The 'Financial Stability and Development Council' is chaired by: MCQ with Answer and Explanation

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The 'Financial Stability and Development Council' is chaired by:

A. RBI Governor

B. SEBI Chairman

C. Prime Minister

D. Union Finance Minister

Answer: Option D

Solution (By JKSSB Mock Tests)

The Financial Stability and Development Council is chaired by the Union Finance Minister.

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 production, the stage of diminishing returns begins when:

A. Marginal product is negative

B. Average product is zero

C. Total product is maximum

D. Marginal product starts declining

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Correct Answer: Option D

Explanation:
The stage of diminishing returns starts when the marginal product of the variable factor begins to decline, although it may still be positive.

This question belongs to: Economy GK Economy Set 1

Question #2

Deadweight loss in economics refers to:

A. loss suffered by a monopolist

B. depreciation of capital

C. loss of revenue to the government

D. loss of total welfare due to market inefficiency

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Correct Answer: Option D

Explanation:
Deadweight loss is the loss of economic welfare due to inefficiency such as taxes, price controls or monopoly.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on cheese is:

A. 5%

B. 18%

C. 28%

D. 12%

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Correct Answer: Option D

Explanation:
Cheese attracts 12% GST.

This question belongs to: Economy GK Economy Set 1

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