NABARD Grade A & B Exam 2021 : Economic & Social Issues (ESI) Questions | Set-19

Correct Answer – B. Outsourcing

Explanation: Outsourcing is one of the important outcomes of the globalization process. In outsourcing, a company hires regular service from external sources, mostly from other countries, which was previously provided internally or from within the country like legal advice, computer service, advertisement, security; each provided by respective departments of the company.

Correct Answer – A. Only 1

Explanation-Statement 1 is incorrect since the AWBI was established in 1960 under Section 4 of The Prevention of Cruelty to Animals Act, 1960. The subject of Prevention of Cruelty to Animals is under the Ministry of Environment and Forests.

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.

Correct Answer: A. An order to pay

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).

Correct Answer – B. 1, 2, 4

Explanation-The term economic growth is associated with economic progress and advancement. Economic growth can be defined as an increase in the capacity of an economy to produce goods and services within a specific period of time. In economics, economic growth refers to a long-term expansion in the productive potential of the economy to satisfy the wants of individuals in the society.
Statement 4:
• Countries that have worked in the field of technological development grow rapidly as compared to countries that have less focus on technological development.
• The selection of right technology also plays an important role in the growth of an economy.
• On the contrary, an inappropriate technology- results in high cost of production.

Correct Answer – D. It is the market value of all final goods and services made within the borders of a country in a year

Explanation-Gross domestic product (GDP) is a monetary measure of the market value of all final goods and services produced in a period (quarterly or yearly) or income. Nominal GDP estimates are commonly used to determine the economic performance of a whole country or region, and to make international comparisons.

Correct Answer – A. Abid Hussain Committee

Explanation- Abid Hussain Committee (1997) recommended total dereservation and desired replacing policy of reservation with a policy of promotion and strengthening of small scale units.

Correct Answer – D. All of the above

Explanation-NABARD’s refinance is available to state co-operative agriculture and rural development banks (SCARDBs), state co-operative banks (SCBs), regional rural banks (RRBs), commercial banks (CBs) and other financial institutions approved by RBI.

Correct Answer – B. Safe transfer, handling and use of Living Modified Organisms (LMOs).

Explanation-The Cartagena Protocol on Biosafety to the Convention on Biological Diversity is an international agreement which aims to ensure the safe handling, transport and use of living modified organisms (LMOs) resulting from modern biotechnology that may have adverse effects on biological diversity, taking also into account risks to human health. It was adopted on 29 January 2000 and entered into force on 11 September 2003.

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-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 most-favoured-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.