UPSC Essentials | Daily Subject-Wise Quiz: Economy MCQs on Mahatma Gandhi National Rural Employment Guarantee Scheme, Sveriges Riksbank Prize in Economic Sciences and More (Week 114)

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The 114th week of the UPSC Essentials program is here, bringing with it a fresh batch of economy-focused multiple-choice questions (MCQs) designed to prepare aspirants for the civil services examination. This week’s selection highlights the Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) and the prestigious Sveriges Riksbank Prize in Economic Sciences, among other crucial economic concepts. As thousands of students gear up for one of India's toughest exams, this quiz provides an ideal opportunity to sharpen their knowledge. In this article, we delve into the importance of these topics and how they are interlinked with current economic scenarios.

The Mahatma Gandhi National Rural Employment Guarantee Scheme

Launched in 2005, the MGNREGS is a landmark employment initiative aimed at enhancing livelihood security in rural areas of India. The scheme guarantees at least 100 days of wage employment in a financial year to every rural household. It is a vital component of India's rural development strategy, aimed at alleviating poverty and empowering the rural workforce. Recent analyses suggest that the MGNREGS not only aids in providing employment but also plays a significant role in the rural economy.

Key Features and Objectives

The key features of MGNREGS include providing legal guarantee for at least 100 days of unskilled wage employment in a financial year to every rural household and promoting the livelihood security of households in rural areas. The objectives of MGNREGS extend beyond mere employment; it also fosters the development of infrastructure and supports sustainable livelihood solutions. As aspirants prepare for the UPSC examinations, understanding the nitty-gritty of this program is essential, particularly in relation to economic policies and rural development.

Sveriges Riksbank Prize in Economic Sciences

On the global stage, the Sveriges Riksbank Prize in Economic Sciences in Memory of Alfred Nobel, commonly referred to as the Nobel Prize in Economics, has been awarded annually since 1969. The contributions of laureates often reflect significant advancements in economic theories—knowledge that every UPSC aspirant should be familiar with, particularly as it pertains to welfare economics and public policy.

Impact on Economic Policy

Winners of this prize have influenced various economic policies worldwide, making it vital for students to understand how these theories translate into practical application in their governance. Including these insights in their preparation not only enhances their understanding but also improves their exam performance. The combination of these subjects in the current quiz helps in creating a holistic knowledge base.

Preparing for UPSC with Focused Quizzes

The UPSC examinations are a rigorous test of knowledge across various subjects. The economy MCQs, focusing on such pivotal schemes and global prizes, offer a snapshot of what is essential for candidates to know. Engaging with these quizzes allows aspirants to evaluate their understanding, identify areas needing improvement, and build confidence. For effective preparation, students are encouraged to frequently revisit these topics and practice regularly.

Conclusion

As we look forward to Week 114, UPSC aspirants are urged to prioritize not only their subject matter expertise but also their understanding of how these economic concepts fit into the broader narrative of India's development and global economic policies. The quiz on MGNREGS and the Sveriges Riksbank Prize in Economic Sciences serves not only to test knowledge but also to inspire critical thinking about the role of economics in societal development. For more updates, visit asarkari.com! Good luck to all candidates!

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