The 'Intellectual Property Rights' in India are administered by which department? MCQ with Answer and Explanation

The 'Intellectual Property Rights' in India are administered by which department?
A. Ministry of Law
B. Department for Promotion of Industry and Internal Trade
C. Ministry of Finance
D. RBI
Answer: Option B
Solution (By JKSSB Mock Tests)
IPR policy is administered by DPIIT.

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Practice More Economy Set 1 Questions

Question #1
The concept of 'Opportunity Cost of Holding Money' refers to:
A. The cost of producing goods and services
B. The cost of banking services only
C. The interest income forgone by holding cash instead of interest-bearing assets
D. The cost of printing currency notes

Correct Answer: Option C


Explanation:
The opportunity cost of holding money is the interest that could have been earned by holding bonds or other interest-bearing assets instead of cash.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is NOT a type of market structure based on the number of sellers?
A. Oligopoly (few sellers)
B. Monopsony as a seller-based classification
C. Monopoly (one seller)
D. Duopoly (two sellers)

Correct Answer: Option B


Explanation:
Monopsony refers to a market with a single buyer. Market structures based on the number of sellers are monopoly, duopoly, oligopoly and perfect competition (many sellers).

This question belongs to: Economy GK Economy Set 1
Question #3
The Negotiable Instruments Act was enacted in which year?
A. 1949
B. 1934
C. 1881
D. 1872

Correct Answer: Option C


Explanation:
The Negotiable Instruments Act was enacted in 1881 and governs cheques, bills of exchange and promissory notes.

This question belongs to: Economy GK Economy Set 1