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Ramesh Singh : Miscellaneous - 4 - UPSC MCQ


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10 Questions MCQ Test - Ramesh Singh : Miscellaneous - 4

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Ramesh Singh : Miscellaneous - 4 - Question 1

In India's case, which of the following is negative:

1. Private remittances

2. Interest on external loans

3. External Grants

Choose from the following options.

Detailed Solution for Ramesh Singh : Miscellaneous - 4 - Question 1
  • Interest on External Loans: the net outcome on the front of the interest payments, i.e., the balance of inflow (on the money lent out by the economy) and outflow (on the money borrowed by the economy) of external interests. In India's case, it has always been negative as the economy has been a 'net borrower' from the world economies.

  • External Grants: the net outcome of the external grants i.e., the balance of such grants which flow to and from India. Today, India offers more such grants than it receives.

Ramesh Singh : Miscellaneous - 4 - Question 2

Consider the following statements.

1. When we divide Net Domestic Product by the total population of a nation we get the per capita income of that nation.

2. Higher the rates of depreciation lower the per capita income of the nation.

Which of these statements is/are correct?

Detailed Solution for Ramesh Singh : Miscellaneous - 4 - Question 2
  • When we divide NNP (Net National Product) by the total population of a nation we get the 'per capita income' (PCI) of that nation, i.e., ‘income per head per year'.

  • A very basic point should be noted here that this is the point where the rates of depreciation followed by different nations make a difference.

  • Higher the rates of depreciation lower the PCI of the nation (whatever be the reason for it logical or artificial as in the case of depreciation being used as a tool of policy making).

Ramesh Singh : Miscellaneous - 4 - Question 3

Consider the following statements.

1. If the national income is being derived at ‘Factor Cost', the indirect taxes do not need to be deducted from it.

2. In this case, the government do not have to add their income accruing from indirect taxes to the national income.

Which of these statements is/are correct?

Detailed Solution for Ramesh Singh : Miscellaneous - 4 - Question 3
  • However, if the national income is being derived at ‘market cost, the indirect taxes do not need to be deducted from it.

  • In this case, the government does not have to add their income accruing from indirect taxes to the national income.

  • It means that the confusion in the case of national income accounting at factor cost is only related to indirect taxes.

Ramesh Singh : Miscellaneous - 4 - Question 4

Consider the following statements.

1. Evaluative happiness captures the day-to-day joy of friendship, time with family and sex, or the downsides of long work commutes and sessions with one's boss.

2. Affective happiness measures very different dimensions of life, those that lead to overall satisfaction or frustration with one's place in society.

Which of these statements is/are correct?

Detailed Solution for Ramesh Singh : Miscellaneous - 4 - Question 4
  • Affective happiness captures the day-to-day joy of friendship, time with family and sex, or the downsides of long work commutes and sessions with one's boss.

  • Evaluative happiness measures very different dimensions of life, those that lead to overall satisfaction or frustration with one's place in society.

Ramesh Singh : Miscellaneous - 4 - Question 5

Consider the following statements.

1. The thinking of becoming happier by becoming richer is challenged by the law of diminishing marginal utility of income

2. This means that rich people benefit far more than poor people from an added dollar of income.

Which of these statements is/are correct?

Detailed Solution for Ramesh Singh : Miscellaneous - 4 - Question 5
  • The thinking of becoming happier by becoming richer is challenged by the law of diminishing marginal utility of income")—after a certain point, the gains are very small.

  • This means that poor people benefit far more than rich people from an added dollar of income. This is a good reason why tax-and-transfer systems among high-income OECD countries.

Ramesh Singh : Miscellaneous - 4 - Question 6

International Day of happiness is

Detailed Solution for Ramesh Singh : Miscellaneous - 4 - Question 6
The World Happiness Report was released by the Sustainable Development Solutions Network for the United Nations on March 20, the date that the United Nations has declared to be the International Day of Happiness.

Ramesh Singh : Miscellaneous - 4 - Question 7

Consider the following statements.

1. Agriculture would have been the obvious choice as the prime moving force (PMF) of the economy, But Indian agriculture was using traditional tools and technology.

2. By choosing industry as the prime moving force, India opted to industrialise the economy as well as modernise the traditional mode of farming.

Which of these statements is/are correct?

Detailed Solution for Ramesh Singh : Miscellaneous - 4 - Question 7
  • Looking at the resources available, agriculture would have been the obvious choice as the prime moving force (PMF) of the economy (i.e., cultivable land and human power).

  • But as Indian Agriculture was using traditional tools and technology its modernisation, as well as future mechanisation (later to some extent), would have been blocked due to the lack of indigenous industrial support.

  • By choosing industry as the prime moving force, India opted to industrialise the economy as well as modernise the traditional mode of farming.

Ramesh Singh : Miscellaneous - 4 - Question 8

Consider the following statements.

1. It was only in the 1990s the world and the WB/IMF changed its opinion regarding the agriculture sector.

2. After the 1990s emphasis on the agriculture sector by an economy was considered as a sign of backwardness.

Which of these statements is/are incorrect?

Detailed Solution for Ramesh Singh : Miscellaneous - 4 - Question 8
After the 1990s emphasis on the agriculture sector by an economy was not considered as a sign of backwardness. Earlier it was considered as a sign of backwardness.

Ramesh Singh : Miscellaneous - 4 - Question 9

Consider the following statements.

1. Industrialisation of India was also neglected by the colonisers—the infrastructure was not built to industrialise India but to exploit its raw materials.

2. Indian capitalists who did emerge were highly dependent on British commercial capital and many sectors of the industry were dominated by British firms.

Which of these statements is/are correct?

Detailed Solution for Ramesh Singh : Miscellaneous - 4 - Question 9
  • The industrialisation of India was also neglected by the colonisers—the infrastructure was not built to industrialise India but to exploit its raw materials.

  • Indian capitalists who did emerge were highly dependent on British commercial capital and many sectors of the industry were dominated by British firms, e.g., shipping, banking, insurance, coal, plantation crops and jute.

Ramesh Singh : Miscellaneous - 4 - Question 10

Why India selected agriculture as the prime moving force in place of industry in 2002?

1. To achieve food security

2. To tackle the challenge of poverty alleviation

3. To induce growth in the rural economy

Which of these statements is/are correct?

Detailed Solution for Ramesh Singh : Miscellaneous - 4 - Question 10

(i) Economy will be able to achieve food security with an increase in agricultural production. Besides, the agricultural surplus will generate exports in the globalising world economy benefiting out of the WTO regime.

(ii) The challenge of poverty alleviation will be solved to a great extent as the emphasis will make agriculture a higher income-generating occupation and induce growth in the rural economy by generating more gainful employment.

(iii) The situation of India as an example of ‘market failure' will cease.

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