Daily subject-wise quiz : Economy MCQs on coking coal, Gini coefficient and more (Week 118)
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With reference to the Gini Index or Gini coefficient, consider the following statements:
1. It is a way to understand how equally income, wealth or consumption is distributed across households or individuals in a country.
2. According to the World Bank, India's Gini Index stands at 25.5, making it the fourth most equal country in the world.
3. India's consumption-based Gini index declined from 2011-12 to 2022-23.
How many of the statements given above are correct?
(a) Only one
(b) Only two
(c) All three
(d) None
Explanation
— 'India is not only the world's fourth largest economy, it is also one of the most equal societies today' . According to the World Bank's Poverty and Equity Brief, India has a Gini Index of 25.5, ranking it as the world's fourth most equal country after the Slovak Republic, Slovenia, and Belarus. This indicates that the benefits of economic progress are being distributed more evenly across the population.
— According to the World Bank, India's Gini Index is 25.5, ranking it fourth most equal in the world. Hence, statement 2 is correct.
— The Gini Index is a simple yet effective approach to understand how income, wealth, and consumption are divided evenly across households or individuals in a society. Hence, statement 1 is correct.
— The Gini Index, often known as the Gini coefficient, was named after the early twentieth-century Italian statistician Corrado Gini and has long been the most widely used measure of inequality. It assesses inequality on a scale of 0 to 1 (or 0% to 100%), with higher scores indicating greater disparity.
— 'India's consumption-based Gini index improved from 28.8 in 2011-12 to 25.5 in 2022-23, but inequality may be underestimated due to data limitations…' According to the World Inequality Database, income inequality has increased from 52 Gini in 2004 to 62 in 2023. The wage gap remains substantial, with the top 10% 's median earnings 13 times higher than the bottom 10% in 2023-24.' Hence, statement 3 is not correct.
Therefore, option (b) is the correct answer.
(Other Source: http://www.pib.gov.in)
Consider the following statements:
1. The Corporate Average Fuel Efficiency (CAFE) covers a broader range of emissions, including particulate matter and NOx.
2. The BS VI focuses on fuel efficiency and CO2 emissions.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Explanation
— The Worldwide Harmonised Light Vehicles Test Procedure (WLTP), which the European Union adopted in 2018, ensures that emissions of carbon dioxide, nitrogen oxides (NOx), and particulate matter from vehicles on the road more closely reflect results recorded in laboratory conditions.
— The carmaker also advised that the government wait until the next Corporate Average Fuel Efficiency (CAFE) phase 3 regulations, which are presently being discussed, to clarify their position on adopting WLTP.
— While both CAFE and BS VI regulations currently use the Modified Indian Driving Cycle (MIDC) for testing, they serve different purposes: CAFE focusses on fuel efficiency and CO2 emissions, whereas BS VI covers a broader range of emissions, including particulate matter and NOx, which are important pollutants. Although CAFE 3 standards have not yet been announced, the Bureau of Energy Efficiency (BEE), the organisation in charge of developing them, recommended in June 2024 a transition from MIDC to WLTP beginning March 31, 2027. Hence, statements 1 and 2 are not correct.
Therefore, option (d) is the correct answer.
Consider the following statements:
1. Cambodia is among the earliest and most active supporters of China's global infrastructure plan, the Belt and Road Initiative (BRI).
2. China is the largest financier of Cambodia's infrastructure — including roads, bridges, dams, railways, and special economic zones (SEZs).
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Explanation
— Six of the 14 countries announced were ASEAN members, with Laos and Myanmar facing the highest levies of 40%. Thailand and Cambodia, which have received significant Chinese investment and expanded economic cooperation with China over the last decade, were slapped with 36% US tariffs. Meanwhile, Indonesia, which imports about one-third of its exports from China, was subject to a 32% reciprocal duty.
— China is the main financier of Cambodian infrastructure, which includes roads, bridges, dams, trains, and special economic zones (SEZs). Cambodia was also one of the first and most ardent sponsors of China's Belt and Road Initiative (BRI), a global infrastructure project. Hence, statements 1 and 2 are correct.
— Notably, following the first trade war, China boosted its engagement with ASEAN countries through investment and industrial integration, which helped to enhance regional manufacturing. In May, China and ASEAN concluded negotiations to expand their free trade area, extending cooperation into the digital and green sectors, as well as other growing industries.
Therefore, option (c) is the correct answer.
Consider the following statements about coking coal:
1. The import of coking coal has consistently increased from 2020-21 to 2023-24.
2. India included coking coal in the list of critical minerals in 2022.
3. It is mainly imported by the refining industry.
How many of the statements given above are correct?
(a) Only one
(b) Only two
(c) All three
(d) None
Explanation
— The government must include coking coal in the list of critical minerals and provide special dispensation to enhance the domestic production of the key raw material for steel production, according to a Niti Aayog report. Hence, statement 2 is not correct.
— The report 'Enhancing Domestic Coking Coal Availability to Reduce the import of Coking Coal', said considering India's commitments to Net Zero by 2070, the country's interests would be better served by fully utilising the proved reserves of medium coking coal (16.5 billion tonne) in India for metallurgical purposes.
— The European Union has declared the ingredient as a critical raw material along with 29 other raw materials which include 'green energy' minerals like lithium, cobalt, and rare earths.
(*Import (in million tonnes) up to April-Sept, 2024 (Source:-CCO))
— Coking coal is imported by the steel industry primarily to bridge the gap between demand and indigenous availability and to improve quality. Other sectors, such as the power sector, cement, and coal traders, import non-coking coal. Hence, statement 3 is not correct.
— The import of coking coal has not increased consistently from 2020-21 to 2023-24. Hence, statement 1 is not correct.
Therefore, option (d) is the correct answer.
(Other Source: coal.gov.in)
With reference to the deposit insurance, consider the following statements:
1. The insurance cover of Rs 2 lakh per depositor is for all accounts held by the depositor in all branches of the insured bank.
2. The DICGC insures only commercial banks including branches of foreign banks functioning in India and does not insure regional rural banks.
Which of the statements given above is/are correct?
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Explanation
— The government is mulling raising the insurance protection for bank accounts above the present maximum of Rs 5 lakh, according to Financial Services Secretary M Nagaraju.
— Deposit insurance is provided by the Deposit Insurance and Credit Guarantee Corporation (DICGC), a specialised branch of the Reserve Bank of India.
About DICGC
— The DICGC aims to safeguard 'small depositors' from the risk of losing their savings in the event of a bank failure.
— The insurance cover of Rs 5 lakh per depositor applies to all accounts held by the depositor at all branches of the insured bank. Hence, statement 1 is not correct.
— The DICGC insures all commercial banks, including foreign bank branches in India, local area banks, regional rural banks, and cooperative banks. However, the DICGC does not cover primary cooperative societies. Hence, statement 2 is not correct.
— Savings, fixed, current, and recurring deposits are all protected. The DICGC does not insure deposits made by foreign, central, or state governments, as well as interbank deposits.
Therefore, option (d) is the correct answer.
Daily Subject-wise quiz — History, Culture, and Social Issues (Week 116)
Daily subject-wise quiz — Polity and Governance (Week 118)
Daily subject-wise quiz — Science and Technology (Week 118)
Daily subject-wise quiz — Economy (Week 117)
Daily subject-wise quiz — Environment and Geography (Week 117)
Daily subject-wise quiz – International Relations (Week 117)
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