Economic and Social Issues (ESI) Questions for RBI Grade B | Test-2

Correct Answer – D. All of the above

Explanation-NABARD’s refinance is available to state co-operative agriculture and rural development banks (SCARDBs), state co-operative banks (SCBs), regional rural banks (RRBs), commercial banks (CBs) and other financial institutions approved by RBI.

Correct Answer – E. 1, 2, 3 and 4

Correct Answer – B. Safe transfer, handling and use of Living Modified Organisms (LMOs).

Explanation-The Cartagena Protocol on Biosafety to the Convention on Biological Diversity is an international agreement that aims to ensure the safe handling, transport, and use of living modified organisms (LMOs) resulting from modern biotechnology that may have adverse effects on biological diversity, taking also into account risks to human health. It was adopted on 29 January 2000 and entered into force on 11 September 2003.

Correct Answer – C. London, UK

Explanation-International Maritime Organization (IMO):
•IMO is a specialized agency of the United Nations responsible for regulating shipping. It was established in 1948 in Geneva and came into force in 1959.
•Its headquarters are in London, United Kingdom. IMO has 171 member states and 3 associate members. India was one of earliest members of the IMO.
•IMO’s functions are to develop and maintain a comprehensive regulatory framework for shipping and its remit. This framework should address various areas like safety, legal matters, environmental concerns, technical co-operation, maritime security and efficiency of shipping.

Correct Answer: E. Vidyanjali

Explanation-Vidyanjali – (School Volunteer Programme) is an initiative of the Ministry of Human Resource Development, Department of School Education & Literacy to enhance community and private sector involvement in Government run elementary schools across the country under the overall aegis of the Sarva Shiksha Abhiyan.

1. The countries can set up a free trade agreement that applies only to goods traded within the group —discriminating against goods from outside

Explanation-Under the WTO agreements, countries cannot normally discriminate between their trading partners.
• If a country grants someone a special favor (such as a lower customs duty rate for one of their products) then it must do the same for all other WTO members.
• This principle is known as most-favoured-nation (MFN) treatment.
• It is so important that it is the first article of the General Agreement on Tariffs and Trade (GATT), which governs trade in goods.

Correct Answer: A. Two

Explanation-WTO decision-making happens at the Ministerial Conference, generally held every two years. There have been eleven such meetings since the inaugural conference in Singapore in 1996; the twelfth is scheduled to take place in June 2020 in Kazakhstan.

Correct Answer – B. GDP

Explanation-Gross domestic product (GDP) is a monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly) or income. Nominal GDP estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons.

Correct Answer – A. GDP minus indirect taxes plus subsidies

Explanation-GDP(FC) = GDP(MP) -Indirect Taxes + Subsidies
If the Government tries to raise the subsidies, the Difference between the GDP(FC) and GDP(FC) will increase.

Correct Answer – A. total population of the country

Explanation-Per capita income or average income measures the average income earned per person in a given area in a specified year. It is calculated by dividing the area’s total income by its total population.