The 'Bharat Bill Payment System' is operated by: MCQ with Answer and Explanation

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The 'Bharat Bill Payment System' is operated by:

A. RBI

B. SEBI

C. NPCI

D. SBI

Answer: Option C

Solution (By JKSSB Mock Tests)

BBPS is operated by NPCI for bill payments.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'National Commission for Protection of Child Rights' is a:

A. statutory body

B. private body

C. constitutional body

D. judicial body

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Correct Answer: Option A

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

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In the context of consumer theory, the budget line represents:

A. Combinations of prices that maximise profit

B. Combinations of goods that can be purchased with a given income and prices

C. Combinations of inputs that give the same output

D. Combinations of goods that give the same utility

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Correct Answer: Option B

Explanation:
The budget line shows all possible combinations of two goods that a consumer can afford given his money income and the prices of the goods.

This question belongs to: Economy GK Economy Set 1

Question #3

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In the context of development, the 'Poverty Trap' refers to:

A. A situation that always disappears automatically

B. A self-reinforcing mechanism that causes poverty to persist

C. A temporary decline in income

D. Only the absence of foreign aid

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Correct Answer: Option B

Explanation:
A poverty trap is a self-perpetuating condition in which an economy or household remains poor because the existing level of poverty itself prevents the accumulation of capital or adoption of better technologies.

This question belongs to: Economy GK Economy Set 1

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