RBI Grade B Exam 2021 General Awareness MCQ Set-3 – Free PDF Download

Q1. Ministry of Labour and Employment through a notification declared which industry as a ‘public utility service’ for six months under Industrial Disputes Act, 1947?

1. Banking industry
2. Financial industry
3. Shadow banking industry
4. All of the above

• Public Utility Services are those business undertakings engaged in supplying essential goods and/or services of daily necessity for the general public.
• Impact of declaring banking as public utility service: Section 22(1) of IDA provides that no person employed in public utility service shall go on strike in breach of contract.

Q2. Which oil markets created history on 22nd April 2020 when prices of West Texas Intermediate (WTI) crude fell to “minus” $40.32?

1. European oil market
2. Middle east oil market
3. OPEC oil market
4. US oil market

• OPEC was created at the Baghdad Conference in 1960.
• OPEC has 13 members including Iran, Iraq and Venezuela.
• OPEC members control about 82% of total world proved oil reserves.
• In 2018, OPEC members accounted for 41% of total world crude oil production.

Q3. Which of the following statements are correct?

1. India is the world’s second-largest consumer of oil.
2. India is fourth-largest oil refiner.
3. India is net exporter of refined products.

1. 1 & 2 only
2. 2 & 3 only
3. 3 only
4. All of the above

Q4. For which among the following, India invoked the peace clause of WTO for exceeding the ceiling on support it can offer farmers?

1. Wheat
2. Rice
3. Pulses
4. Maize

• India informed WTO that the value of its rice production was $43.67 billion in 2018-19 and it gave subsidies worth $5 billion which is 11.46% of the value of production.
• However, the Agreement on Agriculture (AoA) under WTO has a limit pegged at 10% for developing countries

Q5. Which among the following does not come under Minor Forest Produce?

1. Mahogany
2. Bamboo
3. Wild fruits
4. Honey

• Minor Forest Produce (MFP) includes all non-timber forest produce of plant origin and includes bamboo, canes, fodder, leaves, gums, waxes, dyes, resins and many forms of food including nuts, wild fruits, Honey, Lac, Tusser etc.
• Ministry of Tribal Affairs increased the MSP of 49 products which are collected by tribals from forests

Q6. District Mineral Foundation is what type of body?

1. For profit body by Union govt
2. For profit body by State govt
3. Non-profit body by Union govt
4. Non-profit body by State govt

• It is set up in those districts affected by the mining works, to work for the interest and benefit of persons and areas affected by mining related operations.
• The document, District Mineral Foundation (DMF): Implementation Status and Emerging Best Practices, was released by Centre for Science and Environment (CSE), a Delhi-based think tank.

Q7. Open Market Sale Scheme (OMSS) is related to which among the following?

1. Medical devices
2. Foodgrains
3. Electronic goods
4. IT services

• Amidst CoVID-19 outbreak, government has directed Food Corporation of India (FCI) to provide Wheat and Rice to NGOs and Charitable Organizations at the Open Market Sale Scheme (OMSS) rates without going through the e-auction process.
• Open Market Sale Scheme (OMSS) refers to selling of foodgrains by Government / Government agencies at predetermined prices in the open market from time to time to enhance the supply of grains especially during the lean season

Q8. Higher level of capital-output ratio indicates?

1. Efficient use of capital
2. Inefficient use of capital
3. Maximum use of capital
4. Minimum use of capital

• Capital output ratio is the amount of capital needed to produce one unit of output.
• Lower capital output ratio shows that capital is very productive or efficient.

Q9. The Physical Quality of Life Index (PQLI) combines three indicators. They are

1. Infant mortality, life expectancy and adult literacy rate.
2. Crime rate, clean environment and quality of housing.
3. Air pollution rate, water pollution rate and sanitation.
4. Health, Education and Environment.

• The Physical Quality of Life Index (PQLI) was developed for Overseas Development Council in the mid-1970s by Morris David Morris.
• It was created due to dissatisfaction with the use of GNP as an indicator of development.

Q10. “Growth With Social Justice & Equality” was the main theme of which of the following five year plans?

• a) 6^th Five year plan
• b) 7^th Five year plan
• c) 8^th Five year plan
• d) 9^th Five year plan

1. Its duration was from 1997 to 2002.
2. The main focus of this plan was “growth with justice and equity”.

• It was launched in the 50^th year of independence of India.
• This plan failed to achieve the growth target of 7% and grow only at the rate of 5.6%

Q) ‘Globalisation of Indian Economy’ means:

• Stepping up of external borrowings by India
• Establishing Indian business units abroad
• Minimum economic restrictions with other countries
• Giving up programs of import substitution

RBI GRADE B Exam MCQs | Free PDF

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