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

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

A. P. Chidambaram

B. Yashwant Sinha

C. Manmohan Singh

D. Jaswant Singh

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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Practice More Economy Set 1 Questions

Question #1

The slope of an isoquant is called the:

A. marginal rate of technical substitution

B. marginal utility ratio

C. price ratio

D. marginal rate of substitution

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Correct Answer: Option A

Explanation:
The slope of an isoquant is the marginal rate of technical substitution, the rate at which one input can substitute for another keeping output constant.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Integrated GST' on interstate supply is collected by:

A. the local body

B. the Central Government

C. the exporting state

D. the consuming state directly

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Correct Answer: Option B

Explanation:
IGST is collected by the Central Government and then apportioned between Centre and states.

This question belongs to: Economy GK Economy Set 1

Question #3

A 'public good' is characterized by:

A. excludability and rivalry

B. excludability and non-rivalry

C. non-excludability and non-rivalry

D. non-excludability and rivalry

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Correct Answer: Option C

Explanation:
Public goods are non-excludable and non-rivalrous.

This question belongs to: Economy GK Economy Set 1

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