The 'International Court of Justice' is the principal judicial organ of: MCQ with Answer and Explanation

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The 'International Court of Justice' is the principal judicial organ of:

A. United Nations

B. WTO

C. European Union

D. World Bank

Answer: Option A

Solution (By JKSSB Mock Tests)

The International Court of Justice is the principal judicial organ of the United Nations.

This question belongs to: Economy GK Economy Set 1

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Question #1

In the context of monetary policy frameworks, 'Average Inflation Targeting' involves:

A. Targeting an average inflation rate over a multi-year period, allowing temporary overshoots to make up for past undershoots

B. Only targeting the price level

C. Ignoring past inflation outcomes completely

D. Targeting only the current inflation rate

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Correct Answer: Option A

Explanation:
Average inflation targeting commits the central bank to achieve an average inflation rate over a longer period, so that periods of below-target inflation are followed by periods of above-target inflation (and vice versa).

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of Indian public finance, 'Effective Revenue Deficit' is defined as:

A. Revenue deficit plus capital expenditure

B. Primary deficit plus interest payments

C. Fiscal deficit minus interest payments

D. Revenue deficit minus grants for creation of capital assets

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Correct Answer: Option D

Explanation:
Effective Revenue Deficit is Revenue Deficit minus grants given by the Centre to states and union territories for the creation of capital assets.

This question belongs to: Economy GK Economy Set 1

Question #3

The primary objective of the Reserve Bank of India's monetary policy is to:

A. maximize exports

B. eliminate fiscal deficit

C. manage government expenditure

D. maintain price stability while keeping in mind the objective of growth

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Correct Answer: Option D

Explanation:
The RBI's monetary policy aims primarily to maintain price stability while supporting economic growth.

This question belongs to: Economy GK Economy Set 1

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