The 'Ministry of Statistics and Programme Implementation' is responsible for: MCQ with Answer and Explanation

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The 'Ministry of Statistics and Programme Implementation' is responsible for:

A. banking regulation

B. foreign trade

C. monetary policy

D. official statistics and programme implementation

Answer: Option D

Solution (By JKSSB Mock Tests)

MoSPI handles official statistics and programme implementation.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'United Nations Office at Geneva' is the second largest UN centre after:

A. Nairobi

B. New York

C. Vienna

D. Paris

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Correct Answer: Option B

Explanation:
Geneva is the second largest UN centre after New York.

This question belongs to: Economy GK Economy Set 1

Question #2

The Reserve Bank of India acts as lender of last resort by:

A. providing funds to banks when they cannot obtain funds from other sources

B. lending only to the central government

C. issuing currency against gold

D. giving loans to the public at low interest

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Correct Answer: Option A

Explanation:
The RBI as lender of last resort provides funds to banks facing liquidity crises when other sources are unavailable.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Opportunity Cost' is best defined as:

A. The difference between total revenue and total cost

B. The value of the next best alternative forgone

C. The cost of producing one more unit of a commodity

D. The total cost incurred in production

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Correct Answer: Option B

Explanation:
Opportunity cost refers to the value of the next best alternative that is sacrificed when a choice is made. It is a fundamental concept in economics.

This question belongs to: Economy GK Economy Set 1

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