The Fifteenth Finance Commission was headed by: MCQ with Answer and Explanation

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The Fifteenth Finance Commission was headed by:

A. Vijay Kelkar

B. Y.V. Reddy

C. N.K. Singh

D. C. Rangarajan

Answer: Option C

Solution (By JKSSB Mock Tests)

The Fifteenth Finance Commission was headed by N.K. Singh.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Nixon shock' of 1971 ended the convertibility of the US dollar into:

A. yen

B. gold

C. euro

D. silver

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Correct Answer: Option B

Explanation:
The Nixon shock ended the convertibility of the US dollar into gold.

This question belongs to: Economy GK Economy Set 1

Question #2

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In the context of international economics, 'Dumping' refers to:

A. Selling goods abroad at a price lower than in the domestic market

B. Exporting goods with subsidies only

C. Selling goods abroad at a higher price

D. Importing goods without tariffs

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Correct Answer: Option A

Explanation:
Dumping is the practice of selling a product in a foreign market at a price lower than the domestic price or below the cost of production, often considered an unfair trade practice.

This question belongs to: Economy GK Economy Set 1

Question #3

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Structural unemployment arises due to:

A. temporary job search

B. mismatch between the skills of workers and available jobs

C. agricultural seasonality

D. fluctuations in business cycles

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Correct Answer: Option B

Explanation:
Structural unemployment is caused by a mismatch between workers' skills and available jobs.

This question belongs to: Economy GK Economy Set 1

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