The 'Essential Commodities Act' was amended in 2020 to deregulate which commodities? MCQ with Answer and Explanation

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The 'Essential Commodities Act' was amended in 2020 to deregulate which commodities?

A. Petroleum products

B. Cereals, pulses, oilseeds, edible oils and onion

C. Medicines

D. Fertilizers

Answer: Option B

Solution (By JKSSB Mock Tests)

The Essential Commodities (Amendment) Act 2020 deregulated cereals, pulses, oilseeds, edible oils and onion.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Reserve Bank of India' was established on:

A. 1 April 1934

B. 1 January 1935

C. 1 July 1934

D. 1 April 1935

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Correct Answer: Option D

Explanation:
The RBI was established on 1 April 1935.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of economic theory, the 'Invisible Hand' suggests that:

A. Collective ownership is optimal

B. Government planning is necessary for efficiency

C. Markets always fail

D. Individuals pursuing self-interest can promote social welfare through market mechanism

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Correct Answer: Option D

Explanation:
Adam Smith's concept of the invisible hand argues that individuals seeking their own gain in competitive markets unintentionally promote the overall social good.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Global Hunger Index' is published by:

A. WHO

B. Concern Worldwide and Welthungerhilfe

C. UNDP

D. World Bank

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Correct Answer: Option B

Explanation:
The Global Hunger Index is jointly published by Concern Worldwide and Welthungerhilfe.

This question belongs to: Economy GK Economy Set 1

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