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Economics MCQ-10

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#1 Consider the following statements regarding Goods and Services Tax Network (GSTN): 1. It is a non-profit, non-government organization. 2. It will manage the entire IT system of the GST portal. 3. It will provide taxpayers with all services – from registration to filing taxes and maintaining all tax details. Which of the above statements are correct??Solution (d)

Goods and Services Tax Network (GSTN)
  • The Goods and Service Tax Network (or GSTN) is a non-profit, non-government organization.
  • It will manage the entire IT system of the GST portal, which is the mother database for everything GST.
  • This portal will be used by the government to track every financial transaction, and will provide taxpayers with all services – from registration to filing taxes and maintaining all tax details.Private players own 51% share in the GSTN, and the rest is owned by the government.
  • The authorized capital of the GSTN is ₹10 crore (US$1.6 million), of which 49% of the shares are divided equally between the Central and State governments, and the remaining is with private banks.
  • Shareholder Shareholding Central Government 24.5% State Governments & EC 24.5% HDFC 10% HDFC Bank 10% ICICI Bank 10% NSE Strategic Investment Co 10% LIC Housing Finance Ltd 11% = Total 100%
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#2 About various types of unemployment, consider the following statements: 1. If in an economy, there is surplus workforce in one sector and there is short supply of workforce in the other sector then it is known as disguised unemployment. 2. Disguised unemployment is found in agriculture sector in India. 3. Frictional unemployment is caused by periodical increase and decrease in the growth of economy. Which of the statements given above is/are incorrect ??Solution (a)

  • Disguised unemployment exists where part of the labour force is either left without work or is working in a redundant manner where worker productivity is essentially zero. In agriculture sector in India due to small landholdings lots of people work on small-small farms which needs few people only. So disguised unemployment exists in agriculture sector.
  • If in an economy there is surplus workforce in one sector and there is short supply of workforce in the other sector then it is known as Structural Unemployment.
  • Hence, 1st statements is incorrect and 2nd statement is correct.
  • Frictional Unemployment is one, which is always present in the economy and result from temporary transitions made by workers and employers or from workers and employers having inconsistent or incomplete information. Hence 3rd statement is incorrect.
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#3 Which of the following statements about multidimensional poverty index (MPI) is/are correct? 1. It was developed by the United Nations Development Programme (UNDP). 2. The index identifies deprivation across three dimensions health, education, and standard of living only. Choose the correct code from option given below-?Solution (c)

  • The Multi-Dimensional Poverty Index (MPI), published in the UNDP 2010 report, complements monitory measures of poverty by considering overlapping deprivation suffered by people at the same time.
  • The index identifies deprivation across the same three dimensions as the HDI.
  • In other words, the MPI identifies multiple deprivations at the household and individual level in health, education and standard of living and shows the number of people who are multi-dimensionally poor (suffering deprivations in 33% of weighted indicators) and the number of deprivations with which poor households typically contend with.
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#4 Consider the following statements about the demographic dividend: 1. It is defined as increase in the working age population of a country. 2. It is the major factor contributing to the growth of India in last two decades. Which of the above given statement(s) is/are correct??Solution (a)

  • Demographic dividend is referred to the increase in working age population.
  • Working age population also includes students and others who may not be available to work.
  • Although India has witnessed a great demographic dividend, it has not contributed to the growth because of several factors.
  • Its contribution to growth has been an average of 0.5 percentage point since 1991 . Hence, 2nd statement is incorrect.
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#5 Which of the following is considered while measuring ‘Literacy rate’ in India? 1. Age 2. Ability to do arithmetic calculations 3. Ability to read and write. Choose the appropriate option from code given below-?Solution (c)

Literacy rate denotes the percentage of population above 7 years of age , who is able to read, write and have the ability to do arithmetic calculations with understanding.
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