Repo rate is the rate at which the Reserve Bank of India: MCQ with Answer and Explanation

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Repo rate is the rate at which the Reserve Bank of India:

A. lends short-term funds to commercial banks against government securities

B. borrows money from commercial banks

C. accepts deposits from public

D. lends to the government

Answer: Option A

Solution (By JKSSB Mock Tests)

Repo rate is the rate at which the RBI lends short-term funds to banks against government securities.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Goods and Services Tax' on intra-state supply comprises:

A. IGST

B. CGST and SGST/UTGST

C. SGST only

D. CGST only

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Correct Answer: Option B

Explanation:
Intra-state supplies attract both CGST and SGST/UTGST.

This question belongs to: Economy GK Economy Set 1

Question #2

Cardinal utility analysis assumes that utility:

A. can be measured in cardinal numbers

B. is not comparable across persons

C. depends on income only

D. cannot be measured in numbers

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Correct Answer: Option A

Explanation:
Cardinal utility analysis assumes utility can be quantified in numerical units such as utils.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Consumer Surplus' was introduced by:

A. Alfred Marshall

B. Adam Smith

C. J.S. Mill

D. David Ricardo

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Correct Answer: Option A

Explanation:
Alfred Marshall developed the concept of consumer surplus, which is the difference between what a consumer is willing to pay and what he actually pays.

This question belongs to: Economy GK Economy Set 1

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