The 'India-UAE Comprehensive Economic Partnership Agreement' came into force in which year? MCQ with Answer and Explanation

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The 'India-UAE Comprehensive Economic Partnership Agreement' came into force in which year?

A. 2020

B. 2021

C. 2022

D. 2023

Answer: Option C

Solution (By JKSSB Mock Tests)

India-UAE CEPA came into force in May 2022.

This question belongs to: Economy GK Economy Set 1

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Question #1

The concept of 'Producer Surplus' is the difference between:

A. What consumers are willing to pay and what they actually pay

B. What producers are willing to accept and what they actually receive

C. Total revenue and total cost

D. Price and marginal cost only

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Correct Answer: Option B

Explanation:
Producer surplus is the difference between the amount a producer is willing to accept for a good and the amount actually received (market price).

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is NOT a component of India's foreign exchange reserves?

A. Gold

B. Foreign currency assets

C. Foreign direct investment

D. SDRs

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Correct Answer: Option C

Explanation:
FDI is a capital flow, not a component of foreign exchange reserves.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a desirable characteristic of money?

A. Durability, portability, divisibility and limited supply

B. Perishability

C. Difficulty in storage

D. Unlimited supply

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Correct Answer: Option A

Explanation:
Good money should be durable, portable, divisible, uniform, recognisable and relatively scarce so that it can effectively perform its functions.

This question belongs to: Economy GK Economy Set 1

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