The 'errors and omissions' item in the balance of payments is used to: MCQ with Answer and Explanation

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The 'errors and omissions' item in the balance of payments is used to:

A. show foreign exchange reserves

B. show exports

C. show imports

D. balance the statistical discrepancies

Answer: Option D

Solution (By JKSSB Mock Tests)

Errors and omissions balance statistical discrepancies so the BoP accounts sum to zero.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' revenue from CGST is credited to:

A. Public Account

B. state governments

C. Consolidated Fund of India

D. Contingency Fund

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Correct Answer: Option C

Explanation:
CGST revenue is credited to the Consolidated Fund of India.

This question belongs to: Economy GK Economy Set 1

Question #2

Reverse repo rate is the rate at which the RBI:

A. rediscounts bills

B. borrows funds from commercial banks

C. lends to the central government

D. lends to banks

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Correct Answer: Option B

Explanation:
Reverse repo rate is the rate at which the RBI borrows funds from commercial banks.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'substitution effect' of a price change always leads consumers to buy:

A. more of the good whose relative price has fallen

B. less of the good whose relative price has fallen

C. the same amount

D. only inferior goods

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Correct Answer: Option A

Explanation:
The substitution effect always causes consumers to buy more of the relatively cheaper good.

This question belongs to: Economy GK Economy Set 1

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