Economy (Part-2) (CDS-Solved Paper)

Revenue receipts of the government are generally classified under two heads : (i) Tax revenue (ii) Non-tax revenue
Disinvestment receipts come under capital receipts, other options come under tax and non-tax revenues.

The agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS) is an international legal agreement between all the member nations of the World Trade Organisation (WTO).

It sets down minimum standards for the regulation by national governments of many forms of Intellectual Property (IP) as applied to nationals of other WTO member nations.

Central Statistics Office (CSO) under the Ministry of Statistics and Programme Implementation (MOSPI) on 31st May, 2016 released the growth rate for year 2015-16. It was 7.6% which was based on Gross Domestic Product at Constant (2011-12) prices.

The Trans-Pacific Partnership (TPP) was a free-trade agreement between the United States and 11 other countries that border the Pacific Ocean but in 2018 USA, pulled out of TPP.

The TPP was signed by 12 pacific rim Nations (Australia, Brunei, Canada, Chile, Japan, Malaysia, Mexico, New Zealand, Peru, Singapore, the United States, and Vietnam) in the year 2015.

The countries involved produce 40% of the world’s total gross domestic product of $107.5 trillion. Hence, statement 1 and 2 are correct. India is not a founding member of TPP. Hence, statement 3 is incorrect.

Bitcoin is a cryptocurrency. It is a decentralised digital currency without a central bank or single administrator.

Bitcoin can be sent from user to user on the peer-to-peer bitcoin network through complex computer software systems.

This eliminates the need for intermediaries. Hence, statement 1 and 2 are correct. The Reserve Bank of India (RBI) does not recognise any of the virtual currencies as legal tender. Hence statement 3 is incorrect.

The Former Reserve Bank of India (RBI) Governor, Raghuram Rajan, said that the Central Bank had adopted the new Consumer Price Index (CPI) (combined) as the key measure of inflation. This decision is based on the Urjit Patel Committee report.

GST would be a comprehensive indirect tax  on manufacture, sale and consumption of goods and services throughout India to replace taxes levied by the Central and State Governments.

Goods and Services tax would be levied and collected at each stage of sale or purchase of goods or services according to value added based on the input tax credit method.

Amarty a sen was awardad the Nobel Prize for his contribution to welfare economics in 1998.

Welfare Economics is defined as a branch of economics that studies how the distribution of income, resources and goods affects the economic well-being.

An example of welfare economics is the study of how certain health services help bridge the barrier between different classes of people.

The South Asian Association for Regional Cooperation (SAARC) is the regional inter-governmental organisation and geopolitical union of nations in South Asia. SAARC has 9 observers—Australia, China, European Union, Iran, Japan, Republic of Korea, Mauritius, Myanmar and USA.

Its member countries include Afghanistan, Bangladesh, Bhutan, India, Nepal, the Maldives, Pakistan and Sri Lanka. SAARC comprises 3% of the world’s area, 21% of the world’s population and 3.8% ($ 2.9 trillion) of the global economy, as of 2015. Hence, option (b) is not correct.

The Indian Census is the largest single source of a variety of statistical information on different characteristics of the people of India. It was begun from 1872 when the first census was conducted in India non synchronously in different parts. The first synchronous decennial census was conducted in 1881 and has continued thus, since. Hence, option (c) is correct