The 'Chief Economic Adviser' in India is responsible for: MCQ with Answer and Explanation

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The 'Chief Economic Adviser' in India is responsible for:

A. stock market regulation

B. preparing the Economic Survey and advising on economic policy

C. monetary policy

D. banking regulation

Answer: Option B

Solution (By JKSSB Mock Tests)

The Chief Economic Adviser prepares the Economic Survey and advises the government.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a feature of a capitalist economy?

A. Central planning of all economic activities

B. Private ownership of means of production and profit motive

C. Collective ownership of resources

D. Absence of market mechanism

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Correct Answer: Option B

Explanation:
A capitalist (market) economy is characterised by private ownership of the means of production, profit motive, and resource allocation through the market mechanism.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on tour operator services is:

A. 5%

B. 18%

C. 5% without ITC

D. 12%

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Correct Answer: Option C

Explanation:
Tour operator services attract 5% GST without input tax credit.

This question belongs to: Economy GK Economy Set 1

Question #3

Operation Flood is associated with:

A. wheat production

B. milk production and dairy development

C. fish farming

D. poultry development

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Correct Answer: Option B

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

This question belongs to: Economy GK Economy Set 1

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