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. constitutional body

B. private regulator

C. statutory body

D. government department

Answer: Option C

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 concept of 'Seigniorage' is most closely related to:

A. Tax revenue from income tax

B. Revenue from disinvestment

C. The real resources obtained by the government through the issue of base money

D. Interest payments on public debt

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Correct Answer: Option C

Explanation:
Seigniorage is the purchasing power that the government obtains by issuing base money; it equals the real value of the increase in base money.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a feature of the 'Data Portability' right?

A. The complete prohibition on data transfers

B. Only the right of platforms to retain all data

C. Only the right to delete data

D. The right of individuals to receive their personal data in a structured, commonly used format and to transmit it to another controller

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Correct Answer: Option D

Explanation:
Data portability, recognised in the GDPR and similar laws, allows individuals to obtain their personal data in a machine-readable format and to transfer it to another service provider, thereby reducing lock-in.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Effective Revenue Deficit' was introduced to exclude from revenue deficit those grants:

A. given to foreign countries

B. used for creation of capital assets

C. given to states for revenue expenditure

D. used for interest payments

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Correct Answer: Option B

Explanation:
Effective revenue deficit excludes grants for creation of capital assets from revenue deficit.

This question belongs to: Economy GK Economy Set 1

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