Current based PRELIMS QUESTION 29 FEB 2020

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1. Consider the following statements.
1. Net National Income is Gross National Income or Gross National Product less depreciation.
2. India’s GNP is always higher than its GDP because its Net income from abroad is always negative.
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

2. Consider the following pairs regarding component and manufacturing countries.
Component – Manufacturer
1. AMRAAM Missile – U.S.A
2. F16 Fighter Jet – Russia
3. MiG-21 – France
4. S-400 – Germany
Which of the pair(s) given above is/are correctly matched?
(a) 1 only
(b) 1 and 4 only
(c) 1 and 2 only
(d) 1 and 3 only

3. Consider the following statements with respect to Subhas Chandra Bose.
1. He referred to Gandhi as the “father of the nation” in a broadcast from Singapore in 1944.
2. He had formed the Indian National Army in 1942.
3. He started the newspaper Swaraj.
Which of the statement(s) given above is/are correct?
(a) 2 and 3 only
(b) 1 and 2 only
(c) 1 and 3 only
(d) 1, 2 and 3

4. Consider the following statements regarding El Nino.
1. It is associated with strong anomalous cooling in the central tropical Pacific and warming in the eastern and western tropical pacific.
2. North-East monsoon of India is known to receive a boost from El Nino, whereas it gets depressed when La Nina happens.
3. Unlike Madden Julian Oscillation (MJO), which is stationary, the ENSO is a westward moving disturbance of clouds, rainfall, winds, and pressure.
Which of the statement(s) given above is/are incorrect?
(a) 1 only
(b) 1 and 2 only
(c) 1 and 3 only
(d) 1, 2 and 3

5. Consider the following statements regarding the Fiscal Policy in India.
1. The prime objective of policy is to maintain price stability while keeping in mind the objective of growth.
2. It refers to the policy of the RBI regarding the use of fiscal instruments under its control to achieve the goals specified.
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

 

1.Answer-a
Explanation
India’s GNP is always lower than its GDP because its Net income from abroad is always negative.
Definition: Net National Income is Gross National Income or Gross National Product less depreciation.
Description: Gross National Product (GNP) is Gross Domestic Product (GDP) plus net factor income from abroad. It measures the monetary value of all the finished goods and services produced by the country’s factors of production irrespective of their location.
Only the finished or final goods are considered as factoring intermediate goods used for manufacturing would amount to double counting. It includes taxes but does not include subsidies. When depreciation is deducted from the GNP, we get Net National Income. 

 

2.Answer-a
Explanation
1. AMRAAM Missile – U.S.A
2. F16 Fighter Jet – U.S.A
3. MiG-21 – Russia
4. S-400 – Russia

 

3.Answer-a
Explanation
 Subhas Chandra Bose was born on January 23, 1987. He was also popularly addressed as Netaji and was elected as the President of the Indian National Congress twice.
 He tried to rid India of British rule with the help of Germany and Japan during World War II, and is believed to have been killed when his plane crashed near Taiwan.
 Subhas Chandra Bose started the newspaper Swaraj after coming back to India and took charge of publicity for the Bengal Provincial Congress Committee.
 It is said that the freedom fighter, who opposed Gandhi’s non-violent measures to deal with the British, had been imprisoned in 11 different jails between 1921 to 1941.
Apparently, Netaji had sought the help of Japan and Germany as both countries were against the Britishers.
 Netaji was instrumental in establishing Azad Hind Radio station in Germany and led the Indian nationalist movement in East Asia.
 The Bhagavad Gita and the teachings of Swami Vivekananda on universalism were great inspirations for Netaji.
 Famous quotes like “Give me blood and I will give you freedom”, “Dilli Chalo” and “Jai Hind” can all be traced back to him.
 Till date it is not known how he died, some people claim that the freedom fighter lost his life on August 18, 1945 in Taiwan’s Taipei. Nobody was able to recover his body and so his exact place of death is not known.
 Subhas Chandra Bose was critical of Gandhi’s reliance solely on nonviolence to gain India’s independence and the Mahatma’s aversion to industrialization. Nonetheless, the two respected, even admired, each other.
 In 1942, after Bose had formed the Indian National Army and despite Gandhi’s aversion to violence, he called Bose a “patriot of patriots”. Bose referred to Gandhi as the “father of the nation” in a broadcast from Rangoon in 1944.

 

4.Answer-c
Explanation-
El Nino
 It is a naturally occurring phenomenon that occurs every 2-7 years, and can last anywhere between nine months and two years.
 El Nino (The Little Boy) is a climate pattern with unusual warming of surface waters in equatorial Pacific Ocean.
 It is the “Warm phase”, off the coast of Peru.
 The opposite of El Nino is La Nina (The Little Girl), is when sea surface temperatures in the Pacific drop to lower-than-normal levels. It is the “Cool phase”.
 These warm and cool phases are part of a recurring climate pattern that occurs across this section of the Pacific, known as the El Nino-Southern Oscillation (ENSO).
 The air circulation as a result of difference in surface pressure and temperature over the western and eastern tropical Pacific Ocean is known as Walker circulation.
 The two conditions influence weather events worldwide, including the Indian monsoon.
 It affects precipitation in few areas; drought can be widespread affecting southern Africa, India, and Southeast Asia, Australia.
 El Nino is known to suppress rainfall during the monsoon months in India.
 During an El Niño, the trade winds weaken in the central and western Pacific.
 The clouds and rainstorms associated with warm ocean waters also shift toward the east. So, the beginning of dissipation of El Nino is good news for India which is hoping to get good rainfall in the remaining part of the monsoon season.
Other effects around the world include,
1) Flooding in South America
2) Drought in Indonesia and Australia
3) Warmer, drier winters in the eastern and Midwestern US
4) Wetter winters in California and the Southwest
5) Declining fisheries
6) More hurricanes in the Pacific, fewer in the Atlantic
7) Higher global temperatures

The northeast monsoon is known to receive a boost from El Nino, when the sea surface temperatures in the equatorial Pacific Ocean, off the western coast of South America, are warmer than usual. And, when the opposite phenomena La Nina happens, rainfall during the northeast monsoon is known to get depressed.
Both El Nino and MJO are ocean-atmosphere interactions that occur in the equatorial region and influence a number of weather events worldwide, including the Indian monsoon.
El Nino, the unusual warming of sea-surface Pacific waters off the South American coast, is a stationary system.
The MJO, on the other hand, is a moving system of wind, cloud and pressure that brings rain as it circles around the equator.
The MJO is an eastward moving disturbance of clouds, rainfall, winds, and pressure that traverses the planet in the tropics and returns to its initial starting point in 30 to 60 days, on average.

 

5.Answer-a
Explanation-
Recently, the Reserve Bank of India (RBI) announced its 6th bi-monthly Monetary policy statement for 2019-20 in which the repo rate was left unchanged. Monetary policy refers to the policy of the central bank (RBI) with regard to the use of monetary instruments under its control to achieve the goals specified in the Act. The Reserve Bank of India (RBI) is vested with the responsibility of conducting monetary policy. This responsibility is explicitly mandated under the Reserve Bank of India Act, 1934.
Price stability is a necessary precondition to sustainable growth.
Fiscal policy is a mean by which the Government adjusts its spending levels along with tax rates to influence and monitor the nation’s economy. Through the fiscal policy, the government of a country controls the flow of tax revenues and public expenditure to navigate the economy. The objective of both the policy is to maintain price stability while keeping in mind the objective of growth.