RBI Grade B Economic & Social Issues (ESI) Quiz for Phase II 2021
RBI Grade B Economic & Social Issues (ESI) Quiz for Phase II 2021

RBI Grade B Economic & Social Issues (ESI) Quiz for Phase II 2021

Economic & Social Issues (ESI) Questions with the answer. RBI Grade B Economic & Social Issues (ESI) Notes PDF. RBI Grade B ESI Study Material PDF. RBI Economic & Social Issues (ESI) Books, PDF, Previous Papers, Question Set, and study material. As we all know that The Reserve Bank of India (RBI) conducted the RBI Grade B Phase I Exam for the post of Grade B (Grade ‘B’ (DR) – (General) & others). It’s the right time when you should start your RBI Grade B 2021 Phase II preparation with full pace.

If you are preparing for RBI Grade B 2021 ( Phase II), you will come across a section on “Economic & Social Issues (ESI)  wherein 65 questions will be there carrying 50 marks. Here we are providing you with “Economic & Social Issues (ESI) Questions For RBI Grade B” with answers based on the latest pattern of your daily practice.

“RBI Grade B” ESI Questions with Answer | Set-3


1. Which of the following criteria needs to be satisfied for a place to be classified as a Census Town?
1. A minimum population of 5,000.
2. A minimum population of 7500.
3. At least 75 percent of the male main working population engaged in non-agricultural pursuits.
4. At least 50 percent of the male main working population engaged in non-agricultural pursuits.
5. A density of population of at least 400 persons per sq. km.
6. A density of population of at least 600 persons per sq. km.

A. 2, 4 and 6
B. 1, 4 and 5
C. 1, 3 and 5
D. 2, 4 and 5
E. 1, 4 and 6

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Correct Answer: C. 1, 3 and 5

Explanation-Census towns are normally a whole village with minimum population of 5000, population density of 400 per sq, km and 75% of the male workforce engaged in non agricultural occupations.

2. As per the Census 2011, which of the following states has the highest number of Census Towns?

A. Maharashtra
B. Uttar Pradesh
C. West Bengal
D. Tamil Nadu
E. Karnataka

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Correct Answer – C. West Bengal

Explanation-Data related to the number of UAs/Towns as per Census 2011:
State-wise distribution of Census towns:
West Bengal-780, Kerala-461, Tamil Nadu-376, Maharashtra-279, Uttar Pradesh-267

3. Which of the following statement(s) is/are correct with regard to the Urban areas according to the Census 2011?
A. For the first time since Independence, the absolute increase in population as per Census 2011 is more in urban areas than in rural areas (when compared to Census 2001).
B. Level of urbanization increased from 27.81% in 2001 Census to 31.16% in 2011 Census
C. The rural-urban literacy gap which was 21.2 percentage points in 2001, has come down to 16.1 percentage points in 2011.
D. The gender gap in literacy has come down from 24.6 in 2001 to 19.8 in 2011 in rural areas and from 13.4 in 2001 to 9.8 in 2011 in urban areas.
E. All the above

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Correct Answer – E. All the above

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4. Which of the following state has launched India’s first social audit law?
A. Nagaland
B. Tripura
C. Assam
D. Meghalaya
E. Himachal Pradesh

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Correct Answer – D. Meghalaya

Explanation-Meghalaya launches India’s first social audit law:
• Meghalaya became the first state in India to operationalize a law that makes social audits of government programs and schemes a part of government practice.
• Chief Minister Mukul Sangma launched ‘The Meghalaya Community Participation and Public Services Social Audit Act, 2017.
• The legislation is applicable to 11 departments and 21 schemes.
• It was passed on April 4, and was followed by pilot social audits for 26 schemes in 18 villages of the northeastern state.
• So far, social audits of government programs have been done at the initiative of civil society organizations. These social audits had no official sanction.

5. With regard to the principle of the trading system under the WTO: ‘National Treatment’, which of the following statements is correct?
A. It is a principle which states that both imported, and locally-produced goods should be treated equally even before the foreign goods have entered the market.
B. It is a principle which states that locally produced goods should always be given preference over the imported goods.
C. It is a principle which states that imported goods should be given preference over the locally produced goods.
D. It is a principle which states that both imported, and locally-produced goods should be treated equally at least after the foreign goods have entered the market.
E. None of the above given statements are correct.

