The 'Economic Survey' in India is prepared by: MCQ with Answer and Explanation

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The 'Economic Survey' in India is prepared by:

A. RBI

B. Department of Economic Affairs, Ministry of Finance

C. National Statistical Office

D. NITI Aayog

Answer: Option B

Solution (By JKSSB Mock Tests)

The Economic Survey is prepared by the Department of Economic Affairs in the Ministry of Finance.

This question belongs to: Economy GK Economy Set 1

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Question #1

In the Keynesian framework, the paradox of thrift states that:

A. An increase in saving by all individuals leads to higher aggregate saving and income

B. Saving always equals investment automatically

C. An increase in saving by all individuals may lead to a fall in aggregate income and saving

D. Thrift is always beneficial for economic growth

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Correct Answer: Option C

Explanation:
The paradox of thrift argues that if everyone tries to save more during a recession, aggregate demand falls, leading to lower income and ultimately lower total saving.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of global public goods, climate-change mitigation is considered a:

A. Common-pool resource only

B. Global pure public good because its benefits are non-excludable and non-rivalrous across countries

C. Pure private good

D. Club good limited to a few countries

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Correct Answer: Option B

Explanation:
Climate-change mitigation is a global pure public good: the benefits of reduced greenhouse-gas concentrations are non-excludable and non-rivalrous at the worldwide level, creating strong free-rider incentives.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following measures of money supply in India is known as 'narrow money'?

A. M1

B. M2

C. M3

D. M4

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Correct Answer: Option A

Explanation:
M1 is referred to as narrow money and consists of currency with the public, demand deposits with banks, and other deposits with RBI. M3 is broad money.

This question belongs to: Economy GK Economy Set 1

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