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

Question
The 'Finance Minister' who presented the 1991 budget and launched economic reforms was:
A. Manmohan Singh
B. Yashwant Sinha
C. Jaswant Singh
D. P. Chidambaram
Answer: Option A
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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Practice More Economy Set 1 Questions

Question #1
The 'hyperinflation' is:
A. falling prices
B. stable prices
C. slow price rise
D. extremely rapid and uncontrolled price rise
Discuss
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Correct Answer: Option D

Explanation:
Hyperinflation is extremely rapid and uncontrolled inflation.
This question belongs to: Economy GK Economy Set 1
Question #2
In the context of behavioural public finance, 'Tax Salience' refers to:
A. Only the progressivity of the tax
B. Only the administrative cost of the tax
C. Only the statutory tax rate
D. The degree to which a tax is noticed and taken into account by decision-makers
Discuss
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Correct Answer: Option D

Explanation:
Tax salience measures how visible or noticeable a tax is to the agents who pay it; less salient taxes tend to produce smaller behavioural responses than more salient ones of equal magnitude.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'base erosion and profit shifting' framework is an initiative of:
A. World Bank
B. OECD and G20
C. WTO
D. IMF
Discuss
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Correct Answer: Option B

Explanation:
BEPS is an OECD/G20 initiative against tax avoidance by multinational enterprises.
This question belongs to: Economy GK Economy Set 1
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