The 'Insurance Regulatory and Development Authority of India' is a: MCQ with Answer and Explanation

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The 'Insurance Regulatory and Development Authority of India' is a:

A. statutory body

B. constitutional body

C. private regulator

D. government department

Answer: Option A

Solution (By JKSSB Mock Tests)

IRDAI is a statutory body established under the IRDA Act, 1999.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'GST Council' can be convened by:

A. Prime Minister

B. Union Finance Minister

C. President

D. RBI Governor

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Correct Answer: Option B

Explanation:
The Union Finance Minister can convene meetings of the GST Council.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of international finance, the 'Trilemma' or 'Impossible Trinity' implies that a country must choose:

A. Only one of the three

B. Two out of the three: fixed exchange rate, free capital mobility and monetary-policy independence

C. All three simultaneously

D. None of the three

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Correct Answer: Option B

Explanation:
The trilemma states that only two of the three policy goals—exchange-rate stability, capital-market openness and monetary independence—can be achieved at the same time.

This question belongs to: Economy GK Economy Set 1

Question #3

The Human Development Index (HDI) is published by:

A. World Economic Forum

B. United Nations Development Programme

C. International Monetary Fund

D. World Bank

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Correct Answer: Option B

Explanation:
The Human Development Index is published annually by the United Nations Development Programme (UNDP) in its Human Development Report.

This question belongs to: Economy GK Economy Set 1

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