National Electronic Funds Transfer is used mainly for: MCQ with Answer and Explanation

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National Electronic Funds Transfer is used mainly for:

A. stock market trading

B. batch-wise electronic transfer of retail funds

C. high-value real-time transfers only

D. international remittances

Answer: Option B

Solution (By JKSSB Mock Tests)

NEFT settles retail fund transfers in batches, unlike RTGS.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on small cars is:

A. 12%

B. 5%

C. 18%

D. 28% plus cess

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Correct Answer: Option D

Explanation:
Small cars attract 28% GST plus cess, with lower rates for some categories.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Eighth Five Year Plan' period was:

A. 1990-1995

B. 1987-1992

C. 1992-1997

D. 1997-2002

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Correct Answer: Option C

Explanation:
The Eighth Five Year Plan covered 1992-1997.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the 'Second-Generation' models of currency crises?

A. Only current-account deficits matter

B. Crises can be self-fulfilling and depend on the government’s trade-off between the benefits of maintaining the peg and the costs of doing so

C. Crises never involve multiple equilibria

D. Crises are caused only by inconsistent fiscal policy

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Correct Answer: Option B

Explanation:
Second-generation models emphasise that the decision to abandon a peg depends on policy trade-offs; expectations of devaluation can themselves raise the cost of defending the peg, generating self-fulfilling crises and multiple equilibria.

This question belongs to: Economy GK Economy Set 1

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