The 'Federal Reserve System' is the central bank of: MCQ with Answer and Explanation

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The 'Federal Reserve System' is the central bank of:

A. Germany

B. United Kingdom

C. United States

D. Japan

Answer: Option C

Solution (By JKSSB Mock Tests)

The Federal Reserve System is the central bank of the United States.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

In the context of inflation, 'Headline Inflation' includes:

A. Only manufactured goods prices

B. Only core components excluding food and fuel

C. Only housing prices

D. All items in the consumer price basket including food and fuel

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Correct Answer: Option D

Explanation:
Headline inflation measures the overall change in the price level of a comprehensive basket of goods and services, including volatile items such as food and fuel.

This question belongs to: Economy GK Economy Set 1

Question #2

First-degree price discrimination occurs when a monopolist:

A. charges different prices in different markets

B. charges a single uniform price

C. sells in bulk at a lower price

D. charges each consumer the maximum price they are willing to pay

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Correct Answer: Option D

Explanation:
First-degree price discrimination, also called perfect price discrimination, charges each consumer their maximum willingness to pay.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a flow variable?

A. Money supply

B. Wealth

C. Capital stock

D. GDP

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Correct Answer: Option D

Explanation:
GDP is measured over a period of time and is a flow variable.

This question belongs to: Economy GK Economy Set 1

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