UPSC IAS Prelims GS Paper 1 - 2022 Solutions, Answer Key & Explanations (Q. 1 to 15) Part 1 of 6

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Q.1 "Rapid Financing Instrument" and "Rapid Credit Facility' are related to the provisions of lending by which one of the following?
(a) Asian Development Bank
(b) International Monetary Fund
(c) United Nations Environment
(d) World Bank
Q.2 With reference to the Indian economy, consider the following statements:
1. An increase in Nominal Effective Exchange Rate (NEER) indicates the appreciation of rupee.
2. An increase in the Real Effective Exchange Rate (REER) indicates an improvement in trade competitiveness.
3. An increasing trend -in domestic inflation relative to inflation in other countries is likely to cause an increasing divergence between NEER and REER.

Q.3 With reference to the Indian economy, consider the following statements:
1. If the inflation is too high, Reserve Bank of India (RBI) is likely to buy government securities.
2. If the rupee is rapidly depreciating, RBI is likely to sell dollars in the market.
3. If interest rates in the USA or European Union were to fall, that is likely to induce RBI to buy dollars.

Q.4 With reference to the "G20 Common Framework", consider the following statements:
1. It is an initiative endorsed by the G20 together with the Paris Club.
2. It is an initiative to support Low Income Countries with unsustainable debt.

Q.5 With reference to the Indian economy, what are the advantages of “Inflation – Indexed Bonds (IIBs)?
1. Government can reduce the coupon rates on its borrowing by way of IIBs.
2. IIBs provide protection to the investors from uncertainty regarding inflation.
3. The interest received as well as capital gains on IIBs are not taxable.

Q.6 With reference to foreign-owned e-commerce firms operating in India, which of the following statements is/are correct?
1. They can sell their own- goods in addition to offering their platforms as marketplaces.
2. The degree to which they can own big sellers on their platforms is limited.

Q.7 Which of the following activities constitute real sector in the economy?
1. Farmers harvesting their crops
2. Textile mills converting raw cotton into fabrics
3. A commercial bank lending money to a trading company
4. A corporate body issuing Rupee Denominated Bonds overseas

Q.8 Which one of the following situations best reflects "Indirect Transfers" often talked about in media recently with reference to India?
(a) An Indian company investing in a foreign enterprise and paying taxes to the foreign country on the profits arising out of its investment
(b) A foreign company investing in India and paying taxes to the country of its based on the profits arising out of its investment
(c) An Indian company purchases tangible assets in a foreign country and sells such assets after their value in crease and transfers the proceeds to India
(d) A foreign company transfers shares and such shares derive their substantial value from assets located in India
Q.9 With reference to the expenditure made by an organisation or a company, which of the following statements is/are correct?
1. Acquiring new technology is Capital expenditure.
2. Debt financing is considered capital expenditure, while equity financing is Considered revenue expenditure.

Q.10 With reference to the Indian economy, consider the following statements:
1. A of the household financial savings goes towards government borrowings.
2. Dated securities issued at market-related rates in auctions form a large component of internal debt.

Q.11 Consider the following statements:
1. Pursuant report of H.N. Sanyal Committee, the Contempt of Courts Act, 1971 was passed.
2. The Constitution of India empowers the Supreme Court and the High Courts to punish for contempt of themselves.
3. The Constitution of India defines Civil Contempt and Criminal Contempt.
4. In India, the Parliament is vested with the powers to make laws on Contempt of Court.

Q.12 With reference to India, consider the following statements:
1. Government law officers and legal firms are recognised as advocates, but corporate lawyers and patent attorneys are excluded from as advocates.


Q.13 Consider the following statements:
1. A bill amending the Constitution requires a prior recommendation of the President of India.
2. When a Constitution Amendment Bill is presented the President of India, it is obligatory for the President of India to give his/her assent.

Q.14 Consider the following statements:
1. The Constitution of India classifies the ministers into four ranks viz. Cabinet Minister, Minister of State with Independent Charge, Minister of State and Deputy Minister.
2. The total number of ministers in the Union Government, including the Prime Minister shall not exceed 15 percent of the total number of members in the Lok Sabha.