The 'base year' for the current CPI-IW series is: MCQ with Answer and Explanation

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The 'base year' for the current CPI-IW series is:

A. 2011-12

B. 2001

C. 2012

D. 2016

Answer: Option D

Solution (By JKSSB Mock Tests)

The current CPI-IW series has base year 2016.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The Marshall-Lerner condition states that devaluation improves the trade balance if:

A. exports exceed imports

B. the sum of price elasticities of demand for exports and imports is greater than one

C. the sum is less than one

D. import tariffs are raised

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Correct Answer: Option B

Explanation:
The Marshall-Lerner condition requires the sum of export and import demand elasticities to exceed one.

This question belongs to: Economy GK Economy Set 1

Question #2

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In the context of monetary policy, the 'Divine Coincidence' in basic New Keynesian models refers to:

A. The impossibility of stabilising either inflation or output

B. The conflict between inflation and output stabilisation

C. The fact that stabilising inflation also stabilises the output gap under certain assumptions

D. Only the stabilisation of the exchange rate

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Correct Answer: Option C

Explanation:
In the simplest New Keynesian model with only sticky prices and no other distortions, the optimal policy that fully stabilises inflation also closes the output gap—the so-called divine coincidence.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'World Trade Organization' has how many members?

A. 190

B. about 120

C. 164

D. 200

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Correct Answer: Option C

Explanation:
The WTO has 164 members.

This question belongs to: Economy GK Economy Set 1

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