RBI Grade B Economic & Social Issues (ESI) Quiz for Phase II 2021
RBI Grade B Economic & Social Issues (ESI) Quiz for Phase II 2021
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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-4


1. In the wake of the Bhopal Gas Tragedy, the Government of India enacted which of the following legislations?

A. The Wildlife Protection Act, 1972
B. The Prevention of Cruelty to Animals Act, 1960
C. The Forest Rights Act, 2006
D. The Forest Conservation Act, 1980
E. The Environment Protection Act, 1986

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Correct Answer: E. The Environment Protection Act, 1986

Explanation- Environment (Protection) Act of 1986
• In the wake of the Bhopal gas tragedy (1984), the government of India enacted the Environment (Protection) Act of 1986.
• The purpose of the Act is to implement the decisions of the United Nations Conference on the Human Environment of 1972, in so far as they relate to the protection and improvement of the human environment and the prevention of hazards to human beings, other living creatures, plants and property.
• The Act is an “umbrella” for legislations designed to provide a framework for Central Government, coordination of the activities of various central and state authorities established under previous Acts, such as the Water Act and the Air Act.
• In this Act, main emphasis is given to “Environment”, defined to include water, air and land and the inter-relationships which exist among water, air and land and human beings and other living creatures, plants, micro-organisms and property.

2. Which of the following statements is/are incorrect with regard to the World Wide Fund for Nature (WWF)?

A. It is an international non-governmental organization founded on April 29, 1961.
B. It is an organ of the United Nations Organization
C. The group’s mission is “to stop the degradation of the planet’s natural environment and to build a future in which humans live in harmony with nature.”
D. It is the world’s largest conservation organization with over 5 million supporters worldwide, working in more than 100 countries, supporting around 1,300 conservation and environmental projects.
E. None of the above

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Correct Answer – B. It is an organ of the United Nations Organization

Explanation- The World Wide Fund for Nature:
• The World Wide Fund for Nature (WWF) is an international non-governmental organization founded on April 29, 1961, and is working on issues regarding the conservation, research and restoration of the environment.
• It is headquartered in Gland, Switzerland.
• It is the world’s largest conservation organization with over 5 million supporters worldwide, working in more than 100 countries, supporting around 1,300 conservation and environmental projects.
• The group’s mission is “to stop the degradation of the planet’s natural environment and to build a future in which humans live in harmony with nature.”

3. Subsidies which are no or least market distorting are called as what under the World Trade Organization’sAgreement on Agriculture’?
A. Blue Box Subsidies
B. Amber Box Subsidies
C. Green Box Subsidies
D. White Box Subsidies
E. Red Box Subsidies

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Correct Answer – C. Green Box Subsidies

Explanation- Subsidies are categorized into 3 boxes:

  • Green Box: Subsidies which are no, or least market distorting includes measures decoupled from output such as income-support payments (decoupled income support), safety – net programs, payments under environmental programs, and agricultural research and-development subsidies.
  • Blue Box: Only ‘Production limiting Subsidies’ under this are allowed. They cover payments based on acreage, yield, or number of livestock in a base year.
  • Amber Box: Those subsidies which are trade distorting and need to be curbed. The Amber Box contains category of domestic support that is scheduled for reduction based on a formula called the “Aggregate Measure of Support” (AMS).

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4. Which of the following statement(s) is/are incorrect with regard to Intergovernmental Panel on Climate Change (IPCC)?
A. It was first established in 1988 by two United Nations organizations, the World Meteorological Organization (WMO) and the United Nations Environment Programme (UNEP).
B. Membership of the IPCC is open to all members of the WMO and UNEP.
C. The IPCC produces reports that support the United Nations Framework Convention on Climate
Change (UNFCCC).
D. All the above is incorrect
E. None of the above is incorrect

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Correct Answer – E. None of the above is incorrect

Explanation- Intergovernmental Panel on Climate Change:
• It is a scientific intergovernmental body under the auspices of the United Nations.
• It was set up at the request of member governments.
• It was first established in 1988 by two United Nations organizations, the World Meteorological Organization (WMO) and the United Nations Environment Programme (UNEP).
• Membership of the IPCC is open to all members of the WMO and UNEP.
• The IPCC produces reports that support the United Nations Framework Convention on Climate Change (UNFCCC).
• IPCC reports cover all relevant information to understand the risk of human-induced climate change, its potential impacts and options for adaptation and mitigation.

