Special Drawing Rights are: MCQ with Answer and Explanation

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Special Drawing Rights are:

A. loans given by WTO

B. a type of bond issued by ADB

C. an international reserve asset created by the IMF

D. currency of the World Bank

Answer: Option C

Solution (By JKSSB Mock Tests)

SDRs are an international reserve asset created by the IMF.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the context of demand, a Giffen good is one for which:

A. Demand is perfectly elastic

B. Demand is independent of price

C. Demand decreases as price increases

D. Demand increases as price increases

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Correct Answer: Option D

Explanation:
A Giffen good is an inferior good for which the income effect outweighs the substitution effect, leading to an upward-sloping demand curve (demand rises when price rises).

This question belongs to: Economy GK Economy Set 1

Question #2

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The Negotiable Instruments Act was enacted in which year?

A. 1872

B. 1881

C. 1934

D. 1949

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Correct Answer: Option B

Explanation:
The Negotiable Instruments Act was enacted in 1881 and governs cheques, bills of exchange and promissory notes.

This question belongs to: Economy GK Economy Set 1

Question #3

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In the theory of consumer behaviour, the income effect of a price change for a normal good is:

A. Indeterminate

B. Positive

C. Zero

D. Negative

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Correct Answer: Option B

Explanation:
For a normal good, a fall in price increases real income, leading to an increase in quantity demanded (positive income effect), reinforcing the substitution effect.

This question belongs to: Economy GK Economy Set 1

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