The 'Food Corporation of India' procures food grains at: MCQ with Answer and Explanation

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The 'Food Corporation of India' procures food grains at:

A. free of cost

B. minimum export price

C. Minimum Support Price

D. market price

Answer: Option C

Solution (By JKSSB Mock Tests)

FCI procures food grains at Minimum Support Price.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Goods and Services Tax' replaced which of the following state taxes?

A. Corporate tax

B. Income tax

C. Wealth tax

D. Entry tax

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Correct Answer: Option D

Explanation:
GST subsumed entry tax and other indirect taxes.

This question belongs to: Economy GK Economy Set 1

Question #2

The term 'Soft Currency' refers to a currency that:

A. Is only the US dollar

B. Is widely accepted internationally and remains relatively stable

C. Is not widely accepted in international transactions and may be subject to instability or limited convertibility

D. Is backed only by gold

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Correct Answer: Option C

Explanation:
A soft currency is one that is less widely used in international trade and finance and may experience greater volatility or convertibility restrictions compared with hard currencies.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of a public good?

A. Non-rivalrous and excludable

B. Non-rivalrous and non-excludable

C. Rivalrous and excludable

D. Rivalrous and non-excludable

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Correct Answer: Option B

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

This question belongs to: Economy GK Economy Set 1

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