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

Question
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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Practice More Economy Set 1 Questions

Question #1
The 'Make in India' initiative targets increasing the share of manufacturing in GDP to what percentage?
A. 25%
B. 40%
C. 15%
D. 30%
Discuss
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Correct Answer: Option A

Explanation:
Make in India aims to raise manufacturing's share of GDP to 25%.
This question belongs to: Economy GK Economy Set 1
Question #2
Frictional unemployment is best described as:
A. unemployment due to lack of demand
B. temporary unemployment during job search or transition
C. unemployment due to seasonal agriculture
D. long-term unemployment due to skill mismatch
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Correct Answer: Option B

Explanation:
Frictional unemployment is temporary unemployment during job search or transition.
This question belongs to: Economy GK Economy Set 1
Question #3
The term 'Financial Stability' as an objective of central banks refers to:
A. Only price stability
B. Stability of the financial system and prevention of systemic risks
C. Only growth maximisation
D. Only exchange rate stability
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Correct Answer: Option B

Explanation:
Financial stability involves the resilience of the financial system to shocks and the smooth functioning of financial intermediation without systemic disruptions.
This question belongs to: Economy GK Economy Set 1
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