The 'Imperial Bank of India' was created in 1921 by merging three presidency banks: Bank of Bengal, Bank of Bombay and: MCQ with Answer and Explanation

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The 'Imperial Bank of India' was created in 1921 by merging three presidency banks: Bank of Bengal, Bank of Bombay and:

A. Bank of Madras

B. Allahabad Bank

C. Punjab National Bank

D. Bank of Calcutta

Answer: Option A

Solution (By JKSSB Mock Tests)

The Imperial Bank of India was formed by merging Bank of Bengal, Bank of Bombay and Bank of Madras.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The term 'Repo Rate' refers to the rate at which:

A. Commercial banks lend to RBI

B. Government borrows from RBI

C. RBI borrows from commercial banks

D. RBI lends to commercial banks against securities

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Correct Answer: Option D

Explanation:
Repo rate is the rate at which the Reserve Bank of India lends money to commercial banks against government securities for short-term needs.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is NOT a feature of the Keynesian theory?

A. Wage-price flexibility ensuring full employment

B. Emphasis on effective demand

C. Possibility of underemployment equilibrium

D. Importance of government intervention

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Correct Answer: Option A

Explanation:
Keynes rejected the classical assumption of wage-price flexibility leading to automatic full employment. He argued that underemployment equilibrium is possible.

This question belongs to: Economy GK Economy Set 1