Economic and Social Issues (ESI) Questions for RBI Grade B | Test-1

Correct Answer: A. Jawaharlal Nehru Port (JNPT)

Explanation-The Union Government has given go-ahead for setting up India’s first mega coastal economic zone (CEZ) at Jawaharlal Nehru Port (JNPT) in Maharashtra. The first of its kind mega CEZ will stretch along north Konkan region spread across Mumbai, Thane, Pune, Nashik, and Raigarh. It is part of the Union government’s plan to develop 14 such industrial clusters in a bid to increase manufacturing activities and create more jobs.

Correct Answer – A. Only 1

Explanation-Statement 1 is incorrect since the AWBI was established in 1960 under Section 4 of The Prevention of Cruelty to Animals Act, 1960.The subject of Prevention of Cruelty to Animals is under the Ministry of Environment and Forests.

Correct Answer – E. The Environment Protection Act, 1986

Explanation-Environment (Protection) Act of 1986- In the wake of the Bhopal gas tragedy (1984), the government of India enacted the Environment (Protection) Act of 1986. The purpose of the Act is to implement the decisions of the United Nations conference on the Human Environment of 1972, in so far as they relate to the protection and improvement of the human environment and the prevention of hazards to human beings, other living creatures, plants and property.

Correct Answer – B. 50

Correct Answer: A. An order to pay

Explanation-Intergovernmental Panel on Climate Change:
• It is a scientific intergovernmental body under the auspices of the United Nations.
• It was set up at the request of member governments.
• It was first established in 1988 by two United Nations organizations, the World Meteorological Organization (WMO) and the United Nations Environment Programme (UNEP).

Correct Answer: B. Washington DC, USA

Explanation-The International Monetary Fund (IMF) is an international organization headquartered in Washington, D.C., of “189 countries working to foster global monetary cooperation, secure financial stability, facilitate international trade, promote high employment and sustainable economic growth, and reduce poverty around the world.

Correct Answer – B. 1, 2, 4

Explanation-The term economic growth is associated with economic progress and advancement. Economic growth can be defined as an increase in the capacity of an economy to produce goods and services within a specific period of time. In economics, economic growth refers to a long-term expansion in the productive potential of the economy to satisfy the wants of individuals in the society.
Statement 4:
• Countries that have worked in the field of technological development grow rapidly as compared to countries that have less focus on technological development.
• The selection of right technology also plays an important role in the growth of an economy.
• On the contrary, an inappropriate technology- results in high cost of production.

Correct Answer – D. All the above

Explanation- Statement 1: The human development approach focuses on improving the lives people lead rather than assuming that economic growth will lead, automatically, to greater opportunities for all. Income growth is an important means to development, rather than an end in itself.
Statement 2: Opportunities: Human Development is about giving people more freedom and opportunities to live lives they value. In effect, this means developing people’s abilities and giving them a chance to use them.
Statement 3: Choices: Human development is, fundamentally, about more choice. It is about providing people with opportunities, not insisting that they make use of them. No one can guarantee human happiness, and the choices people make are their own concern.

Correct Answer – D. 73%

Explanation: According to the 2011 census, in rural areas was pegged at 71 per cent last year, compared to 86 per cent in urban areas, while among the age group of seven years and above. the male literacy rate was registered at 83 per cent vis-a-vis the female literacy rate of 67 per cent.

Correct Answer – D. Axis Bank

Explanation-Private sector lender Axis Bank has recently unveiled a new ‘Express FD’ scheme. Express FD is a digital fixed deposit product which allows customers to open a fixed deposit account online without investing in a savings account in Axis Bank. Customers can open an Express FD account with Axis Bank by investing a minimum of ₹5,000. The investment can go up to ₹90,000. For Express FD, the bank is offering a short tenure of 6 to 12 months. The interest rate for the Axis Bank Express FD will be the same which is applicable to the regular FD accounts of the same tenure