UPSC Essentials | Daily subject-wise quiz : Economy (Week 27)

2. The WPI is dominated by the prices of manufactured goods while the CPI is dominated by the prices of food articles.

3. The WPI takes into account the change in prices of services.

How many of the statements given above are correct?

(a) Only one

(b) Only two

(c) All three

(d) None

QUESTION 2

With reference to the “Bima Sugam”, consider the following statements:

1. It is an online platform where customers can choose a suitable scheme from multiple options given by various companies.

2. This platform will not help in the settlement of claims.

3. It acts as a single window for the policyholder to manage his/her insurance coverage.

How many of the statements given above are correct?

(a) Only one

(b) Only two

(c) All three

(d) None

QUESTION 3

The Northern provinces of Shanxi, Henan and Inner Mongolia mine were recently in the news. These mines are associated with:

(a) Bauxite

(b) Coal

(c) Uranium

(d) Iron

QUESTION 4

With reference to the Over the top (OTT) streaming platforms, consider the following statements:

1. They require permission or a licence from the Union government.

2. They fall under the jurisdiction of the Telecom Regulatory Authority of India (TRAI).

Which of the statement(s) given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

QUESTION 5

With reference to the Unified Payments Interface (UPI), consider the following statements:

1. It is a system that powers multiple bank accounts into a single mobile application.

2. It caters to the “Peer to Peer” collection request which can be scheduled and paid as per requirement and convenience.

Which of the statement(s) given above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither 1 nor 2

ANSWERS TO THE MCQs

1. (a)

FYI:

— Any inflation rate essentially tells us the rate at which prices have been rising in an economy.

— The government comes out with two indices — one for mapping inflation in the wholesale market and one for mapping inflation in the retail market. Inflation rates are also calculated for rural and urban markets for better policy analysis.

— The two most-often used inflation rates in the country are the year-on-year

(i) Wholesale price index (WPI) based inflation rate and

(ii) Consumer price index (CPI) based inflation rate

— Both WPI and CPI are price indices. These are two different baskets of goods and services. The government assigns different weights to different goods and services based on what is relevant for those two types of consumers.

— The CPI-based inflation data is compiled by the Ministry of Statistics and Programme Implementation (or MoSPI) and the WPI-based inflation data is put together by the Department for Promotion of Industry and Internal Trade (or DPIIT). Hence, statement 1 is not correct.

— The WPI is dominated by the prices of manufactured goods while the CPI is dominated by the prices of food articles. Hence, statement 2 is correct.

— The WPI does not account for changes in the pricing of services such as haircuts or banking transactions, but the CPI does. Hence, statement 3 is not correct.

Therefore, option (a) is the correct answer.

Source: NSO, MoSPI

2. (b)

FYI:

— Bima Sugam is an online platform where customers can choose a suitable scheme from multiple options given by various companies. Hence, statement 1 is correct.

— All insurance requirements, including those for life, health, and general insurance (including motor and travel) will be met by Bima Sugam.

— This platform will aid in the paperless payment of claims, whether for health coverage or death, based on policy numbers. Hence, statement 2 is not correct.

— IRDAI has formed a committee to develop the platform and will shortly issue requests for proposals (RFPs) to select a service provider for the platform.

— The proposed platform would act as a single window for the policyholder to manage his/her insurance coverage. Hence, statement 3 is correct.

— It would deliver seamless end-to-end solutions for consumers’ insurance needs, including purchasing, servicing, and settlement.

— It will enable insurance firms to have real-time access to authenticated and genuine data from numerous touch points. The platform will connect intermediaries and agents to sell insurance and deliver services to policyholders, among other things, while also reducing paperwork.

Therefore, option (b) is the correct answer.

3. (b)

FYI:

— According to a new report compiled by Global Energy Monitor, the coal industry is expected to shed more than four lakh mining jobs, equivalent to nearly 100 workers per day, by 2035, even without climate pledges or policies to phase out coal, with China and India likely to be the hardest hit.

— The primary reason will be the market shift toward cheaper wind and solar power generation and a lack of planning to manage a transition to a post-coal economy.

— China and India are poised to bear the brunt of the damage. Shanxi region in China will have the most employment losses globally — 2,41,900 by 2050 — while Coal India is the producer facing the most possible job losses — 73,800 by the mid-century.

— Coal-mining jobs play a significant role in remote coal regions, acting as anchors of economic activity and sustaining ancillary workforces and employment in local consumer and information economies.

— The northern provinces of Shanxi, Henan and Inner Mongolia mine more than a quarter of the world’s coal and employ 32 per cent of the global mining workforce, approximately 8,70,400 people.

— India, the world’s second-largest coal producer, has a workforce approximately half the size of Shanxi.

Therefore, option (b) is the correct answer.

4. (d)

FYI:

— According to India’s telecom appellate panel, Over-the-top (OTT) streaming platforms do not fall under the jurisdiction of the Telecom Regulatory Authority of India (TRAI) and are governed under the Information Technology Rules, 2021. Hence, statement 2 is not correct.

— The Telecom Disputes Settlement and Appellate Tribunal (TDSAT) said OTT platforms such as Disney+Hotstar are outside the purview of the TRAI Act since they do not require any permission or a licence from the Union government. Hence, statement 1 is not correct.

— The DoT had released a draft telecom Bill under which it wanted to classify OTT platforms as telecommunication services and regulate them like telecom operators.

Therefore, option (d) is the correct answer.

5. (c)

FYI:

— The Unified Payments Interface (UPI) is a system that integrates several bank accounts into a single mobile application (of any participating bank), combining different banking services, smooth fund routing, and merchant payments under one umbrella. Hence, statement 1 is correct.

— It also caters to the “Peer to Peer” collect request which can be scheduled and paid as per requirement and convenience. Each Bank provides its own UPI App for Android, Windows and iOS mobile platform(s). Hence, statement 2 is correct.

— There are various services offered by UPI such as balance enquiry, transaction history, Send / Pay Money, Virtual Address, A/c no. & IFSC code, Mobile no. and MMID, Aadhaar (to be made functional), Collect Money, Virtual Address, Add bank account, Change / Set MPIN, Notifications and A/c Management.

Therefore, option (c) is the correct answer.

(Source: cashlessindia.gov.in)

Previous Daily Subject-Wise-Quiz

Daily subject-wise quiz — Polity and Governance (Week 27)

Daily Subject-wise quiz — History, Culture, and Social Issues (Week 27)

Daily subject-wise quiz — Environment, Geography, Science and Technology (Week 27)

Daily subject-wise quiz — Economy (Week 26)

Daily subject-wise quiz – International Relations (Week 26)

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