Economics (Part – V) - Mock Test 365

Total Questions: 50

1. From the national point of view which of the following indicates micro approach? [S.S.C. Online C.G.L. (T-I) 30.08.2016 (Shift-III)]

(a) Study of sales of mobile phones by BSNL
(b) Unemployment among Women
(c) Per capita income in India
(d) Inflation in India

Correct Answer: (a) Study of sales of mobile phones by BSNL

Solution:From the national point of view, unemployment among women, per capita income in India and inflation in India etc. is a macro approach, while the study of sales mobile phones by BSNL is a micro approach.

2. In which one of the following places was Asia's first Export Processing Zone (EPZ) set up? [S.S.C. Online CHSL (T-I)7.03.2018 (Shift-II)]

(a) Santa Cruz
(b) Kandla
(c) Cochin
(d) Surat

Correct Answer: (b) Kandla

Solution:Asia's first Export Processing Zone (EPZ) model for promoting exports was set up in Kandla Gujarat. It is Asia's first EPZ set up in 1965.

3. What is the stock of food grains procured from farmers by the Government of India through the Food Corporation of India (FCI) called? [S.S.C. Online Constable GD 1.03.2019 (Shift-II)]

(a) subsidized stock
(b) Incentive stock
(c) buffer stock
(d) Return Stock

Correct Answer: (c) buffer stock

Solution:The stock of food grains procured from farmers by the Government of India through the Food Corporation of India (FCI) is called 'buffer stock'. Buffer stock is also called a central pool.

4. Identify the INCORRECT statement about Public Distribution System (PDS) in India. [S.S.C. Online CHSL (T-I) 18.03.2020 (Shift-III)]

(a) Those living below the poverty line get food grains at subsidised prices.
(b) PDS was envisaged in 1967 as a price support program to help consumers. 1967 PDS
(c) From 1997, PDS became TPDS for targeted consumers. 1997 PDS TPDS
(d) PDS has been abandoned in the country since 2007.PDS 2007

Correct Answer: (d) PDS has been abandoned in the country since 2007.PDS 2007

Solution:PDS has been abandoned in the country since 2007 is an incorrect statement. Public distribution system (PDS) is an Indian food Security System established under the Ministry of Consumer Affairs, Food, and Public Distribution. It evolved as a system of management of scarcity through the distribution of food grains at affordable prices.

5. The Food Corporation of India was set up in under the Food Corporation Act, 1964 with the primary objective of purchasing, storing, moving transporting, distributing and selling foodgrains and other foodstuffs. [S.S.C. JE Mechanical Exams 22.03.2021 (Shift-I)]

(a) 1970
(b) 1969
(c) 1972
(d) 1965

Correct Answer: (d) 1965

Solution:The Food Corporation of India was set up in 1965 under the Food Corporation Act, 1964 with the primary objective of purchasing, storing, moving/transporting, distributing and selling foodgrains and other foodstuffs.

6. When was the Food Corporation of India (FCI) established? [S.S.C. Online Constable GD 1.03.2019 (Shift-III)]

(a) 1967
(b) 1960
(c) 1965
(d) 1969

7. Which Central Agency is responsible for promotion of co-operative marketing of agricultural produce to benefit the farmers? [S.S.C. Online MTS (T-I) 21.08.2019 (Shift-II)]

(a) FCI
(b) RBI
(c) SEBI
(d) NAFED

Correct Answer: (d) NAFED

Solution:National Agricultural Cooperative Marketing Federation of India Limited (NAFED) is an apex central agency for promoting cooperative marketing of agricultural produce to benefit farmers in India. It was established on October 2, 1958.

8. In which year was the Marine Products Export Development Authority (MPEDA) established in India? [S.S.C. Online CHSL (T-I) 05.08.2021 (Shift-III)]

(a) 1948
(b) 1974
(c) 1947
(d) 1972

Correct Answer: (d) 1972

Solution:The Marine Products Export Development Authority (MPEDA) was set up under Section (4) of MPEDA Act, 1972 and became functional on 20th April, 1972. It is a statutory body functioning under the Department of Commerce.

9. Which Indian state was the highest contributor to Food Corporation of India (FCI)'s total paddy procurement across the country till May 2020? [S.S.C. Online CHSL (T-I) 06.08.2021 (Shift-I)]

(a) Uttar Pradesh
(b) Punjab
(c) Telangana
(d) Andhra Pradesh

Correct Answer: (c) Telangana

Solution:According to the updated data released till January 31, 2023 and during the time question asked in exam, Punjab was/is the largest contributor to the total paddy procurement of the Food Corporation of India (FCI) across the country.

10. When was the Federation of Indian Chambers of Commerce and Industry (FICCI) established in India? [S.S.C. Online CHSL (T-I) 12.04.2021 (Shift-III)]

(a) 1948
(b) 1939
(c) 1927
(d) 1952

Solution:

Federation of Indian Chambers of Commerce and In-dustry (FICCI) was established in 1927. It is the oldest and largest business association in India, comprising thousands of corporations, chambers of commerce, trade associations, and other groups.

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Economics (Part – V)