Economics (Part-IV) (Railway)

Total Questions: 50

41. Which regulatory body is the only note issuing authority in India? [RRB Group 'D' CBT Exam, 24.08.2022 (Shift-II)]

(1) Small Industries Development Bank of India.
(2) Reserve Bank of India
(3) Insurance Regulatory and Development Authority of India
(4) Securities and Exchange 19 Board of India

Correct Answer: (2) Reserve Bank of India

Solution:he Reserve Bank has the sole authority to issue banknotes in India.

• Along with Government of India, it is responsible for the design, production and overall management of the nation's currency, with the goal of ensuring an adequate supply of clean and genuine notes.

42. In which year did the Indira Gandhi Government devalue the India Rupee? [RRB Group 'D' CBT Exam, 24.08.2022 (Shift-II)]

(1) 1956
(2) 1978
(3) 1970
(4) 1966

Correct Answer: (4) 1966

Solution:On June 6, 1966, the Indira Gandhi government devalued the Indian rupee by 57 percent, from Rs 4.76 to Rs 7.50 to a dollar.

• The move was criticised as the ultimate "sell-out to America and the World Bank".

• The Indian government took the step to counter soaring inflation.

43. Which of the following is NOT true about the demand curve? [RRB Group 'D' CBT Exam, 24.08.2022 (Shift-III)]

(1) It is the plots of quantities demanded at various time.
(2) It reflects the law of demand
(3) It is the plots of quantities demanded at various price.
(4) It is negatively sloped.

Correct Answer: (1) It is the plots of quantities demanded at various time.

Solution:The demand curve is a graphical representation of the relationship between the price of a good or service and the quantity demanded for a given period of time.

• In a typical representation, the price will appear on the left vertical axis, the quantity demarided on the horizontal axis.

44. The First Finance Commission was constituted vide Presidential Order dated 22.11.1951 under the chairmanship of____. [RRB Group 'D' CBT Exam, 24.08.2022 (Shift-III)]

(1) YV Reddy
(2) C Rangarajan
(3) Vijay Kelkar
(4) KC Neogy

Correct Answer: (4) KC Neogy

Solution:The First Finance Commission was constituted in 1951 under the chairmanship of K.C. Neogi.

• it was established under The Finance Commission (Miscellaneous Provisions) Act, 1951.

• The Finance Commissions are constituted every Five years by the President of India under Article 280 of the Indian Constitution.

45. On what date were the Consumer Protection (Direct Selling) Rules, 2021 introduced by the Government of India? [RRB Group 'D' CBT Exam, 25.08.2022 (Shift-I)]

(1) 28 December 2021
(2) 25 December 2021
(3) 26 December 2021
(4) 24 December 2021

Correct Answer: (1) 28 December 2021

Solution:Consumer Protection (Direct Selling) Rules, 2021 were introduced by the government on 28 December 2021.

• It prohibits promotion of pyramid schemes and participation in money circulation schemes.

• It has been notified in exercise of the powers conferred by the Consumer Protection Act, 2019.

46. The portion of agricultural product that is sold by farmers in market is popularly known as_______. [RRB Group 'D' CBT Exam, 25.08.2022 (Shift-I)]

(1) marketed surplus
(2) minimum marketed prodtuct
(3) marketable agriculture product
(4) permitted agriculture product

Correct Answer: (1) marketed surplus

Solution:The portion of agricultural produce which is sold in the market by the farmers is called a marketed surplus.

• In agriculture, marketable surplus represents the surplus of a harvest that can be sold for profit after a farmer sells their crop to cover the costs of maintaining and operating their farm.

47. What is the full form of NABARD? [RRB Group 'D' CBT Exam, 25.08.2022 (Shift-I)]

(1) National Bank for Agriculture and Rural Development
(2) National Bank for Agriculture and Regional Development
(3) National Agriculture Bank Authority for Rural Development
(4) National Bank for Rural Development

Correct Answer: (1) National Bank for Agriculture and Rural Development

Solution:The acronym NABARD stands for National Bank for Agriculture and Rural Development.

• It is an apex regulatory body for overall regulation of regional rural banks and apex cooperative banks in India.

• It is under the jurisdiction of Ministry of Finance.

• NABARD was established in 12 july, 1982.

• The head quarters of NABARD is mumbai.

48. As long as MP (marginal product) remains higher than the average product (AP), the average product_______> [RRB Group 'D' CBT Exam, 25.08.2022 (Shift-I)]

(1) falls with diminishing rate
(2) remains constant
(3) continues to fall
(4) continues to rise

Correct Answer: (4) continues to rise

Solution:Average Product (AP) is output per unit of inputs of variable factors. Marginal Product (MP) denotes the addition of variable factors to the total product.

• Average Product increases aş long as Marginal Product (MP) > Average Product (AP).

• Alternatively, when MP > AP, AP rises.

• Average Product is maximum and constant when Average Product (AP) = Marginal Product (MP).

49. Which is the most commonly used measure for the size of the economy? [RRB Group 'D' CBT Exam, 30.08.2002 (Shift-I)]

(1) Nation Net product (NNP)
(2) Net Domestic Product (NDP)
(3) Gross domestic product (GDP)
(4) Gross Net product (GNP)

Correct Answer: (4) Gross Net product (GNP)

Solution:Gross domestic product (GDP) is the most widely used indicator of the size of economic performance.

• GDP measures the monetary value of final goods and services that is, those that are bought by the final user produced in a country in a given period of time (say a quarter or a year).

• It counts all of the output generated within the borders of a country.

50. India Plastics Pact, a joint initiative between which trade organisation and World-Wide Fund for Nature-India (WWF India), was launched in September 2021? [RRB Group 'D' CBT Exam, 30.08.2022 (Shift-I)]

(1) Indian Association of Amusement Parks and Industries
(2) Confederation of Indian Industry
(3) Engineering Exports Promotion Council
(4) Cellular Operators Association of India

Correct Answer: (2) Confederation of Indian Industry

Solution:'India Plastic Pact' is a joint effort of the World-Wide Fund for Nature-India (WWF India) and the Confederation of Indian Industry (CII) and envisions to create a world where plastic is valued and does not pollute the environment.

• The Pact targets the business es to transition towards a circular economy for plastics by 2030.

• With Plastic Pact, India has become the first country in Asia to launch a new platform to promote a circular system for plastics.

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