UPSC Current Affairs Quiz: January 10, 2025
January 10, 2025 January 10, 2025
1. In the context of economic indicators, consider the following statements:
- Gross Value Added (GVA) is always higher than GDP due to net indirect taxes.
- Nominal GDP considers inflation when calculating economic growth.
- The fiscal deficit is the difference between government revenue and expenditure.
- Real GDP adjusts for inflation and provides a more accurate economic growth measure.
How many of the above statements are correct?
[A] Only one
[B] Only two
[C] Only three
[D] All four
Show Answer
Correct Answer: C [Only three]
Notes:- Gross Value Added (GVA) is always higher than GDP due to net indirect taxes: This is incorrect. GVA can be lower than GDP due to net indirect taxes.
- Nominal GDP considers inflation when calculating economic growth: This is correct. Nominal GDP reflects current market prices, including inflation.
- The fiscal deficit is the difference between government revenue and expenditure: This is correct. It indicates the shortfall in government funding.
- Real GDP adjusts for inflation and provides a more accurate economic growth measure: This is correct. Real GDP offers a clearer picture of economic performance over time.
Thus, three statements are correct.
2. Regarding the concept of inflation, consider the following statements:
- Cost-Push Inflation occurs due to rising production costs.
- Demand-Pull Inflation is caused by an increase in consumer demand.
- Hyperinflation is defined as inflation exceeding 50% per month.
- Stagflation refers to inflation in a stagnant economy with high unemployment.
How many of the above statements are correct?
[A] Only one
[B] Only two
[C] Only three
[D] All four
Show Answer
Correct Answer: D [All four]
Notes:- Cost-Push Inflation occurs due to rising production costs: This is correct. It results from increased costs of production leading to reduced supply.
- Demand-Pull Inflation is caused by an increase in consumer demand: This is correct. It occurs when demand outpaces supply, driving prices up.
- Hyperinflation is defined as inflation exceeding 50% per month: This is correct. Hyperinflation is an extremely high and typically accelerating inflation rate.
- Stagflation refers to inflation in a stagnant economy with high unemployment: This is correct. Stagflation combines stagnant economic growth with inflation and high unemployment.
Thus, all four statements are correct.
3. Consider the following festivals and their associated tribes or states:
| Festival | Tribe |
|---|
| 1. Bhagoria Festival | A. Bhil and Bhilala tribes in Madhya Pradesh |
| 2. Tusu | B. Mundari tribe in Jharkhand |
| 3. Sangai Festival | C. Indigenous people of Manipur |
| 4. Modhweth Festival | D. Toda tribe |
Match each festival with the correct tribe or state:
[A] 1-A, 2-B, 3-C, 4-D
[B] 1-B, 2-A, 3-D, 4-C
[C] 1-D, 2-C, 3-A, 4-B
[D] 1-C, 2-D, 3-B, 4-A
Show Answer
Correct Answer: A [1-A, 2-B, 3-C, 4-D]
Notes:- Bhagoria Festival: Celebrated by the Bhil and Bhilala tribes in Madhya Pradesh, this festival celebrates the arrival of spring, the end of harvest, and love. It features fairs, dance, music, and traditional matchmaking ceremonies.
- Tusu: Celebrated by the Mundari tribe in Jharkhand, this harvest festival features traditional songs and dances, and the making of intricate clay figurines.
- Sangai Festival: Celebrated in Manipur, this festival celebrates the indigenous culture of Manipur and is named after the Sangai deer, which is found only in the state.
- Modhweth Festival: Toda Tribe celebrate ‘Modhweth’ festival, which is also called buffalo festival every year during the last Sunday of December or on the first Sunday of January.
4. Regarding the concept of international trade financing, consider the following statements:
- Export-Import Bank of the United States (EXIM) is the official export credit agency of the U.S.
- International Finance Corporation (IFC) primarily focuses on private sector investments in developing countries.
- World Trade Organization (WTO) deals with the global rules of trade between nations.
How many of the above statements are correct?
[A] Only one
[B] Only two
[C] All three
[D] None
Show Answer
Correct Answer: C [All three]
Notes:- Export-Import Bank of the United States (EXIM) is the official export credit agency of the U.S.: This is correct. EXIM Bank provides financing and insurance to support U.S. exports.
- International Finance Corporation (IFC) primarily focuses on private sector investments in developing countries: This is correct. IFC is a member of the World Bank Group and promotes private sector development.
- World Trade Organization (WTO) deals with the global rules of trade between nations: This is correct. WTO aims to ensure trade flows as smoothly, predictably, and freely as possible.
Thus, all statements are correct. The correct answer is (c) All three.
5. Consider the following pairs:
| Ammunition Cum Torpedo Cum Missile (ACTCM) Barge | Indigenously designed naval vessel |
| INS Vikrant | First aircraft carrier built in India |
| INS Arihant | First indigenously built nuclear submarine |
How many of the above pairs are correctly matched?
[A] Only one pair
[B] Only two pairs
[C] All three pairs
[D] None of the pairs
Show Answer
Correct Answer: C [All three pairs]
Notes:- Ammunition Cum Torpedo Cum Missile (ACTCM) Barge: It is indeed an indigenously designed naval vessel built by an Indian shipyard, so this pair is correct.
- INS Vikrant: It is the first aircraft carrier built in India, making this pair correct.
- INS Arihant: It is the first indigenously built nuclear submarine in India, confirming that this pair is also correct.
Thus, all three pairs are correct.
The above questions are part of Daily UPSC 20 Current Affairs MCQs Series in GKToday Android Application. This series can be subscribed in the app only for user friendly test with detailed answers and explanations.
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