Economics (Part – XVII)

Total Questions: 21

11. Who is an 'indentured laborer'? [S.S.C. Online Constable GD 19.02.2019 (Shift-I)]

Correct Answer: (a) A bonded laborer, working to pay off his passage to a new country
Solution:The indentured workers (known as 'coolies') were recruited from India, China, and from the Pacific and signed a contract in their own countries to work abroad for a period of 5 years or more. Many Indians agreed to become indentured laborers to escape the widespread poverty and famine in the 19th century.

12. According to which of the following concepts, poverty should be viewed in the context of poor living only in poor surroundings with other poor people? [S.S.C. Online Constable GD 22.02.2019 (Shift-I)]

Correct Answer: (b) Social Exclusion
Solution:According to this concept, poverty must be seen in terms of the poor having to live only in a poor surroundings with other poor people, excluded from enjoying social equality of better-off people in better surroundings. Social exclusion can be both a cause as well as a consequence of poverty in the usual sense. Broadly, it is a process through which individuals or groups are excluded from facilities, benefits and opportunities that others (their "betters") enjoy.

13. The Consumer Protection Bill, 2018 has replaced the Consumer Protection Act in which of the given years? [S.S.C. Online MTS (T-I) 2.08.2019 (Shift-II)]

Correct Answer: (c) 1986
Solution:To make modern amendments relating to consumer protection and enhance the scope of the existing laws so that it becomes more effective, Consumer Protection Act 2018 has replaced the old Consumer Protection Act 1986.

14. Who founded the Indian Statistical Institute on 17 December 1931? [S.S.C. Online C.G.L. (T-I) 6.06.2019 (Shift-II)]

Correct Answer: (d) P.C. Mahalanobis
Solution:The Indian Statistical Institute was established by P.C. Mahalanobis in Kolkata on December 17, 1931. The Institute was accorded the status of Institute of National Importance by an Act of the Indian Parliament in the year 1959.

15. In which of the following North Eastern states is the first ever specialised 'Ginger Processing Plant being revived in December 2020? [S.S.C. Online CHSL (T-I) 05.08.2021 (Shift-I)]

Correct Answer: (b) Meghalaya
Solution:The first specialized ginger processing plant is being revived in the north-eastern state of Meghalaya. This ginger processing plant is located in Ri-Bhoi district. This only ginger processing plant in Northeast India was established around the year 2004, but it was closed for a long time.

16. Who among the following was the Chairperson of the Disinvestment Commission, Ministry of Industry (Department of Public Enterprises) established in 1996? [S.S.C. Online MTS (T-I) 26.10.2021 (Shift-I)]

Correct Answer: (b) GV Ramakrishna
Solution:In 1996, the Government of India constituted the Disinvestment Commission under the Ministry of Industry (Department of Public Enterprises). The first chairman of this commission was GV Ramakrishna.

17. What is the percentage of Foreign Direct Investment (FDI) allowed by the Department for Promotion of Industry and Internal Trade (DPIIT) in India for the Insurance Intermediaries as on July 2020? [S.S.C. Online MTS (T-I) 26.10.2021 (Shift-II)]

Correct Answer: (b) 100%
Solution:In July, 2020, the percentage of Foreign Direct Investment (FDI) for insurance intermediary companies was set at 100 per cent by the Department for Promotion of Industry and Internal Trade (DPIIT) in India.

18. Which of the following is NOT a feature of food security? [S.S.C. Online CGL (T-I) 16.08.2021 (Shift-I)]

Correct Answer: (a) Acceptability
Solution:Under the characteristics of food security, it is seen that according to the physiological needs of man, nutritious food items are available, and accessible to him and have the ability to buy them.

19. Which of the following oil companies started an LPG bottling plant in Balangir district of Odisha in December 2019? [S.S.C. Online CHSL (T-I) 16.10.2020 (Shift-II)]

Correct Answer: (a) Bharat Petroleum Corporation Limited
Solution:A new LPG bottling plant was set up for Rs 103 crore by Bharat Petroleum Corporation Limited (BPCL) in Odisha Balangir district. It was inaugurated by Vice President M Venkaiah Naidu on December 27, 2019. The foundation stone of the Balangir LPG bottling plant was laid on May 21, 2018, by Petroleum Minister Dharmendra Pradhan.

20. G-20 is the Group of Twenty largest economies represented by their- [S.S.C. Online C.G.L. (T-I) 7.09.2016 (Shift-III)]

Correct Answer: (c) Finance Ministers and Central Bank Governors
Solution:At the time of the establishment of the G-20, it was represented by Finance Ministers and Central Bank Governors, while at present it is represented by Heads of State/Government. It was established in the year 1999. The G-20 includes 19 countries and the European Union. Its members are- Argentina, Australia, Brazil, Canada, China, France, Germany, India, Indonesia, Italy, Japan, South Korea, Mexico, Russia, Saudi Arabia, South Africa, Turkey, United Kingdom, United States and European Union.