The 'industrial licensing' after 1991 was retained for certain industries related to: MCQ with Answer and Explanation

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The 'industrial licensing' after 1991 was retained for certain industries related to:

A. security, strategic and environmental concerns

B. consumer goods

C. food processing

D. textiles

Answer: Option A

Solution (By JKSSB Mock Tests)

Licensing was retained for industries related to security, strategic and environmental concerns.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Union Territory Goods and Services Tax Act' was passed in which year?

A. 2017

B. 2018

C. 2015

D. 2016

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Correct Answer: Option A

Explanation:
UTGST Act was passed in 2017.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of inflation, 'Headline Inflation' includes:

A. Only housing prices

B. Only manufactured goods prices

C. Only core components excluding food and fuel

D. All items in the consumer price basket including food and fuel

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Correct Answer: Option D

Explanation:
Headline inflation measures the overall change in the price level of a comprehensive basket of goods and services, including volatile items such as food and fuel.

This question belongs to: Economy GK Economy Set 1

Question #3

For a normal good, a fall in its price creates:

A. negative income effect only

B. negative substitution effect

C. zero income effect

D. positive substitution effect and positive income effect

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Correct Answer: Option D

Explanation:
For a normal good, both substitution effect and income effect work in the same direction when price falls, increasing quantity demanded.

This question belongs to: Economy GK Economy Set 1

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