The 'Central Bank Digital Currency' is a: MCQ with Answer and Explanation

Question

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The 'Central Bank Digital Currency' is a:

A. cryptocurrency like Bitcoin

B. mutual fund unit

C. digital form of fiat currency issued by the central bank

D. private digital token

Answer: Option C

Solution (By JKSSB Mock Tests)

CBDC is a digital form of central bank issued fiat currency.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following best describes the concept of 'Cross Elasticity of Demand'?

A. Responsiveness of supply to a change in price

B. Responsiveness of quantity demanded of a good to a change in the price of another good

C. Responsiveness of quantity demanded to a change in income

D. Responsiveness of quantity demanded of a good to a change in its own price

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Correct Answer: Option B

Explanation:
Cross elasticity of demand measures how the quantity demanded of one good responds to a change in the price of another related good. It is positive for substitutes and negative for complements.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a major challenge for the Indian economy?

A. Complete self-sufficiency in all goods

B. Regional disparities and unemployment

C. Absence of informal sector

D. High level of human development across all states equally

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Correct Answer: Option B

Explanation:
Regional disparities in development and persistent unemployment (especially youth and disguised unemployment) remain significant challenges for the Indian economy.

This question belongs to: Economy GK Economy Set 1