The guiding philosophy of NITI Aayog is: MCQ with Answer and Explanation

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The guiding philosophy of NITI Aayog is:

A. import substitution

B. cooperative federalism

C. centralized planning

D. command economy

Answer: Option B

Solution (By JKSSB Mock Tests)

NITI Aayog works on the principle of cooperative federalism.

This question belongs to: Economy GK Economy Set 1

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Question #1

A perfectly inelastic demand curve has an elasticity of:

A. greater than one

B. zero

C. one

D. infinity

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Correct Answer: Option B

Explanation:
With perfectly inelastic demand, quantity demanded does not change as price changes; elasticity is zero.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Federal Reserve System' is the central bank of:

A. United Kingdom

B. United States

C. Japan

D. Germany

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Correct Answer: Option B

Explanation:
The Federal Reserve System is the central bank of the United States.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on a supply is determined by the:

A. place of supply

B. location of supplier

C. type of product only

D. mode of payment

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Correct Answer: Option A

Explanation:
GST liability depends on the place of supply and the nature of supply.

This question belongs to: Economy GK Economy Set 1

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