16th August 2023 Current Affairs Quiz: Greetings and welcome to the 16th August 2023 Current Affairs Quiz! This quiz is designed to gauge your awareness of the latest events and occurrences across the global landscape. From international news and breakthroughs in science to cultural milestones and political updates, this quiz will put your knowledge to the test. Prepare to stay informed and discover how well you’re keeping up with the swiftly evolving currents of the world. Best of luck as you embark on this enlightening journey through the realm of current affairs!
16th August 2023 Current Affairs | Today GK Quiz
1. What is the primary objective of the Aditya-L1 solar mission?
A) To study Earth’s gravitational field from a stable orbit.
B) To investigate the formation of asteroids in the asteroid belt.
C) To study the dynamic behavior of the Sun’s upper atmosphere and space weather impacts.
D) To explore the potential for interstellar travel using solar energy.
| Join Telegram |  |
| Join Whatsapp Groups |  |
Answer: C) To study the dynamic behavior of the Sun’s upper atmosphere and space weather impacts.
Explanation: The primary objective of the Aditya-L1 solar mission is to study the dynamic behavior of the Sun’s upper atmosphere, including the chromosphere and corona. Additionally, the mission aims to observe solar activities in real-time and understand their impact on space weather, contributing to the understanding of solar events like coronal mass ejections (CMEs) and their influence on Earth’s space environment.
2. Which payload on the Aditya-L1 mission is responsible for studying X-ray flares from the Sun?
A) VELC (Visible Emission Line Coronagraph)
B) SUIT (Solar Ultraviolet Imaging Telescope)
C) SoLEXS (Solar Low Energy X-ray Spectrometer)
D) ASPEX (Aditya Solar wind Particle Experiment)
Answer: C) SoLEXS (Solar Low Energy X-ray Spectrometer)
Explanation: The payload responsible for studying X-ray flares from the Sun on the Aditya-L1 mission is “SoLEXS” which stands for Solar Low Energy X-ray Spectrometer. This instrument will study X-ray flares over a wide energy range, providing insights into the Sun’s X-ray emissions. It is one of the scientific instruments on the mission designed to gather valuable data about the Sun’s behavior and characteristics.
3. According to the study conducted by SBI Research economists, what is the projected increase in India’s per capita income by FY47 compared to FY23?
A) 3 times
B) 7.5 times
C) 10 times
D) 15 times
Answer: B) 7.5 times
Explanation: The study conducted by SBI Research economists projects that India’s per capita income is poised to surge by 7.5 times, from Rs 2 lakh ($2,500) in FY23 to Rs 14.9 lakh ($12,400) per annum by FY47. This remarkable increase is attributed to various factors, including the transition of the country’s economy from a lower-income group to an upper-income group economy and the positive impact of tax buoyancy.
4. What is the primary contributing factor to the increase in the number of tax filers in India, as highlighted by the SBI Research study?
A) Implementation of universal basic income policies
B) Introduction of reduced tax rates for high-income individuals
C) Formalization of the economy through initiatives like GST and the UDYAM portal
D) Reduction of income tax for individuals in lower income brackets
Answer: C) Formalization of the economy through initiatives like GST and the UDYAM portal
Explanation: The SBI Research study points out that the formalization of the economy through initiatives like the Goods and Services Tax (GST) and the UDYAM portal for Micro, Small, and Medium Enterprises (MSMEs) has played a pivotal role in enhancing income tax returns. These initiatives have contributed to the growth in the number of tax filers and the positive trajectory of India’s economy.
5. What is the primary objective of introducing windfall profit taxes on energy companies in the Indian context?
A) To encourage higher profits for energy companies during favorable market conditions.
B) To ensure a fair distribution of wealth and prevent excessive profits during exceptional circumstances.
C) To lower the overall tax burden on energy companies operating in the global market.
D) To provide tax incentives for energy companies to invest in renewable energy sources.
Answer: B) To ensure a fair distribution of wealth and prevent excessive profits during exceptional circumstances.
Explanation: The introduction of windfall profit taxes on energy companies in the Indian context is aimed at preventing unusually high profits generated due to favorable market conditions or exceptional circumstances. The primary objective is to ensure a fair distribution of wealth and mitigate the impact of soaring global oil prices. This helps in regulating profits and sharing the benefits of resource windfalls between companies and governments.
6. What triggers the application of windfall taxes on domestically produced crude oil in India?
A) Fluctuations in the global stock market
B) An increase in crude oil consumption
C) Global oil prices exceeding a specific threshold, such as $75 per barrel
D) Introduction of new technologies in the oil and gas industry
Answer: C) Global oil prices exceeding a specific threshold, such as $75 per barrel
Explanation: In India, windfall taxes on domestically produced crude oil are triggered when global oil prices exceed a certain threshold, such as $75 per barrel. These taxes are aimed at regulating profits during times of exceptionally high commodity prices. The rates of windfall taxes can vary, and they are recalibrated periodically based on the average oil prices in a specified period.
7. What was the main contributor to the reduction in the Wholesale Price Index (WPI) deflation from June to July?
A) Decrease in primary food article prices
B) Surge in edible oil prices
C) Substantial drop in healthcare expenses
D) Increase in manufactured product prices
Answer: A) Decrease in primary food article prices
Explanation: The reduction in the Wholesale Price Index (WPI) deflation from June to July was primarily influenced by a surge of over 7.5% in food and primary article prices. This surge, particularly in primary food article prices, played a pivotal role in mitigating the overall deflation. The decrease in primary food article prices contributed to shrinking the overall WPI deflation from June’s 92-month low of -4.1% to -1.36% in July.
8. What factor could potentially apply upward pressure on food prices in the coming months, according to expert analysis?
A) Decrease in edible oil prices
B) Higher-than-average rainfall in August
C) Deficiency in August’s rainfall and delays in kharif sowing
D) Substantial reduction in healthcare inflation
Answer: C) Deficiency in August’s rainfall and delays in kharif sowing
Explanation: According to expert analysis, a deficiency in August’s rainfall and delays in kharif sowing across certain crops could potentially apply upward pressure on food prices in the coming months. Despite the cautious optimism expressed by economists, concerns arise due to the possibility of insufficient rainfall affecting crop yields and contributing to an increase in food prices.
9. Who has been appointed as the new Managing Director of the Life Insurance Corporation of India (LIC)?
A) Mini Ipe
B) Bhanu Pratap Sharma
C) R. Doraiswamy
D) Usha Sangwan
Answer: C) R. Doraiswamy
Explanation: R. Doraiswamy has been appointed as the new Managing Director of the Life Insurance Corporation of India (LIC). He will assume office on or after September 1, 2023, and his term will be up to the date of his superannuation on August 31, 2026, or until further orders, whichever is earlier.
10. What is the primary function of the Financial Services Institutions Bureau (FSIB) mentioned in the passage?
A) Managing the administrative control of LIC
B) Managing the Ministry of Finance
C) Recommending candidates for director positions in state-owned banks and financial institutions
D) Managing the Department of Personnel and Training (DoPT)
Answer: C) Recommending candidates for director positions in state-owned banks and financial institutions
Explanation: The primary function of the Financial Services Institutions Bureau (FSIB) is to recommend candidates for director positions in state-owned banks and financial institutions. The FSIB recommended the name of R. Doraiswamy as the Managing Director of LIC. The bureau is responsible for identifying suitable candidates for leadership roles in the financial services sector.
★★ You Can Also Check ★★