DAY 3 (18-09-23)
Q1. Disguised unemployment generally means:
(a) large number of people remain unemployed
(b) alternative employment is not available
(c) marginal productivity of labour is zero
(d) productivity of workers is low
Answer: (c)
Explanation: Marginal product of labour is the change in output that results from employing an added unit of labour. Disguised unemployment is unemployment that does not affect aggregate economic output. It occurs when marginal productivity is zero and too many workers are filling too few jobs.
Q2. Consider the following statements
- Any hydrocarbon fuel that is produced from an inorganic matter is considered as a biofuel.
- Biofuels may be solid, liquid or gaseous in nature.
Choose the correct statement(s) using the code given below:
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer: (b)
Explanation:
Statement 1 is incorrect: Any hydrocarbon fuel that is produced from an organic matter (living or once living material) in a short period of time (days, weeks, or even months) is considered a biofuel.
Statement 2 is correct: Biofuels may be solid, liquid or gaseous in nature.
- Solid: Wood, dried plant material, and manure
- Liquid: Bioethanol and Biodiesel
- Gaseous: Biogas
Q3. Consider the following statements:
- Fundamental rights can be amended by the Parliament by a constitutional amendment but only if the amendment does not alter the basic structure of the Constitution.
- In the Golaknath case of 1967, the Supreme Court held that the Parliament can amend any part of the Constitution including fundamental rights.
Choose the correct statement(s) using the code given below:
(a) 1 only
(b)2 only
(c) Both 1 and 2
(c) Neither 1 or 2
Answer: (a)
Explanation:
Statement 1 is correct: In 1973, a landmark judgment ensued in the Kesavananda Bharati case, where the SC held that although no part of the Constitution, including Fundamental Rights, was beyond the Parliament’s amending power, the “basic structure of the Constitution could not be abrogated even by a constitutional amendment.”
Statement 2 is incorrect: In the Sajjan Singh case of 1965, the Supreme Court held that the Parliament can amend any part of the Constitution including fundamental rights.
Q4. Which of the following is not the part of the Basic Structure of the Indian constitution as established by various Supreme Court judgments over the years?
(a) The parliamentary system of government
(b) The absolute power of the parliament to amend the Constitution
(c) Free and fair elections
(d) Welfare state
Answer: (b)
Explanation:
It was the Kesavananda Bharati case (1973) that brought the doctrine of Basic structure into the limelight. It held that the “basic structure of the Constitution could not be abrogated even by a constitutional amendment”. The judgment listed some basic structures of the constitution as:
Supremacy of the Constitution, Unity and sovereignty of India, Democratic and republican forms of Government, Federal character of the Constitution, Secular character of the Constitution, Separation of power, Individual freedom, over time, many other features have also, been added to this list of basic structural features. Some of them are:
Rule of law, Judicial review, Parliamentary system, Rule of equality, Harmony and balance between the Fundamental Rights and DPSP, Free and fair elections, Limited power of the parliament to amend the Constitution, Power of the Supreme Court under Articles 32, 136, 142 and 147, Power of the High Court under Articles 226 and 227.
Q5. The terms “Rapid Financing Instrument” and “Rapid Credit Facility” pertain to the lending provisions of which of the following?
(a) International Monetary Fund
(b) Asian Development Bank
(c) World Bank
(d) United Nation Environment Programme Finance Initiative
Answer: (a)
Explanation:
The Rapid Financing Instrument (RFI) provides prompt financial assistance to any IMF member country facing an urgent balance of payments need. The RFI is one of the facilities under the General Resources Account (GRA) that provide financial support to countries, including in times of crisis.
The Rapid Credit Facility (RCF) provides fast concessional financial assistance to low-income countries (LICs) facing an urgent balance of payments need. The RCF is one of the facilities under the Poverty Reduction and Growth Trust (PRGT) that provide flexible financial support tailored to the diverse needs of LICs, including in times of crisis.