The 'European Union' is an example of: MCQ with Answer and Explanation

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The 'European Union' is an example of:

A. a bilateral agreement

B. a simple customs union

C. a free trade area only

D. an economic union

Answer: Option D

Solution (By JKSSB Mock Tests)

The European Union is an economic union with deep integration, including common currency for many members.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Covered Interest Parity' condition uses which instrument to eliminate exchange rate risk?

A. currency swap

B. stock option

C. credit default swap

D. forward contract

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Correct Answer: Option D

Explanation:
Covered interest parity involves a forward contract to hedge exchange rate risk.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'National Anti-profiteering Authority' was later replaced by which body under GST?

A. Central Board of Indirect Taxes and Customs

B. Competition Commission of India

C. GST Council

D. GST Appellate Tribunal

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Correct Answer: Option B

Explanation:
The NAA's functions were transferred to the Competition Commission of India.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a major objective of the Reserve Bank of India Act?

A. To maximise government revenue

B. To regulate the issue of bank notes and maintain monetary stability

C. To collect direct taxes

D. To formulate five-year plans

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Correct Answer: Option B

Explanation:
The RBI Act, 1934 primarily aims at regulating the issue of bank notes, maintaining reserves to secure monetary stability and operating the currency and credit system of the country.

This question belongs to: Economy GK Economy Set 1

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