The 'balance of payments' crisis of 1991 in India was partly caused by: MCQ with Answer and Explanation

Question
The 'balance of payments' crisis of 1991 in India was partly caused by:
A. high foreign exchange reserves
B. high oil import bill and declining remittances
C. fiscal surplus
D. high exports
Answer: Option B
Solution (By JKSSB Mock Tests)
The 1991 BoP crisis was triggered by high oil prices, declining remittances and low reserves.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The 'National Commission for Protection of Child Rights' is a:
A. constitutional body
B. statutory body
C. judicial body
D. private body
Discuss
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Correct Answer: Option B

Explanation:
NCPCR is a statutory body under the Commissions for Protection of Child Rights Act, 2005.
This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a feature of the 'Financial Development' and growth literature?
A. Financial development always retards growth
B. Only the size of the banking system matters and quality is irrelevant
C. Finance is completely neutral for real activity
D. Better-functioning financial systems can promote growth by improving the allocation of capital and reducing financing constraints
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Correct Answer: Option D

Explanation:
A large body of research finds that financial development—deeper, more efficient and more inclusive financial systems—tends to raise long-run growth by relaxing credit constraints and improving resource allocation.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'Finance Commission' is appointed every how many years?
A. 3 years
B. 6 years
C. 5 years
D. 10 years
Discuss
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Correct Answer: Option C

Explanation:
The Finance Commission is constituted every five years under Article 280.
This question belongs to: Economy GK Economy Set 1
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