Economics (Part – XI) - Mock Test 365

Total Questions: 50

11. Aan________ Economic zone in the sea was pre-scribed by the United Nations Convention in 1982 on the law of the sea over which a country has certain rights. [S.S.C. JE Civil Exams 23.03.2021 (Shift-II)]

(a) Expensive
(b) Partial
(c) Special
(d) Exclusive

Correct Answer: (d) Exclusive

Solution:An Exclusive Economic zone in the sea was prescribed by the United Nations Convention in 1982 on the law of the sea over which a country has certain rights. The exclusive economic zone is an area beyond and adjacent to the territorial sea, subject to the specific legal regime established in this Part, under which the rights and jurisdiction of the coastal State and the rights and freedoms of other States are governed by the relevant provisions of this Convention.

12. State the descending order of Indian exports in terms of value. [C.P.O. S.I. 5.06.2016 (Shift-I)]

(a) Engineering Goods, Gems and Jewelry, Textiles
(b) Textiles, Gems and Jewelry, Engineering Goods
(c) Textiles, engineering goods, gems and jewelry
(d) Gems and jewelry, textiles, engineering goods

Correct Answer: (a) Engineering Goods, Gems and Jewelry, Textiles

Solution:Option (a) was the correct option when the question was asked in the paper. According to the Economic Survey, 2021-22, the following are the descending order of Indian exports as a percentage share of the top 5 commodities in the year 2020-21:

• Petroleum products (8.8%),

• Pearls, Semi-precious stones (6.2%),

• Drug formulations, Biologicals (6.5%),

• Iron and Steel (4.2%),

• Electric Machinery and Equipment (2.8%).

13. What does UNDP stand for in the context of Economics? [S.S.C. Online MTS (T-I) 13.10.2021 (Shift-III)]

(a) United Nations Deregulation Programm
(b) United Nations Defaulting Programme
(c) United Nations Disinflation Programme
(d) United Nations Development Programme

Correct Answer: (d) United Nations Development Programme

Solution:United Nations Development Programme (UNDP), United Nations (UN) organization formed in 1965 to help countries eliminate poverty and achieve sustain-able human development, an approach to economic growth that emphasizes improving the quality of life of all citizens while conserving the environment and natural resources for future generations.

14. HDI is an aggregate measure of progress in which of the three dimensions? [S.S.C. Online C.G.L. (T-I) 4.09.2016 (Shift-III)]

(a) Health, Education, Income
(b) Food Security, Employment, Income
(c) Agriculture, Industry, Services
(d) Height, Weight, Colour

Correct Answer: (a) Health, Education, Income

Solution:The Human Development Index (HDI) is an aggregate measure of progress in three dimensions-health, education and income which are used to rank countries into four tiers of human development. The HDI was developed by the Pakistani economist Mahboob ul Haq working alongside Indian economist Amartya Sen.

15. Human Development Index is prepared by - [S.S.C. Online C.G.L.(T-I) 6.09.2016 (Shift-III)]

(a) UNDP
(b) WTO
(c) IMF
(d) WHO

Correct Answer: (a) UNDP

Solution:The Human Development Index (HDI) is an index that is published by the United Nations Development Programme (UNDP). It measures key dimensions of human development. The three key dimensions are:

• A long and healthy life

• Access to education

• A decent standard of living

16. UNDP's 'Human Development Report' (HDR) measures development by combining which of the following three indicators? [S.S.C. Online CHSL (T-I) 14.10.2020 (Shift-III)]

(a) Health, education and standard of living
(b) Health, education and average salary
(c) Health, education and agricultural growth
(d) Health, industrial growth and standard of living

Correct Answer: (a) Health, education and standard of living

Solution:The Human Development Index (HDI) is the geometric mean of normalized indices for each of the three dimensions:

• The health dimension is estimated by life expectancy at birth

• The education dimension is estimated by means of years of schooling for adults aged 25 years and more and expected years of schooling for children of school entering age.

• The standard of living dimension is measured by gross national income per capita.

17. Which economic thought talks about methodological individualism, or the idea that people will act in meaningful ways which can be analysed? [S.S.C. Online CHSL (T-I) 13.04.2021 (Shift-II)]

(a) Austrian Economic thought
(b) Monetarist
(c) Keynesian theory
(d) Washington consensus

Correct Answer: (a) Austrian Economic thought

Solution:Austrian economic thought talks about methodolog-ical individualism or the idea that people will act in meaningful ways which can be analyzed.

18. A soft currency is expected to in value relative to other currencies. [S.S.C. Online CHSL (T-I) 12.04.2021 (Shift-II)]

(a) constant
(b) increase
(c) dynamic
(d) reduce

Correct Answer: (d) reduce

Solution:A soft currency is expected to reduce in value relative to other currencies. A soft currency is one with a value that fluctuates, predominantly lower relative to other currencies. It reduces because there is less demand for that currency in the forex markets. A soft currency struggles to maintain its value against other currencies.

19. Which among the following results in connecting the market or integration of markets in different countries? [S.S.C. Online MTS (T-I) 13.10.2017 (Shift-II)]

(a) Mass production
(b) Urban trade
(c) Foreign trade
(d) Tourism

Correct Answer: (d) Tourism

Solution:Foreign trade results in the connecting of the market or integration of markets in different countries.

20. APTTA is a transit trade agreement between Afghanistan and________. [S.S.C. Online MTS (T-I) 13.10.2017 (Shift-II)]

(a) Pakistan
(b) Iran
(c) Kazakhstan
(d) Vietnam

Correct Answer: (a) Pakistan

Solution:APTTA is a transit trade agreement between Afghanistan and Pakistan.

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Economics (Part – XI)