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Correct Answer: D. It is a principle which states that both imported, and locally-produced goods should be treated equally at least after the foreign goods have entered the market.

Explanation-National Treatment: Treating locals and foreigners equally:
• Imported and locally-produced goods should be treated equally — at least after the foreign goods have entered the market.
• The same should apply to foreign and domestic services, and to foreign and local trademarks, copyrights and patents.This principle of “national treatment” (giving others the same treatment as one’s own nationals) is also found in all the three main WTO agreements (Article 3 of GATT, Article 17 of GATS and Article 3 of TRIPS), although once again the principle is handled slightly differently in each of these.

6. Report projecting a decline in growth of world output and that of EMDEs by 0.3 and 0.1 percentage points respectively. What is the full form of EMDEs?
A. Emerging Management and Developing Economies
B. Emerging Market and Department Economies
C. Emerging Market and Developing Economies
D. Economy Market and Developing Emerging
E. Emerging Mangoman and District Economies

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Correct Answer: C. Emerging Market and Developing Economies

Explanation-Report projecting a decline in growth of world output and that of Emerging Market and Developing Economies (EMDEs) by 0.3 and 0.1 percentage points respectively.

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7.If the Union government is said to be following a path of Fiscal Consolidation, then which of the following statement(s) is/are correct?
1. The government is borrowing freely and using the money to fulfil its obligations.
2. The Fiscal Deficit of the government increases on following the path of fiscal consolidation.
3. Fiscal Deficit indicates the amount of government borrowing for that particular year.
4. The Fiscal Responsibility and Budget Management (FRBM) Act gives the targets for fiscal consolidation in India

A. 1 and 2
B. 2 and 3
C. 1, 2 and 3
D. 3 and 4
E. 1, 2, 3 and 4

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Correct Answer – D. 3 and 4

Explanation-Fiscal consolidation is a process where government’s fiscal health is getting improved and is indicated by reduced fiscal deficit. Improved tax revenue realization and better aligned expenditure are the components official consolidation as the fiscal deficit reaches at a manageable level.

8. PAN number is required for-
A. Deposits less than Rs.50,000/-
B. Deposits in excess of Rs.1 lac
C. Deposits Rs.50,000/- & above
D. All transactions
E. None of these

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Correct Answer – C. Deposits Rs.50,000/- & above

Explanation-The RBI asked banks to ensure that customers submit a copy of their PAN card for any cash deposit exceeding Rs 50,000.

9. Which of the following can be an exception under the Most Favoured Nation (MFN) principle of the WTO?
A. A developed country granting special access to their markets to other developed countries.
B. A country granting special favors in trade to another country on political lines.
C. A developing country granting special access to their markets to developed countries.
D. The countries can set up a free trade agreement that applies only to goods traded within the group discriminating against goods from outside
E. None of the above

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Correct Answer – D. The countries can set up a free trade agreement that applies only to goods traded within the group discriminating against goods from outside

Explanation-Most Favored Nation Status:-
• Under the WTO agreements, countries cannot normally discriminate between their trading partners.
• If a country grants someone a special favor (such as a lower customs duty rate for one of their products) then it must do the same for all other WTO members.
• This principle is known as the most-favored-nation (MFN) treatment.
• It is so important that it is the first article of the General Agreement on Tariffs and Trade (GATT) which governs trade in goods.

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10. What of the following committee was constituted by the Reserve Bank of India for suggesting a roadmap on full convertibility of Rupee on Capital Account?
A. Mayaram Committee
B. Narasimhan Committee
C. Tarapore Committee
D. Raghurajan Committee
E. M B Shah Committee

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Correct Answer – C. Tarapore Committee

Explanation-The Committee on Capital Account Convertibility (CAC) or Tarapore Committee :
• It was constituted by the Reserve Bank of India for suggesting a roadmap on full convertibility of Rupee on Capital Account.
• The committee submitted its report in May 1997.
• The Tarapore committee observed that the Capital controls can be useful in insulating the economy of the country from the volatile capital flows during the transitional periods and also in providing time to the authorities so that they can pursue discretionary domestic policies to strengthen the initial conditions.
• The CAC Committee recommended the implementation of Capital Account Convertibility for a 3- year period viz. 1997-98, 1998-99 and 1999-2000.

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