was created in 1948.

• The Uruguay Round (1986-94) of the GATT led to the WTO's creation.

• WTO began operations on 1st January, 1995.

27. The minimum calorie consumption for the person living in rural areas is- [RRB RPF Constable Exam, 11.02.2019 Shift-I]

(1) 2400 calories
(2) 2100 calories
(3) 3000 calories
(4) 1800 calories

Correct Answer: (1) 2400 calories

Solution:According to the Planning Commission, the calorie intake required by people living in urban areas is 2100 and that of rural areas is 2400.

28. The tenure of the first Five Years Plan was- [RRB RPF Constable Exam, 11.02.2019 Shift-I]

(1) 1951-1956
(2) 1952-1957
(3) 1947-1952
(4) None of the above

Correct Answer: (1) 1951-1956

Solution:The first Five-Year Plan was presented before the Parliament on 9 July, 1951.

• The target GDP growth of the plan was 2.1%, but the country recorded a growth of 3.6% that year.

• The First Fifth Year plan drafted by economist K.N. Raj was based on the Harrod-Domar model.

29. When was the NITI Aayog established? [RRB RPF Constable Exam, 11.02.2019 Shift-I]

(1) 1 December, 2014
(2) 1 May, 2018
(3) 1 January, 2015
(4) 1 April, 2016

Correct Answer: (3) 1 January, 2015

Solution:The NITI Aayog (National Institution for Transforming India) replaced the Planning Commission from 1 January, 2015.

• It was established on 15 March, 1950 as an advisory institution to form five year plans in the country on the line of USSR (former Soviet Union).

30. In which of the following years India faced the financial crisis related to foreign loans? [RRB RPF Constable Exam, 11.02.2019 Shift-I]

(1) 1950
(2) 1991
(3) 1929
(4) 1942

Correct Answer: (2) 1991

Solution:In 1991, India faced its worst economic crisis and was on the brink of a sovereign default.

• The game-changing new industrial policy was unveiled on the eve of Budget 1991.

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