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. market price

B. free of cost

C. minimum export price

D. Minimum Support Price

Answer: Option D

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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Question #1

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Which of the following is NOT a type of unemployment recognised in economics?

A. Structural unemployment

B. Frictional unemployment

C. Cyclical unemployment

D. Nominal unemployment

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Correct Answer: Option D

Explanation:
The main types of unemployment are frictional, structural, cyclical and seasonal. 'Nominal unemployment' is not a standard classification.

This question belongs to: Economy GK Economy Set 1

Question #2

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Demand-pull inflation is caused by:

A. decrease in government expenditure

B. an increase in production costs

C. a fall in money supply

D. aggregate demand exceeding aggregate supply at full employment

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Correct Answer: Option D

Explanation:
Demand-pull inflation occurs when aggregate demand exceeds aggregate supply.

This question belongs to: Economy GK Economy Set 1

Question #3

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In the context of money supply, M3 is also known as:

A. High-powered money

B. Broad money

C. Narrow money

D. Reserve money

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Correct Answer: Option B

Explanation:
M3 is referred to as broad money and includes M1 plus time deposits with banks. Reserve money or high-powered money is the monetary base.

This question belongs to: Economy GK Economy Set 1

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