The 'bank rate' in India is currently aligned with: MCQ with Answer and Explanation

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The 'bank rate' in India is currently aligned with:

A. reverse repo rate

B. MSF rate

C. CRR

D. repo rate

Answer: Option B

Solution (By JKSSB Mock Tests)

The bank rate is aligned with the MSF rate.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is NOT a feature of imperfect competition?

A. Product differentiation

B. Selling costs

C. Perfect knowledge

D. Few or many sellers with some control over price

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Correct Answer: Option C

Explanation:
Perfect knowledge is a feature of perfect competition. Imperfect competition is characterised by product differentiation, selling costs and some degree of price control by sellers.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'four-sector economy' circular flow includes:

A. households, firms, government and banks only

B. households, government, banks and firms

C. households, firms, government and foreign sector

D. households, firms, banks and foreign sector

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Correct Answer: Option C

Explanation:
A four-sector economy includes households, firms, government and the external sector.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is a non-tax revenue receipt of the government?

A. Dividends and profits from public sector enterprises

B. Income tax

C. Customs duty

D. Corporation tax

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Correct Answer: Option A

Explanation:
Dividends and profits from PSUs form part of non-tax revenue. Corporation tax, customs duty and income tax are tax revenues.

This question belongs to: Economy GK Economy Set 1

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