UPSC EPFO SOLVED PAPER 2015

Total Questions: 120

31. The term ‘Dear Money’ refers to

Correct Answer: (c) High rate of interest
Solution:

Dear money refers to money that is hard to obtain because of abnormally high rate of interest. Dear money is often referred to as tight money because it occurs in periods when central banks are tightening monetary policy. So, option (c) is correct.

32. A certain sequence of integers is constructed as follows

Consider 0 and 1 as the first two numbers. The next, i.e. the third number is constructed by their sums, i.e. 1. This process of constructing the next number by the sum of the last two constructed numbers continues. Taking these numbers 0, 1, 1 as the first, second and third numbers in the sequence, what will be the 7th and 10th numbers, respectively?

Correct Answer: (c) 8 and 34
Solution:

According to the questions,

First number = 0
Second number = 1
Third number = First number + Second number = 0 + 1 = 1
Fourth number = Second number + Third number = 1 + 1 = 2
Fifth number = third number + fourth number = 1 + 2 = 3
Sixth number = fourth number + fifth number = 2 + 3 = 5
Seventh number = Fifth number + Sixth number = 3 + 5 = 8
Eighth number = Sixth number + Seventh number = 5 + 8 = 13
Ninth number = Seventh number + Eighth number = 8 + 13 = 21
Tenth number = Eighth number + Ninth number = 13 + 21 = 34

Hence, required 7th and 10th number = 8 and 34

33. The Rangarajan Committee on disinvestment of shares in Public Sector Enterprises suggested that

1. There percentage of equity to be disinvestment should be no more than 49% for industries explicitly reserved for the public sector and it should be either 74% or 100% for others.
2. Year-wise targets of disinvestment should be maintained.
Which of the statement(s) given above is/are correct?

Correct Answer: (a) Only 1
Solution:

Public Sector undertakings were established in India as a part of mixed economy. After independence public sector undertakings played a vital role in the economic development of the country. The Government of India set up a committee under the chairmanship of the former RBI Governor, C. Rangarajan in 1993. Rangarajan Committee produced report in April, 1993 and recommended the percentage of equity share for disinvestment should be below 49% in the industry reserved for public sector and more than 74% or 100% in other industries.

34. The Parliament can make any law for whole or any part of India for implementing international treaties

Correct Answer: (d) without to consent of any State
Solution:

The Constitution empowers parliament to make laws on any matter in state list under five extra ordinary circumstances-Rajya Sabha passes resolution, national emergency, states make a request, to implement international agreements, during President’s rule. Parliament has exclusive power to make law with respect to any of the matters enumerated with the Union list. The correct option is (d).

35. In the study of pollution, SPM refers to

Correct Answer: (d) Suspended Particulate Matter
Solution:

Suspended Particulate Matter (SPM) are finely divided solids or liquids may be dispersed through the air from combustion processes, industry activities or natural sources. The concentration of SPM in and near the urban areas causes severe pollution to the surroundings. The size of the SPM classified into 2.5 km to 10 km.

36. Which of the following industries were first established during the British Rule in India ?

Correct Answer: (a) Cotton Textile Industry; and Jute Industry
Solution:

The first manufacturing industry was set up in India during the British Rule in 1854, the first cotton textile mill was established in Bombay, immediately after the first railway line was constructed between Bombay and Thane.
The first jute mill was set up in Calcutta in 1855. The Bengal Iron works was founded at Kulti in Bengali in 1870 which began its productions in 1874 followed by the TISCO was established in 1907. Bengal Chemicals and Pharmaceuticals Ltd. is a public sector industries established in 1901.

37. Which of the following are the roles of the Finance Commission in India?

1. The distribution of money collected through taxes
2. Evaluation of Centrally sponsored schemes
3. Evolve principles based on which funds are alloted among States
4. To develop Five Year Plans
Select the correct answer using the codes given below.

Correct Answer: (b) 1 and 3
Solution:

The role of the finance commission in Indian are
• Evaluation of centrally sponsored schemes
• To develop five year plans
• It main function is to recommend how the Union Government should share taxes levied by it with the states.

38. Which of the following statements are correct regarding the International Monetary Fund (IMF)?

1. India is a founder member of the IMF.
2. India’s quota in the IMF is more than 4 percent.
3. Finance Minister is represented ex-officio on the IMF.
4. IMF conducts regular review of India’s economic status under Article IV.
Select the correct answer using the codes given below.

Correct Answer: (b) 1, 3 and 4
Solution:

IMF is an International Organisations headquartered in Washington, consisting of 189 countries. India is founder member of the IMF. India’s quota in the IMF is 2.76%.
Finance Minister is represented ex-officio on the IMF. IMF conducts regular review of India’s economic status under Article IV. IMF formed in 1944 and came into formal
existence in 1945.

39. A firm is purchasing two items, both on credit on the same day. The credit term offered for the first item is 2½ / 10,¹⁄₂₀ , net 30; and the credit term offered for the second item is 3/5, 2/15, net 30. The declared purchase cost of item 1 is ` 60,000 and that of item 2 is ` 1,40,000. If both credits can be settled on the 14th day, what will be the total amount to be paid out?

Correct Answer: (c) ₹ 1,96,600
Solution:

40. What was the position held by Dr. S. Radhakrishnan, before he became the Vice President of India?

Correct Answer: (d) Ambassador to the Soviet Union
Solution:

Dr. S. Radhakrishnan was President of India from 1962 to 1967. From 1949 to 1952 he served as Indian ambassador to the Soviet Union. On his return to India in 1952 he was elected Vice President and on 11th May, 1962, he was elected President, succeeding Rajendra Prasad.