The 'Index of Industrial Production' in India uses which base year? MCQ with Answer and Explanation

The 'Index of Industrial Production' in India uses which base year?
A. 2004-05
B. 2011-12
C. 2019-20
D. 2016-17
Answer: Option B
Solution (By JKSSB Mock Tests)
IIP uses base year 2011-12.

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Practice More Economy Set 1 Questions

Question #1
The 'Goods and Services Tax' rate on admission to cultural events is:
A. 12%
B. 18%
C. 0%
D. 28%

Correct Answer: Option B


Explanation:
Admission to cultural events generally attracts 18% GST, with some exemptions.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a feature of the 'Financial Development' and growth literature?
A. Only the size of the banking system matters and quality is irrelevant
B. Financial development always retards growth
C. Finance is completely neutral for real activity
D. Better-functioning financial systems can promote growth by improving the allocation of capital and reducing financing constraints

Correct Answer: Option D


Explanation:
A large body of research finds that financial development—deeper, more efficient and more inclusive financial systems—tends to raise long-run growth by relaxing credit constraints and improving resource allocation.

This question belongs to: Economy GK Economy Set 1
Question #3
The concept of 'Algorithmic Transparency' refers to:
A. Only the source code of open-source software
B. The degree to which the functioning, criteria and effects of algorithms used by platforms or public authorities can be understood and scrutinised
C. Only human decision-making without algorithms
D. The complete secrecy of all algorithms

Correct Answer: Option B


Explanation:
Algorithmic transparency concerns the extent to which the logic, data and outcomes of algorithmic systems are open to inspection, explanation and accountability by users, regulators or the public.

This question belongs to: Economy GK Economy Set 1