The 'Finance Minister' who presented the 1991 budget and launched economic reforms was: MCQ with Answer and Explanation

Question

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The 'Finance Minister' who presented the 1991 budget and launched economic reforms was:

A. P. Chidambaram

B. Jaswant Singh

C. Manmohan Singh

D. Yashwant Sinha

Answer: Option C

Solution (By JKSSB Mock Tests)

Manmohan Singh, as Finance Minister, presented the 1991 budget that launched reforms.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the context of the digital economy, 'Zero-Price Markets' are characterised by:

A. Markets in which the monetary price charged to users is zero and platforms monetise through other means such as advertising or data

B. Markets without any economic activity

C. Only traditional markets with positive prices

D. Markets in which all goods are free without any monetisation

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Correct Answer: Option A

Explanation:
Zero-price markets are those in which consumers pay no monetary price; the platform typically monetises through advertising, data sales or complementary paid services, raising distinctive issues for competition analysis.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'World Bank' publishes which index?

A. Human Development Index

B. Corruption Perceptions Index

C. Global Hunger Index

D. Logistics Performance Index

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Correct Answer: Option D

Explanation:
World Bank publishes Logistics Performance Index.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is a characteristic of the 'Life-Cycle Hypothesis' of consumption?

A. Individuals plan consumption over their entire lifetime

B. Consumption depends only on current income

C. Only permanent income matters and age is irrelevant

D. Saving is independent of age

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Correct Answer: Option A

Explanation:
The life-cycle hypothesis, associated with Modigliani, posits that individuals smooth consumption over their lifetime by saving during working years and dissaving during retirement.

This question belongs to: Economy GK Economy Set 1

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