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. tax payment

B. insurance

C. UPI-based payments

D. loan applications

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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Question #1

An inflationary gap exists when:

A. aggregate demand exceeds full employment output

B. actual output is below potential output

C. unemployment is high

D. aggregate demand is less than full employment output

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Correct Answer: Option A

Explanation:
An inflationary gap occurs when aggregate demand exceeds what the economy can produce at full employment.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a characteristic of the 'Habit-Formation' models of consumption?

A. Only permanent income matters

B. Utility depends only on current consumption

C. Current utility depends on current consumption relative to a habit stock formed by past consumption

D. Habits are irrelevant for saving behaviour

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Correct Answer: Option C

Explanation:
Habit-formation models allow current utility to depend on the deviation of current consumption from a habit level determined by past consumption, generating persistence in consumption growth.

This question belongs to: Economy GK Economy Set 1

Question #3

The target of installed renewable energy capacity set by India for 2030 is:

A. 100 GW

B. 450 GW

C. 500 GW

D. 175 GW

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Correct Answer: Option C

Explanation:
India has set a target of 500 GW of non-fossil fuel capacity by 2030.

This question belongs to: Economy GK Economy Set 1

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