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

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The 'Central Bank Digital Currency' is a:

A. private digital token

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

C. mutual fund unit

D. cryptocurrency like Bitcoin

Answer: Option B

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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Practice More Economy Set 1 Questions

Question #1

Operation Flood is associated with:

A. wheat production

B. fish farming

C. milk production and dairy development

D. poultry development

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Correct Answer: Option C

Explanation:
Operation Flood was a dairy development programme for increasing milk production.

This question belongs to: Economy GK Economy Set 1

Question #2

The Banking Ombudsman is appointed by:

A. President

B. Finance Minister

C. Reserve Bank of India

D. Indian Banks' Association

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Correct Answer: Option C

Explanation:
The RBI appoints Banking Ombudsmen to resolve customer complaints against banks.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Horizontal Equity' in taxation requires that:

A. Individuals with higher ability to pay should pay proportionally more

B. Taxes should be independent of ability to pay

C. Individuals with the same ability to pay should pay the same tax

D. Only vertical equity matters

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Correct Answer: Option C

Explanation:
Horizontal equity is the principle that taxpayers with equal capacity to pay (usually measured by income or wealth) should bear equal tax burdens.

This question belongs to: Economy GK Economy Set 1

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