Current Affairs MCQs for UPSC & State PSC Exams (28 March 2023)

Current Affairs MCQs Quiz for UPSC, IAS, UPPSC/UPPCS, MPPSC. BPSC, RPSC & All State PSC Exams

Date: 28 March 2023

Q1. Consider the following statements about the Financial Inclusion Index (FI-Index)?

1. It is a comprehensive index that incorporates details of banking, investments, insurance, postal and pension sectors in consultation with government and respective sectoral regulators
2. The index ranges from 0 to 1, with 0 indicating full financial inclusion and 1 representing complete financial exclusion.
3. The index comprises three broad parameters viz., Access, Usage and Quality with each of these consisting of various dimensions.

Which of the statement/s given above is/are correct?

a) 1 only
b) 1 and 3 only
c) 1 and 2 only
d) 1, 2 and 3

Answer: (B)

Explanation:

  • The Reserve Bank of India has constructed a composite Financial Inclusion Index (FI-Index) to capture the extent of financial inclusion across the country.
  • The FI-Index has been conceptualised as a comprehensive index incorporating details of banking, investments, insurance, postal as well as the pension sector in consultation with Government and respective sectoral regulators. (Hence statement 1 is correct).
  • The index captures information on various aspects of financial inclusion in a single value ranging between 0 and 100, where 0 represents complete financial exclusion and 100 indicates full financial inclusion. (Hence statement 2 is incorrect).
  • The FI-Index comprises three broad parameters (weights indicated in brackets) viz., Access (35%), Usage (45%), and Quality (20%) with each of these consisting of various dimensions, which are computed based on a number of indicators. (Hence statement 3 is correct).

Solution. As only 1st and 3rd statements are correct, The correct option is (B).

Q2. Which of the following is a potential consequence of implementing a trade protectionist policy?

a) Increased competition among domestic producers.
b) Decreased prices for imported goods.
c) Increased access to international markets.
d) Decreased trade volume and potential retaliation from trading partners.

Answer: (D)

Explanation:

  • Trade protectionist policies are designed to protect domestic industries from foreign competition by imposing barriers such as tariffs, quotas, and subsidies.
  • While these policies may help to protect domestic jobs and industries, they often result in decreased trade volume and potential retaliation from trading partners.
  • For example, if a country imposes high tariffs on imports, other countries may respond by imposing their own tariffs on that country's exports, which can lead to a decrease in trade volume and overall economic activity.
  • Additionally, trade protectionist policies may result in higher prices for consumers, as domestic producers face less competition and are able to charge higher prices.

Therefore, option (d) is the correct answer.

Q3. Consider the following statements-

1. India occupies about 2.4% of the total geographical area and consumes 4% of the total water resources.
2. There is no central law governing the use of groundwater in India.
3. The Dynamic Ground Water Resources Assessment 2022 suggests that groundwater extraction is the highest since 2004.

Which of the statements given above is/are correct?

a) 1 and 2 only
b) 2 and 3 only
c) 3 only
d) 1, 2 and 3

Answer: (A)

Explanation:

  • India, with nearly 18% of the world’s population, occupies about 2.4% of the total geographical area and consumes 4% of total water resources.
  • Thus statement 1 is correct.
  • There is no central law governing the use of groundwater and various States have their own laws on regulating its extraction that is deployed in a perfunctory manner.
  • Hence statement 2 is also correct.
  • The Dynamic Ground Water Resources Assessment 2022 suggests that groundwater extraction is the lowest since 2004 when it was 231 bcm.
  • Thus statement 3 is NOT correct.

Q4. Consider the following statements regarding Periodic Labour Force Survey.

1. It is prepared by the Labour Bureau.
2. It gives estimates of key employment and unemployment Indicators like, the Labour Force Participation Rates (LFPR), Worker Population Ratio (WPR), Unemployment Rate (UR), etc.
3. India’s female work participation rate at 25 percent in 2020-21 is among the lowest for emerging economies.

Which of the statements given above is/are correct?

a) 2 only
b) 2 and 3 only
c) 3 only
d) 1, 2 and 3

Answer: (B)

Explanation:

  • The National Statistical Office (NSO) launched the Periodic Labour Force Survey (PLFS) in April 2017.
  • Thus statement 1 is NOT correct.
  • PLFS gives estimates of Key employment and unemployment Indicators like, the Labour Force Participation Rates (LFPR), Worker Population Ratio (WPR), Unemployment Rate (UR), etc.
  • Hence statement 2 is correct.
  • India’s female work participation rate at 25 percent in 2020-21 is among the lowest for emerging economies.
  • Thus statement 3 is also correct.

Q5. Consider the following statements:

1. The World Happiness Report is a biannual report produced by the United Nations Sustainable Development Solutions Network.
2. According to recent report Finland has been crowned as the happiest nation in the world.

Which of the above statements is/are correct?

a) 1 only
b) 2 only
c) Both 1 and 2
d) Neither 1 nor 2

Answer: (B)

Explanation:

  • The World Happiness Report is an annual report produced by the United Nations Sustainable Development Solutions Network. Statement 1 is Not correct.
  • According to recent report Finland has been crowned as the happiest nation in the world. Statement 2 is correct.