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. preparing the Economic Survey and advising on economic policy

B. monetary policy

C. stock market regulation

D. banking regulation

Answer: Option A

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

The 'countervailing duty' is imposed to countervail:

A. dumping

B. high tariffs

C. currency depreciation

D. foreign export subsidies

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Correct Answer: Option D

Explanation:
Countervailing duties offset foreign subsidies on exports.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'National Career Service' portal is an initiative of:

A. NITI Aayog

B. Ministry of Education

C. Ministry of Labour and Employment

D. Ministry of Finance

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Correct Answer: Option C

Explanation:
National Career Service is an initiative of the Ministry of Labour and Employment.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a characteristic of the 'Menu Costs' argument in New Keynesian economics?

A. Costs of changing prices can lead to price stickiness even if the costs are small

B. Only wages are sticky

C. Menu costs are irrelevant for aggregate fluctuations

D. Prices are always flexible

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Correct Answer: Option A

Explanation:
Menu costs are the small costs of changing prices. New Keynesian models show that even small menu costs can generate substantial nominal rigidity and real effects of monetary policy.

This question belongs to: Economy GK Economy Set 1

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