Socio-economic Issues GK MCQs With Answer & Explanation in English provides a comprehensive guide to understanding key socio-economic challenges and their implications. This article includes multiple-choice questions (MCQs) designed to test and enhance your knowledge of various topics, from poverty and inequality to employment and social welfare.
Each question is accompanied by detailed answers and explanations, making it a valuable resource for students, competitive exam aspirants, and anyone keen on exploring the socio-economic landscape. Dive in to broaden your understanding and prepare effectively.
1. In September 1999, which organization established the Poverty Reduction and Growth Facility (PRGF) to make the objectives of poverty reduction and growth more central to lending operations in its poorest member countries?
- Asian Development Bank
- International Monetary Fund
- World Bank
- US Federal Bank
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Answer: International Monetary Fund
The Poverty Reduction and Growth Facility (PRGF) was established by the International Monetary Fund (IMF) in September 1999 with the primary aim of focusing on policies for growth and poverty reduction in its poorest member countries. The PRGF aimed to address the economic challenges faced by these countries and promote sustainable development.
2. As per the Lakdawala Formula, which among the following is accepted to estimate “urban poverty”?
- Consumer Price Index for industrial laborers
- Consumer Price Index for Agriculture
- Wholesale Price Index
- 2 & 3
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Answer: Consumer Price Index for industrial laborers
The Lakdawala Formula used the following Consumer Price Index (CPI) indices to estimate poverty in states: Urban Poverty: CPI-IL (Consumer Price Index for Industrial Laborers) Rural Poverty: CPI-AL (Consumer Price Index for Agricultural Laborers)
3. A number of factors are responsible for poverty in India. Which among the following is not the economic factor contributing to poverty?
- Inequalities of Income
- Mass illiteracy
- Low productivity in Agriculture
- Fast Rise in Population
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Answer: Mass illiteracy
Inequalities of income, low productivity in agriculture, and a faster rise in population are indeed economic factors contributing to poverty. Mass illiteracy, however, is not considered an economic factor. Illiteracy is a social and educational issue that can have economic implications but is not classified as a direct economic factor contributing to poverty.
4. Which among the following plan document has a subtitle “Inclusive growth”?
- 10th Five-year Plan
- 11th Five-year Plan
- National Solar Mission
- Bharat Nirman
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Answer: 11th Five-year Plan
The 11th Five-year Plan had the subtitle “Inclusive Growth.” This emphasized the importance of ensuring that economic growth benefits all sections of society, particularly the marginalized and vulnerable populations.
5. Which among the following has been adopted by the Tendulkar committee for measuring poverty?
- Welfare measures
- Cost of Living
- Inequality & growth
- Mobility/vulnerability analyses
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Answer: Cost of Living
The Tendulkar Committee adopted “Cost of Living” as a measure for identifying poverty. It took into account a wider range of commodities and services, including health and education, to determine the poverty line, rather than solely relying on calorie consumption.
6. Which among the following is one among the five indicators used by the United Nations Development Programme in its annual Human Development Report for Gender-related standard of living?
- Gender Development Index
- Gender Empowerment Index
- Gender Empowerment Measure
- Gender Parity Index
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Answer: Gender Development Index
The Gender Development Index is one of the five indicators used by the United Nations Development Programme in its annual Human Development Report for Gender-related standard of living.
7. The unemployment of a person when he/she is in the midst of transiting between jobs, searching for a new job comes under which of the following category?
- Cyclical
- Voluntary
- Frictional
- Seasonal
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Answer: Frictional
The unemployment of a person when they are in the midst of transiting between jobs, searching for a new job is termed “Frictional Unemployment.”
8. Who among the following was the chairman of the expert committee which suggested “Consumption Expenditure” for identifying the BPL?
- Abhijit Sen
- C Rangrajan
- Kirit Parikh
- Suresh Tendulkar
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Answer: Suresh Tendulkar
Suresh Tendulkar chaired the expert committee that suggested “Consumption Expenditure” as a measure for identifying the Below Poverty Line (BPL). This new approach aimed to provide a more comprehensive assessment of poverty, taking into account various aspects of consumption beyond just calorie consumption.
9. Which of the following income is the common international poverty line?
- US$ 1 per day
- US$ 1.25 per day
- US$ 1.50 per day
- US$ 1.90 per day
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Answer: US$ 1.90 per day
The common international poverty line was set at US$ 1.90 per day, as revised by the World Bank in October 2015. This line represents the threshold below which individuals or households are considered to be living in extreme poverty.
10. What is the number of indicators in Multi-dimensional Poverty Index (MPI)?
- 8
- 9
- 10
- 11
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Answer: 10
The Multi-dimensional Poverty Index (MPI) is a measure that includes 10 indicators to assess various deprivations experienced by individuals, such as health, education, and living standards. The MPI offers a more comprehensive understanding of poverty by considering multiple dimensions of deprivation.
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