6th AUGUST 2020 Top 10 MCQs for Prelims 2020/21

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EXPLANATION
1. A
The Medium-Term Fiscal Policy Statement cum Fiscal Policy Strategy Statement is presented to Parliament under Section 3 of the Fiscal Responsibility and Budget Management Act, 2003. It sets out the three-year rolling targets for six specific fiscal indicators in relation to GDP at market prices, namely Fiscal Deficit, Revenue Deficit, Primary Deficit, Tax Revenue, Non-tax Revenue, Central Government Debt (hence only option 4 is not correct)

2. A
The mechanism is established under the United Nations Framework Convention on Climate Change to assist developing countries that are particularly vulnerable to the adverse effects of climate change

3. A
India’s sharing in world dead weight tonnage (DWT) is only 0.9 per cent as on January 1, 2019 according to Institute of Shipping Economics and Logistics (DWT is a measure of how much weight a ship can carry)

4. B
NPPP seeks to regulate drug prices on the basis of essentiality of the drug through market-based pricing (MBP) of formulations as opposed to regulating bulk drug prices through cost-based pricing (CBP) of bulk drugs under the Drug Policy of 1994. Hence, statement 1 is not correct.

5. D
All are correct

6. A
The Director General of Trade Remedies (DGTR) recently launched an online portal – ARTIS (Application for Remedies in Trade for Indian industry and other Stakeholders) to enhance transparency, efficiency and provide expedited relief to the domestic producers for different trade remedies like anti-dumping duty, safeguard duty and countervailing duty. Hence option (a) is the correct answer.

7. C
Advance Authorization (AA) is issued to allow duty free import of inputs, which are physically incorporated in export products (making normal allowance for wastage). In addition, allow fuel, oil, catalyst that are consumed / utilized in the process of production of export products are also.

8. C
Service sector now accounting for around 55 per cent of total size of the economy and GVA growth, two-thirds of total FDI inflows into India and about 38 per cent of total exports. The share of services sector now exceeds 50 per cent of Gross State Value Added in 15 out of the 33 states and UTs, with this share more than 80 per cent in Delhi and Chandigarh. Hence option (c) is the correct answer.

9. B
Warehouse Receipts may be either non-negotiable or negotiable. NWRs can be traded, sold, swapped and used as collateral to support borrowing. It is defined in the Warehousing (Development and Regulation) Act, 2007 (WDR Act). Hence statement 2 is not correct.

10. A
Statement 2 is no correct: The methodology draws from the overall recommendations broad understanding arrived at by a Core Committee set up by MHRD ( and not by NITI Aayog), to identify the broad parameters for ranking various universities and institutions. There are separate rankings for different types of institutions depending on their areas of operation like universities and colleges, engineering institutions, management institutions, pharmacy institutions and architecture institutions. The Framework uses several parameters for ranking purposes.