Quiz 2

Q 1) Choose the correct statement/s :

Statement I- The Economic Survey, rmakes an estimate of revenue and expenses for the
forthcoming financial year, highlights the policy initiatives of the government and economic
prospects in the short and medium-term.
Statement II - In the Union Budget, the central government reviews the developments in the
Indian economy over the past financial year.

Options:
a. Only I
b. Only II
c. Both I & II
d. None of the above

Answer: d

Explanation:
The Economic Survey reviews the developments in the Indian economy over the past financial
year whereas in the Union Budget ,the central government makes an estimate of revenue and
expenses for the forthcoming financial year.

Q 2) According to Economy survey 2020-21, the COVID 19 crisis world is facing today is
unique in which of the following ways:
1. The health crisis-induced global recession is in contrast with previous global recessions
which were driven by confluences of a wide range of factors.
2. This recession is highly synchronized as the fraction of economies experiencing annual
declines in national per capita is highest since 1870
3. The present crisis is unique as it originated in a pandemic that required social distancing
and limiting of physical interactions
Options:
a. 1 & 2
b. 2 & 3
c. 1 & 3
d. All of the above

Answer: d

Explanation:
Economy Survey 2020-21, Chapter 1, Page 4

Q 3) Barbell Strategy of finance means:

Statement I : Hedging for the worst outcome initially, and updating its response step-by-step
with a Bayesian Updating of information.
Statement II : According to this strategy, the Government initiated total lockdown for hedging
against the worst possible outcomes.

Options:
a. Only I
b. Only II
c. Both I & II
d. None of the above

Answer: c

Explanation:
Yojna edition Nov 2020, Lead Article “ Preparing India for an Uncertain Post-Covid World”
Economy Survey 2020-21, Chapter 1, page 15, paragraph 1.25
Q 4) Choose the correct match:

CFR : Case Fatality Ratio

NPI : Non - Pharmaceutical Interventions
SARs : Severe Acute Respiratory System

Options:
1&2
2&3
1&3
All of the above

Answer: a

Explanation:
Economy Survey 2020-21, Chapter 1
SARs stands for Severe Acute Respiratory Syndrome which appeared in 2002 in China.While
the novel COVID-19 virus - SARS-CoV-2 (severe acute respiratory syndrome coronavirus 2)
was also first identified in Wuhan city of China in December 2019.

Q 5) Choose the correct Fundamental of the ‘5 T’ strategy used during Lockdown from the
following:
1. Test
2. Track
3. Trace
4. Treat
5. Time

Options:
a. 1 3 & 5
b. 1 2 3 & 4
 c. 2 3 4 & 5
d. All of the above

Answer: b

Explanation:
“5 T” strategy includes TEST, TRACK, TRACE, TREAT, TECHNOLOGY.
Economy Survey 2020-21, Chapter 1, page 15, paragraph 1.26