The 'Brexit' refers to the exit of which country from the European Union? MCQ with Answer and Explanation

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The 'Brexit' refers to the exit of which country from the European Union?

A. France

B. Germany

C. United Kingdom

D. Italy

Answer: Option C

Solution (By JKSSB Mock Tests)

Brexit refers to the United Kingdom's exit from the European Union.

This question belongs to: Economy GK Economy Set 1

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Question #1

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

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

B. the sum is less than one

C. import tariffs are raised

D. exports exceed imports

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Correct Answer: Option A

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

The 'Code on Wages' was passed in which year?

A. 2020

B. 2021

C. 2019

D. 2017

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Correct Answer: Option C

Explanation:
The Code on Wages was passed in 2019.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of exchange-rate regimes, a 'Currency Board' arrangement is characterised by:

A. Complete monetary discretion without any reserve backing

B. A fixed exchange rate backed by a full foreign-exchange reserve cover of the monetary base and limited monetary discretion

C. Only a crawling peg

D. A freely floating exchange rate

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Correct Answer: Option B

Explanation:
A currency board maintains a fixed exchange rate to an anchor currency, backs the entire monetary base with foreign reserves, and severely restricts the scope for discretionary monetary policy.

This question belongs to: Economy GK Economy Set 1

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