Economics (Part-VI) (Railway)

Total Questions: 57

41. Which of the following indicates the borrowing needs of the Government? [RRB Group 'D' CBT Exam, 07.10.2022 (Shift-III)]

(1) Revenue deficit
(2) Fiscal deficit
(3) Capital deficit
(4) Current account deficit

Correct Answer: (2) Fiscal deficit

Solution:Fiscal deficit refers to the excess of government expenditures over its receipts exclusive of borrowing.

• Thus, fiscal deficit points to borrowing requirements of the government to cope with its expenditure of the year.

42. The_______ ARISE-ANIC program is a national initiative to promote research and innovation by the Department of Space (DoS), Government of India. [RRB Group 'D' CBT Exam, 07.10.2022 (Shift-III)]

(1) Samarth Bharat
(2) Saksham Bharat
(3) Apna Bharat
(4) Aatmanirbhar Bharat

Correct Answer: (4) Aatmanirbhar Bharat

Solution:The Aatmanirbhar Bharat ARISE-ANIC program is a national initiative to promote research & innovation and increase competitiveness of Indian startups and MSMEs.

• The objective of Aatmanirbhar Bharat ARISE-ANIC program is to proactively collaborate with esteemed Ministries and the associated industries to catalyse research, innovation and facilitate innovative solutions to sectoral problems.

43. System of ad hoc treasury bills to finance the budget deficit was discontinued in India with effect from April 1,_________. [RRB Group 'D' CBT Exam, 11.10.2022 (Shift-I)]

(1) 1997
(2) 2004
(3) 2007
(4) 1994

Correct Answer: (1) 1997

Solution:The system of ad hoc treasury bills to finance the budget deficit will be discontinued with effect from April 1. 1997.

• A scheme of ways and means advances (WMA) by the RBI to the Central government was introduced to accommodate temporary mismatches in the government's receipts and payments.

44. Which of the following statements abour real wage rate is correct? [RRB Group 'D' CBT Exam. 11.10.2022 (Shift-I)]

(1) Real wage rate is equal to the Marginal Productivity of Labour.
(2) Real wage rate is more than the Marginal Productivity of Labour.
(3) Real wage rate has no relation to Marginal Productivity of Labour.
(4) Real wage rate is less than the Marginal Productivity of Labour.

Correct Answer: (1) Real wage rate is equal to the Marginal Productivity of Labour.

Solution:Real wage rate is equal to the Marginal Productivity of Labour

• The marginal productivity theory of wage states that the price of labour, i.e., wage rate, Is determined according to the marginal product of labour.

• Real wage rate is equal to the Marginal Productivity of Labour.

• The marginal product of labor shows how much output changes as an additional unit of labor is employed.

• The real wage shows how much an employer's variable costs change when an additional unit of labor is employed.

45. Who founded the Indian Statistical Institute and is cinsidered the Father of Modern Statistics in India? [RRB Group 'D' CBT Exam, 11.10.2022 (Shift-I)]

(1) Prasanta Chandra Mahalanobis
(2) Debabrata Basu
(3) Anil Kumar Bhattacharya
(4) Raghu Raj Bahadur

Correct Answer: (1) Prasanta Chandra Mahalanobis

Solution:Prasanta Chandra Mahalanobis was an Indian scientist and statistician who founded the Indian Statistical Institute in 1931 and contributed to the design of largescale sample surveys.

• For his contributions, Mahalanobis has been considered the father of modern statisties in India.

• He was one of the members of the first Planning Commission of free India.

46. Which of the following State Governments launched the 'Ghar Ghar Ration Yojna' in March 2022? [RRB Group 'D' CBT Exam, 11.10.2022 (Shift-I)]

(1) Punjab
(2) Odisha
(3) Rajasthan
(4) Bihar

Correct Answer: (1) Punjab

Solution:Punjab CM Bhagwat Mannla began the 'Ghar Ghar Ration Yojna' on 28 March 2022.

• The scheme aims to provide for home delivery of foodgrains to beneficiaries.

• Under the scheme, the state government will give 5 kg wheat to every individual beneficiary per month at Rs 2 per kg.

47. Which law states that 'as the quantity of one factor is increased, keeping the other factors fixed, the marginal product of that factor will eventually decline'? [RRB Group 'D' CBT Exam, 11.10.2022 (Shift-I)]

(1) The law of unstable economy
(2) The law of variable proportions
(3) The law of constant proportions
(4) The law of money savings

Correct Answer: (2) The law of variable proportions

Solution:The law of variable proportions states that as the quantity of one factor is increased. keeping the other factors fixed, the marginal product of that factor will eventually decline.

• This means that upto the use of a certain amount of variable factor, margirial product of the factor may increase and after a certain stage it starts diminishing.

• When the variable factor becomes relatively abundant. the marginal product may become negative.

48. What does the cost of selfowned inputs used in the production process refer to: [RRB Group 'D' CBT Exam, 11.10.2022 (Shift-II)]

(1) Total variable cost
(2) Implicit cost
(3) Marginal cost
(4) Total cost

Correct Answer: (2) Implicit cost

Solution:Implicit cost is the imputed or estimated value of Inputs supplied by the owner of the firm himself.

• The cost incurred on the selfowned factors of production is an implicit cost because it represents the opportunity cost of using these factors in the production process.

• These are cost of self-supplied factors of production, which are generally not recorded in firm's account book.

49. Which of the following schemes is aimed at better administration of Waqf properties and safeguarding and preventing the encroachment of these properties? [RRB Group 'D' CBT Exam, 11.10.2022 (Shift-II)]

(1) Islamic Waqf Board Taraqqiati Scheme (IWBTS)
(2) Molana Waqf Board taraqqiati Scheme (MWBTS)
(3) Awami Waqf Board Taraqqiati Scheme (AWBTS)
(4) Qaumi Waqf Board taraqqiati Scheme (QWBTS)

Correct Answer: (4) Qaumi Waqf Board taraqqiati Scheme (QWBTS)

Solution:Ministry of Minority Affairs implements Qaumi Waqf Board Taraqqiati Scheme (QWBTS) for better administration of Waqf properties and to safeguard and prevent encroachment of Waqf properties.

• Under QWBTS financial assistance is provided to SWBs towards computerization & digitization of records of Waqf properties, GIS Mapping of Waqf properties, maintenance of Centralized Computing Facility (CCF). etc.

50. The production function of a firms is a relationship between inputs used and_________. [RRB Group 'D' CBT Exam, 11.10.2022 (Shift-II)]

(1) quality of inputs used by the firm
(2) output produced by the firm
(3) quantity of inputs used by the firm
(4) price of inputs used by the firm

Correct Answer: (2) output produced by the firm

Solution:output produced by the firm

• The production function brings the relationship between inputs and outputs of a firm.

• The production function is measured based on the quantity of output produced with the input given.

• If the input utilized is more and the export produced is less, then the production function will be negative and vice versa.

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