The Food Corporation of India is responsible for: MCQ with Answer and Explanation

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The Food Corporation of India is responsible for:

A. procurement, storage and distribution of food grains

B. controlling inflation

C. providing crop loans

D. regulating stock exchanges

Answer: Option A

Solution (By JKSSB Mock Tests)

FCI handles procurement, storage and distribution of food grains for the public distribution system.

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 labour markets, the 'Efficiency Wage' theory suggests that:

A. Only competitive wages maximise effort

B. Unemployment is only voluntary

C. Firms may pay wages above the market-clearing level to raise productivity or reduce turnover

D. Wages are always equal to the marginal product of labour

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Correct Answer: Option C

Explanation:
Efficiency-wage theories argue that higher wages can increase worker effort, reduce shirking, lower turnover or improve the quality of applicants, so that firms may optimally set wages above the market-clearing level.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Creative Destruction' is associated with the work of:

A. Adam Smith

B. Joseph Schumpeter

C. David Ricardo

D. John Maynard Keynes

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Correct Answer: Option B

Explanation:
Joseph Schumpeter described creative destruction as the process by which innovation continuously revolutionises the economic structure from within, destroying old industries and creating new ones.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' does not apply to:

A. alcoholic liquor for human consumption

B. imports

C. goods and services

D. interstate supplies

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Correct Answer: Option A

Explanation:
Alcoholic liquor for human consumption is outside GST.

This question belongs to: Economy GK Economy Set 1

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