Economic and Social Issues (ESI) Questions for RBI Grade B Phase 2.
Economic and Social Issues (ESI) Questions for RBI Grade B Phase 2.

RBI Grade B Economic and Social Issues (ESI) Questions for Phase II

Economic & Social Issues (ESI) Questions with the answer. RBI Grade B Economic & Social Issues (ESI) Notes PDF. RBI Grade B ESI Study Material PDF. RBI Economic & Social Issues (ESI) Books, PDF, Previous Papers, Question Set, and study material. As we all know that The Reserve Bank of India (RBI) conducted the RBI Grade B Phase I Exam for the post of Grade B (Grade ‘B’ (DR) – (General) & others). It’s the right time when you should start your RBI Grade B Phase II preparation with full pace.

If you are preparing for RBI Grade B ( Phase II), you will come across a section on “Economic & Social Issues (ESI)  wherein 65 questions will be there carrying 50 marks. Here we are providing you with “Economic & Social Issues (ESI) Questions For RBI Grade B” with answers based on the latest pattern of your daily practice.

Economic and Social Issues (ESI) Questions for RBI Grade B | Test-14

1. Which are the entities permitted by RBI to participate in Centralised Payment Systems like RTGS, NEFT?

  1. Prepaid Payment Instruments Issuers
  2. White Label ATM Operators
  3. Card Networks
  4. All the above
  5. Both (a) and (b)

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Correct Answer:  D. All the above

Explanation:  RBI allowed Non-banks to participate in its Centralised Payment Systems (CPS) viz, Real Time Gross Settlement (RTGS) and National Electronic Fund Transfer (NEFT) systems, in a phased manner. In the 1st phase, authorised non-bank Payment System Providers (PSPs) such as Prepaid Payment Instruments (PPIs) Issuers, Card Networks, and White Label ATM Operators will be allowed to participate in CPS as direct members.

2. Name the organization that is planning to build a Center of Excellence for Artificial Intelligence at Arun Jaitley National Institute of Financial Management.

  1. Facebook
  2. Google
  3. Microsoft
  4. Amazon
  5. None of these

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Correct Answer:  C. Microsoft

Explanation:  Arun Jaitley National Institute of Financial Management made a strategic partnership and signed an MoU with Microsoft to build a Centre of Excellence at AJNIFM, enabled with AI (Artificial Intelligence) and emerging technologies.

Directions:(3-5) A nation’s growth requires the productive contribution of all segments of society, particularly the children and the youth, who need to be provided opportunities for self-expression. Household and national investments in children and youth yield long-term returns in terms of high productivity of the economically active population till they enter the elderly cohort.

 Currently, India’s population is among the youngest in an ageing world, however, a major proportion of India’s population will be aged by 2050. This calls for more forward-looking policies incorporating population dynamics, education and skills, healthcare, gender sensitivity, and providing rights and choices to the younger generation so they can contribute up to their maximum potential in the nation’s economic growth in future.

3. The above passage is about ‘Demographic Dividend’. Technically what is the meaning of the term demographic dividend?

  1. A rise in the rate of economic growth due to a higher share of working age people in a population
  2. A rise in the rate of literacy due to development of educational institutions in different parts of the country
  3. A rise in the standard of living of the people due to the growth of alternative livelihood practices
  4. A rise in the gross employment ratio of a country due to government policies
  5. None of the above

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Correct Answer – A. A rise in the rate of economic growth due to a higher share of working age people in a population

Explanation:Demographic Dividend’- A rise in the rate of economic growth due to a higher share of working age people in population.According to United Nations Population Fund (UNFPA), Demographic Dividend means, “the Economic growth potential that can result from shifts in a Population’s age structure, mainly when the share of the Working-Age population (15 to 64) is larger than the Non-Working-age share of the population (14 and younger, and 65 and older.India has one of the youngest Populations in an aging world. By 2020, the median age in India will be just 28, compared to 37 in China and the US, 45 in Western Europe, and 49 in Japan.

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4. Demographic dividend manifests in the age group of_____.

  1. 14 to 60
  2. 15 to 64
  3. 16 to 20
  4. 18 to 65
  5. None of these

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Correct Answer – B. 15 to 64

Explanation: According to United Nations Population Fund (UNFPA), demographic dividend means, “the economic growth potential that can result from shifts in a population’s age structure, mainly when the share of the working-age population (15 to 64) is larger than the non-working-age share of the population (14 and younger, and 65 and older)”.

