The 'Bharat Interface for Money' is a mobile application for: MCQ with Answer and Explanation

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The 'Bharat Interface for Money' is a mobile application for:

A. loan applications

B. insurance

C. UPI-based payments

D. tax payment

Answer: Option C

Solution (By JKSSB Mock Tests)

BHIM is a UPI-based mobile payment app.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Finance Commission' is appointed under which article?

A. Article 324

B. Article 356

C. Article 360

D. Article 280

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Correct Answer: Option D

Explanation:
The Finance Commission is constituted under Article 280.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Pradhan Mantri Matru Vandana Yojana' provides maternity benefits to:

A. only working women

B. pregnant and lactating mothers

C. only adolescent girls

D. all women

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Correct Answer: Option B

Explanation:
PMMVY provides maternity benefits to pregnant and lactating mothers.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the 'Baumol-Tobin Model' of money demand?

A. Money demand is proportional only to wealth

B. Money demand is independent of the interest rate

C. Only the speculative motive matters

D. Money demand arises from the transactions motive and depends on income and the interest rate

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Correct Answer: Option D

Explanation:
The Baumol-Tobin inventory-theoretic model derives transactions demand for money as a function of income (or expenditure), the interest rate and the fixed cost of transferring funds between money and interest-bearing assets.

This question belongs to: Economy GK Economy Set 1

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