The 'Monetary Policy Committee' was constituted under which act? MCQ with Answer and Explanation

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The 'Monetary Policy Committee' was constituted under which act?

A. Banking Regulation Act, 1949

B. RBI Act, 1934

C. Negotiable Instruments Act, 1881

D. Companies Act, 2013

Answer: Option B

Solution (By JKSSB Mock Tests)

The MPC was constituted under the Reserve Bank of India Act, 1934 as amended.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

A 'merit good' is a good that:

A. is consumed voluntarily

B. the government encourages or provides because it has positive externalities and is under-consumed

C. is only for the rich

D. has negative externalities

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Correct Answer: Option B

Explanation:
Merit goods are under-consumed if left to the market, so government encourages their provision.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of global public goods, climate-change mitigation is considered a:

A. Pure private good

B. Global pure public good because its benefits are non-excludable and non-rivalrous across countries

C. Common-pool resource only

D. Club good limited to a few countries

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Correct Answer: Option B

Explanation:
Climate-change mitigation is a global pure public good: the benefits of reduced greenhouse-gas concentrations are non-excludable and non-rivalrous at the worldwide level, creating strong free-rider incentives.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Bretton Woods twins' refer to:

A. UNESCO and FAO

B. WTO and UNCTAD

C. ILO and WHO

D. IMF and World Bank

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Correct Answer: Option D

Explanation:
The IMF and World Bank are known as the Bretton Woods twins.

This question belongs to: Economy GK Economy Set 1

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