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

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The 'balance of payments' crisis of 1991 in India was partly caused by:

A. high oil import bill and declining remittances

B. high foreign exchange reserves

C. fiscal surplus

D. high exports

Answer: Option A

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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Question #1

The Narasimham Committee was associated with reforms in:

A. labour laws

B. taxation

C. banking and financial sector

D. agriculture

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Correct Answer: Option C

Explanation:
The Narasimham Committee recommended banking and financial sector reforms.

This question belongs to: Economy GK Economy Set 1

Question #2

A zero-primary deficit indicates that:

A. total expenditure equals revenue receipts

B. fiscal deficit equals interest payments

C. there is no fiscal deficit

D. revenue deficit is zero

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Correct Answer: Option B

Explanation:
Primary deficit is fiscal deficit minus interest payments; zero primary deficit means fiscal deficit equals interest payments.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax Council' is a constitutional body under which article?

A. Article 279A

B. Article 324

C. Article 356

D. Article 280

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Correct Answer: Option A

Explanation:
The GST Council is constituted under Article 279A.

This question belongs to: Economy GK Economy Set 1

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