UPSC Essentials | Daily subject-wise quiz : Economy MCQs on GENIUS Act, hydrogen-based microgrid system and more (Week 116)

Daily Quiz: Test Your Knowledge

Put your knowledge to the test with this daily quiz covering a range of topics!

Question 1: The Indian Rupee

Which of the following statements about the Indian rupee are correct?

• A free fall in the rupee’s value is primarily prevented by interventions from the Reserve Bank of India (RBI).
• A weak balance of payments position supports the stability of the rupee.
• External factors, such as the performance of the US dollar, do not affect the value of the Indian rupee.

Answer: (a) Only one

Explanation: The RBI's interventions are crucial in preventing a sharp decline in the rupee's value. A weak balance of payments, however, destabilizes the currency. External factors like the US dollar's performance significantly impact the Indian rupee.

Question 2: Hydrogen-Based Microgrid System

Which statement(s) about hydrogen-based microgrid systems are accurate?

• It uses water to produce hydrogen through electrolysis.
• Toyota Kirloskar Motor and Ohmium International are collaborating on developing a scalable green hydrogen-based microgrid.

Answer: (c) Both 1 and 2

Explanation: Electrolysis of water is the process used to generate hydrogen, and the collaboration between Toyota and Ohmium is a key development in this area.

Question 3: International Potato Center (CIP) Regional Wing

The Union Cabinet approved a new regional wing of the International Potato Center (CIP) in:

• (a) Lucknow
• (b) Hyderabad
• (c) Bikaner
• (d) Agra

Answer: (d) Agra

Explanation: The new CIP-South Asia Regional Centre (CSARC) will be located in Singna, Agra district, serving farmers across India and South Asia.

Question 4: Wilful Defaulters

Consider the following statements regarding wilful defaulters:

• A ‘wilful default’ occurs when a borrower fails to repay despite having the capacity to do so.
• The number of wilful defaulters decreased from March 2020 to March 2024.

Answer: (a) 1 only

Explanation: Statement 1 correctly defines a wilful default. However, the number of wilful defaulters actually increased between March 2020 and March 2024.

Question 5: Opinion Trading

Regarding opinion trading, are these statements true?

• India has a law directly addressing opinion trading.
• Opinion trading platforms allow users to wager on future events.

Answer: (b) 2 only

Explanation: Opinion trading platforms are essentially betting platforms. While India lacks specific legislation, these platforms operate within existing legal frameworks.

Question 6: India's Poverty Line

Which statements about India's poverty line are correct?

• In 2009, before the Tendulkar recommendation, the poverty line was Rs 17 (urban) and Rs 12 (rural) per day per person.
• In 2009, Tendulkar raised the poverty line, later revising it in 2011-12.
• In 2014, Rangarajan recommended a further increase to the poverty line.

Answer: (d) 1, 2 and 3

Explanation: All three statements accurately reflect the historical evolution of India's poverty line calculations.

Question 7: TDS Certificate for Salaried Employees

Which form is the TDS certificate issued by an employer to a salaried employee for ITR filing?

• (a) Form 15G
• (b) Form 16
• (c) Form 26AS
• (d) Form 10E

Answer: (b) Form 16

Explanation: Form 16 is the crucial TDS certificate for salaried employees to file their income tax returns accurately.

Question 8: GENIUS Act

Regarding the GENIUS Act, which statement(s) are true?

• Its passing represents a major shift in the EU's approach to digital assets.
• The bill aims to regulate stablecoins.

Answer: (b) 2 only

Explanation: The GENIUS Act, passed by the US Senate, focuses on regulating stablecoins. It doesn't directly affect the EU's policy on digital assets.