1.Consider the following statements regarding “Retail Inflation”:
1. It is released by National Statistical Office.
2. It is measured by (Wholesale Price Index) WPI.
Which of the statements given above is/are correct?
(a) 1 only.
(b) 2 only.
(c) Both 1 and 2.
(d) Neither 1 nor 2.
Answer-A    
Explanation-
Statement 1 is correct.
Statement 2 is incorrect.
It is measured by Consumer price Index (CPI).

2.consider the following statements regarding “IIP (Index of Industrial Production)”.
1.It only measures the Physical volume of production.
2.It is released on monthly basis.
Which of the statements given above is/are correct?
(a)1 only.
(b)2 only.
(c)Both 1 and 2.
(d)Neither 1 nor 2.
Answer-C    
Explanation-
Statement 1 and 2 are correct.

3.Consider the following statements about “virus”
1.It does not contain any genetic material.
2.Polio is caused by virus.
Which of the statements given above is/are correct?
(a)1 only.
(b)2 only.
(c)Both1and2.
(d)Neither1nor2.
Answer-B    
Explanation-
Statement 1 is incorrect.
Viruses are made of genetic material and protein that can reproduce only within cells of other organisms.
Statement 2 is correct.

4.Consider the following statements regarding “State Election Commission.”
1.It has been entrusted with the function of conducting free, fair and impartial election to the local bodies in the state.
2.  Criteria for State election commissioners appointment is mentioned in constitution.
Which of the statements given above is/are correct?
(a)1 only.
(b)2 only.
(c)Both 1 and 2.
(d)Neither 1 nor 2.
Answer-A    
Explanation-
Statement 1 is correct.
Statement 2 is incorrect.
In recent years, it is generally done as per discretion of the state government.
Recently, SC held that Govt. Officials can’t be made state election commissioners.

5.Consider the following statements regarding “PCA (prompt corrective Action)”.
1.It is a framework under which banks with weak financial metrics are put under watch by the central government.
2.CRAR (Capital to Risk Weighted Assets Ratio) , net NPA, ROA (return of assets) are some Parameters  on which PCA framework checks the banks.
Which of the statements given above is/are correct?
(a)1 only.
(b)2 only.
(c)Both 1 and 2.
(d)Neither 1 nor 2.
Answer-B    
Explanation-
Statement 1 is incorrect.
PCA is a framework under which banks with weak financial metrics are put under watch by the RBI
Statement 2 is correct.