The Foreign Exchange Management Act was enacted in which year? MCQ with Answer and Explanation

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The Foreign Exchange Management Act was enacted in which year?

A. 1992

B. 2005

C. 1999

D. 1973

Answer: Option C

Solution (By JKSSB Mock Tests)

FEMA was enacted in 1999, replacing FERA.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is a characteristic of a progressive tax system?

A. Tax rate remains constant as income rises

B. Tax is levied at a flat rate on all incomes

C. Tax rate decreases as income rises

D. Tax rate increases as income rises

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Correct Answer: Option D

Explanation:
In a progressive tax system, the tax rate increases with an increase in the taxable income, placing a higher burden on higher-income groups.

This question belongs to: Economy GK Economy Set 1

Question #2

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A Giffen good is a good for which:

A. demand increases when price rises

B. demand falls when price falls

C. income effect is zero

D. demand is perfectly elastic

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Correct Answer: Option A

Explanation:
A Giffen good has a strong income effect that dominates the substitution effect, so quantity demanded rises when price rises.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Essential Commodities Act' was amended in 2020 to deregulate which commodities?

A. Medicines

B. Fertilizers

C. Petroleum products

D. Cereals, pulses, oilseeds, edible oils and onion

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Correct Answer: Option D

Explanation:
The Essential Commodities (Amendment) Act 2020 deregulated cereals, pulses, oilseeds, edible oils and onion.

This question belongs to: Economy GK Economy Set 1

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