5. A historic global climate deal was reached in Kigali, Rwanda that aimed to phase out Hydro fluorocarbons (HFCs), a family of potent greenhouse gases by the late 2040s. It led to an important amendment to which of the following protocols?

A. Kyoto Protocol
B. Montreal Protocol
C. Nagoya Protocol
D. Cartagena Protocol
E. Other than the abov

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Correct Answer – B. Montreal Protocol

Explanation- Kigali Agreement:
• A historic global climate deal was reached in Kigali, Rwanda at the Twenty-Eighth Meeting of the Parties to the Montreal Protocol on Substances that Deplete the Ozone Layer (MOP28) in November, 2016.
• The Kigali Amendment which amends the 1987 Montreal Protocol aims to phase out Hydro fluorocarbons (HFCs), a family of potent greenhouse gases by the late 2040s.
• Under Kigali Amendment, in all 197 countries, including India have agreed to a timeline to reduce the use of HFCs by roughly 85% of their baselines by 2045.

6. The financial year in India is:-
A. July 1 to June 30
B. March 1 to April 30
C. April 1 to March 31
D. January 1 to December 31
E. None of these

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Correct Answer – C. April 1 to March 31

Explanation- Finance Minister Nirmala Sitharaman during the Budget 2019 speech proposed starting an exclusive TV channel for startups.

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7. Gender inequality remains a major impediment to Human Development. The Gender Inequality Index (GII) which is released as part of the Human Development Report measures gender inequalities in three important aspects of human development. What are these three dimensions?

A. Health, Education and Standard of Living
B. Health, Education and Labour Market
C. Health, Empowerment and Standard of Living
D. Health, Empowerment and Labour Market
E. Empowerment, Education and Empowerment

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Correct Answer – D. Health, Empowerment and Labour Market

Explanation- The 2010 HDR introduced the GII, which reflects gender-based inequalities in three dimensions – reproductive health, empowerment, and economic activity. Reproductive health is measured by maternal mortality and adolescent birth rates; Empowerment is measured by the share of parliamentary seats held by women and attainment in secondary and higher education by each gender and Economic activity is measured by the labour market participation rate for women and men. The GII can be interpreted as the loss in human development due to inequality between female and male achievements in the three GII dimensions.

8. When we say that there is a systematic reduction of the recorded cost of a fixed asset like buildings, furniture, office equipment, vehicles, what is the concept that we are referring to?
A. Appreciation
B. Reduction
C. Depreciation
D. Losses
E. None of the above

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Correct Answer – C. Depreciation

Explanation- Depreciation: The capital gets consumed during the year due to wear and tear. This wear and tear is called depreciation. E.g. We buy a new car for Rs.5,00,000. As the years pass by, the car gets used and needs maintenance. So after say for 5 years, the value of the car does not remain the same.

9. When we say that a person has more money in his hand to save or to consume when compared to the previous year for example, then there is a definite increase in which of the following?
A. Personal Income of that person
B.  Personal Disposable Income of that person
C. Taxes levied by the government
D. Taxes paid by that person
E.  Cannot be said

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Correct Answer – B. Personal Disposable Income of that person

Explanation- Personal Income (PI) ≡ National Income – Undistributed profits – Net interest payments made by households – Corporate tax + Transfer payments to the households from the government and firms.

Personal Disposable Income (PDI) ≡ PI – Personal tax payments – Non-tax payments.

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10. The concept of Human Development was developed by which of the following economists?
A.  Amartya Sen
B. John Maynard Keynes
C. Mahbubul Haq
D. Prasanna Chandra Mahalanobis
E. None of the above

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Correct Answer – C. Mahbubul Haq

Explanation- Working with Nobel Laureate Amartya Sen and other gifted economists, in 1990 Dr. Haq published the first Human Development Report, which was commissioned by the United Nations Development Programme.

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