In the context of Indian economy, NITI Aayog replaced which institution? MCQ with Answer and Explanation

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In the context of Indian economy, NITI Aayog replaced which institution?

A. Finance Commission

B. Election Commission

C. University Grants Commission

D. Planning Commission

Answer: Option D

Solution (By JKSSB Mock Tests)

NITI Aayog (National Institution for Transforming India) was established in 2015, replacing the Planning Commission which was set up in 1950.

This question belongs to: Economy GK Economy Set 1

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Question #1

The law of variable proportions is associated with the:

A. all time periods equally

B. short run

C. very long run

D. long run

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Correct Answer: Option B

Explanation:
The law of variable proportions operates in the short run when at least one factor is fixed.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Central Board of Direct Taxes' is a part of:

A. RBI

B. SEBI

C. Ministry of Finance

D. NITI Aayog

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Correct Answer: Option C

Explanation:
CBDT is part of the Ministry of Finance.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Liquidity Trap' was introduced by:

A. Adam Smith

B. Milton Friedman

C. David Ricardo

D. John Maynard Keynes

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Correct Answer: Option D

Explanation:
Keynes introduced the concept of liquidity trap, a situation where interest rates are so low that people prefer to hold cash rather than invest in bonds, making monetary policy ineffective.

This question belongs to: Economy GK Economy Set 1

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