5. To obtain the full benefits of demographic dividend, what should India do?

A. Promoting skill development
B. Introducing more social security schemes
C. Reducing infant mortality rate
D. Privatization of higher education
E. None of the above

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Correct Answer – A. Promoting skill development

Explanation: Demographic Dividend is rise in economic growth rate with increasing share of working age people among the population. To take the benefit of demographic dividend, government undertake certain measures to impart skills to Indian workforce, so option A is correct.

6. Balance of Trade (BoT) does not get affected by which of the following factor?

  1. Availability of raw materials
  2. Exchange rate
  3. Cost of production
  4. Inflow on account of tourism
  5. None of these
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Correct Answer:  D. Inflow on account of tourism

Explanation:  The Balance of Trade (BoT) is the difference between the value of a country’s imports and exports for a given period. The Balance of Trade is the largest component of a country’s Balance of Payments. Economists use the BoT to measure the relative strength of a country’s economy. The Balance of Trade is also referred to as the trade balance or the international trade balance.  Following are the main factors which affect BoT:

  • Cost of production
  • Availability of raw materials
  • Exchange rate
  • Prices of goods manufactured at home

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7. Wholesale Price Index (WPI) is published by which of the following ministries?

  1. Ministry of Consumer Affairs, Food and Public Distribution
  2. Ministry of Corporate Affairs
  3. Ministry of Commerce and Industry
  4. Ministry of Food Processing Industries
  5. None of these
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Correct Answer:  C. Ministry of Commerce and Industry

Explanation:  The Wholesale Price Index (WPI) is the price of a representative basket of wholesale goods. The WPI is published by the Economic Adviser in the Ministry of Commerce and Industry. The Wholesale Price Index focuses on the price of goods traded between corporations, rather than goods bought by consumers, which is measured by the Consumer Price Index.

8. The Phillips Curve is a relationship between _______

  1. Inflation and unemployment
  2. Inflation and quantity demand
  3. Quantity demand and price
  4. Unemployment and quantity demand
  5. None of the Above

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Correct Answer – A. Inflation and unemployment

Explanation: The inverse relationship between unemployment rate and inflation when graphically charged is called the Phillips curve. William Phillips pioneered the concept first in his paper “The Relation between Unemployment and the Rate of Change of Money Wage Rates in the United Kingdom, 1861-1957,’ in 1958.

9. Which type of poverty can be caused by a range of factors, such as- divorce, death of the family head, illness, a natural disaster, or loss of a job?

A. Rural Poverty
B. Generational Poverty
C. Situational Poverty
D. Absolute Poverty
E. None of these

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Correct Answer:  C. Situational Poverty

Explanation:  Situational poverty is a period where in an individual falls below the poverty line because of a sudden event. Situational poverty can be caused by a range of factors, such as: a divorce, death of the family head, illness, a natural disaster or loss of job. These are uncontrollable and often unpredictable events that can escalate until the person finds themselves without material possessions or an income source.

10. President of India gave approval for the transfer of “Department of Public Enterprises” from the Ministry of Heavy Industries & Public Enterprises to _____

  1. Ministry of Social Justice and Empowerment
  2. Ministry of Finance
  3. Ministry of Consumer Affairs, Food and Public Distribution
  4. Ministry of Commerce and Industry
  5. None of these

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Correct Answer:  B. Ministry of Finance

Explanation:  President Ram Nath Kovind approved the formation of the ‘Department of Public Enterprises (Lok Udyam Vibhag)’ under the Ministry of Finance. The department was previously a part of the Ministry of Heavy Industries & Public Enterprises, now changed to “Ministry of Heavy Industries”. Work areas for DPE include – Monitoring & evaluating the performance of PSEs, and categorization of Central PSEs including the conferring of ‘Ratna’ Status.

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Economic & Social Issues (ESI) Quizzes For RBI Grade B

Set-20 Set-19 Set-18 Set-17 Set-16
Set-15 Set-14 Set-13 Set-12 Set-11
Set-10 Set-9 Set-8 Set-7 Set-6
Set-5 Set-4 Set3 Set-2 Set-1

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