The base year currently used for the Consumer Price Index in India is: MCQ with Answer and Explanation

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The base year currently used for the Consumer Price Index in India is:

A. 2004-05

B. 2001

C. 2012

D. 2016

Answer: Option C

Solution (By JKSSB Mock Tests)

The current CPI series has 2012 as the base year.

This question belongs to: Economy GK Economy Set 1

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Question #1

The concept of 'Sudden Stop' in international finance refers to:

A. A gradual reduction in capital flows

B. Only a stop in domestic investment

C. An abrupt reversal of capital inflows into a country

D. Only a stop in trade flows

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Correct Answer: Option C

Explanation:
A sudden stop is a large and abrupt reversal of capital inflows, often associated with currency crises, output collapses and balance-sheet problems in emerging markets.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' was first proposed in India by which committee?

A. Narasimham Committee

B. Chelliah Committee

C. Rangarajan Committee

D. Gadgil Committee

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Correct Answer: Option B

Explanation:
The Chelliah Committee first recommended GST in India.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of 'Nudge' theory in behavioural public policy?

A. The complete rejection of any behavioural interventions

B. The use of choice architecture to steer people toward better decisions without restricting their freedom of choice

C. Only financial incentives

D. The use of mandates and bans only

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Correct Answer: Option B

Explanation:
A nudge is any aspect of choice architecture that alters people’s behaviour in a predictable way without forbidding any options or significantly changing economic incentives, as popularised by Thaler and Sunstein.

This question belongs to: Economy GK Economy Set 1

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