The 'monetary policy framework' in India legally mandates RBI to target: MCQ with Answer and Explanation

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The 'monetary policy framework' in India legally mandates RBI to target:

A. GDP growth

B. exchange rate

C. fiscal deficit

D. consumer price inflation

Answer: Option D

Solution (By JKSSB Mock Tests)

The RBI's monetary policy framework targets consumer price inflation.

This question belongs to: Economy GK Economy Set 1

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Question #1

In the context of the Indian economy, the term 'Twin Deficit' refers to:

A. Fiscal deficit and current account deficit

B. Revenue deficit and primary deficit only

C. Capital account deficit and fiscal surplus

D. Budget deficit and trade surplus

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Correct Answer: Option A

Explanation:
Twin deficit refers to the simultaneous existence of a fiscal deficit (government budget) and a current account deficit (external sector) in an economy.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax Network' is a:

A. tax collection department

B. ministry under government

C. non-government IT company providing GST portal

D. regulatory authority

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Correct Answer: Option C

Explanation:
GSTN is a non-government, private limited company that provides the IT infrastructure for GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' is levied on the supply of:

A. only services

B. both goods and services

C. only imports

D. only goods

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Correct Answer: Option B

Explanation:
GST is levied on the supply of both goods and services.

This question belongs to: Economy GK Economy Set 1

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