general economics

Question 1

1.Which of the following statements describe the concept of a non-viable industry?
1. Neither demand nor supply exists in this industry.
2. It does not produce the product in its own economy.
3. The supply for it is met from some other country.
Select the correct answer using the code given below

Answer 1

1.The industry for which demand curve and supply do not intersect each other at any positive quantity is called non-viable industry.
• The non - viable industry is a situation where demand and supply exist, but cost of the product is too high and the consumers are not willing to pay a
price that will cover the cost. So, statement (1) is not correct.
• A Non-viable industry is the one which will not produce the product in its own economy. So, statement (2) is correct.
• The Non-viable industry doesn’t exist in an economy, and the supply for it is met from some other economy. So, statement (3) is correct.
• For example, commercial aircraft are not manufactured in India; they came from the US, UK or France. There is a supply and demand both for India. The
aviation industry is there in India, but aircraft manufacturing is not done. So, this situation is known as Non-viable industry

Question 2

Consider the following statements regarding the Industrial Outlook Survey:

1. The Ministry of Commerce and Industry conducts this Survey.
2. It mainly focuses on the qualitative assessment of the business environment.
3. The Manufacturing Sector companies with paid-up capital of over Rs. 5 crores are selected for the Survey

Answer 2

The Industrial Outlook Survey (IOS) of the Manufacturing Sector has been conducted by the Reserve Bank of India (RBI) since 1998 every quarter. So,
statement 1 is not correct.
• The Survey mainly seeks to capture the qualitative assessment of the business environment for the current quarter and their expectations for the next
quarter. So, statement 2 is correct.
• The Manufacturing Sector companies with paid-up capital of over Rs. 5 million are selected, and questionnaires are collected. So, statement 3 is correc

Question 3

Consider the following statements regarding non-fungible tokens, recently in the news:
1. These are digital transaction records based on blockchain.
2. These allow people to trade the ownership of digital assets.
3. These records are temporary and can be altered, mutated or changed.
Which of the statements given above are correct?

Answer 3

Non-fungible tokens (NFTs) are the new emerging investment options, and they are becoming popular by the day with multi-million-dollar sales this
year on the exchanges. They have captured the attention of high net-worth individuals (HNIs) and ultra HNIs. These are new digital assets.
NFTs are transaction records captured on the blockchain — the web version of a physical ledger. So, statement 1 is correct.
Non-Fungible Tokens allow people to trade the ownership of digital entities such as memes, media, tweets, arts, articles in ‘token’ form. So, statement 2
is correct.
As NFTs are supported by blockchain, these transaction records are permanent, verified multiple times and cannot be erased or changed. Each nonfungible token is uniquely identifiable. So, no two digital entities can have the same token. An NFT is essentially a certificate of authenticity or a digital
autograph attached to digital property.