[Solution] – The 10 PM Daily Quiz – 5th May, 2016

We posted 7 questions in 10 PM Daily Quiz on 5th May, 2016. Thanks for the amazing response. These questions will help you polish concepts based on current affairs. In case you have not attempted them, please attempt them by clicking below.

• 10 PM Daily Quiz – 5th May, 2016

Q.1) ‘Abenomics’ is a term related to which of the following country?

a) South Korea
b) Thailand
c) Japan
d) Indonesia

Answer-c

Explanation:- ‘Abenomics’  is a nickname for the multi-pronged economic program of Japanese prime minister Shinzō Abe. Abenomics seeks to remedy two decades of stagnation by increasing the nation’s money supply, boosting government spending and enacting reforms to make the economy more competitive.

Q.2) Consider the following statements regarding the symbol of None Of The Above (NOTA)

1. A big cross mark is used to denote NOTA.
2. It has been designed by IIT, Delhi.

Select the correct answer using the codes given below:
a) 1 only
b) 2 only
c) Both are correct
d) Neither is true

Answer-a

Explanation:- Symbol

• The last option on the electronic voting machine (EVM) now carries a symbol of a big cross mark to denote  NOTA.
• It was designed by Ahmedabad’s National Institute of Design .

Q.3) With reference to economics, consider the following statements regarding Hysteresis

1. In economics, hysteresis arises when a single disturbance affects the course of the economy.
2. An example of hysteresis in economics is the delayed effects of unemployment.

Select the correct answer using the codes given below:
a) 1 only
b) 2 only
c) Both are correct
d) Neither is true

Answer-c

Explanation:- In economics, hysteresis arises when a single disturbance affects the course of the economy. An example of hysteresis in economics is the delayed effects of unemployment. As unemployment increases, more people adjust to a lower standard of living. As they become accustomed to the lower standard of living, people may not be as determined to achieve the previously desired higher living standard. In addition, as more people become unemployed, it becomes more socially acceptable to be or remain unemployed. After the labor market returns to normal, some unemployed people may be disinterested in returning to the work force.

Q.4) The word “Taliban” means

a) Mighty
b) Student
c) Will of God
d) Conqueror

Answer-b

Explanation:–The word “Taliban” comes from the Arabic word talib, which means “student.”

Q.5) Consider the statements regarding pulses:

1. They uses less water for every unit of output.
2. Maharashtra government is offering to pay a guaranteed price that is 5-10% higher than the central minimum support prices (MSPs) for pulses, as well as provide free seeds and fertilizers to farmers who grow pulses.

Select the correct answer using the codes given below:
a) 1 only
b) 2 only
c) Both are correct
d) Neither is true

Answer c

Explanation: Click here

Q.6) Among these which of the following are the causes of inflation:

1. Slow growth in agricultural output
2. Increasing non development expenditure of government
3. Rapid population growth
4. Rapid growth in costly imports  

Select the correct statements using the codes given below:

a) 1 and 2 only
b) 2 and 3 only
c) 1 2 and 3 only
d) All of the above

Answer d

Explanation:- Inflation  is defined as a sustained increase in the general level of prices for goods and services. It is measured as an annual percentage increase.

All the above are the causes of inflation.

Q.7) The effect of inflation on tax revenue results in a situation known as:

a) Stagflation
b) Fiscal drag
c) Reflation
d) Disinflation

Answer b

Explanation:- Fiscal drag is an economics term referring to a situation where a government’s net fiscal position (equal to its spending less any taxation) does not meet the net savings goals of the private economy. This can result in deflationary pressure attributed to either lack of state spending or to excess taxation.