The 'NACH' system is used for: MCQ with Answer and Explanation

Question
The 'NACH' system is used for:
A. cryptocurrency
B. bulk payments such as subsidies and salary credits
C. foreign exchange trading
D. stock trading
Answer: Option B
Solution (By JKSSB Mock Tests)
NACH is used for bulk electronic payments.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
Which of the following is a major component of India's foreign exchange reserves?
A. Foreign currency assets, gold, SDRs and reserve position in IMF
B. Only equity shares of foreign companies
C. Only gold
D. Only domestic currency
Discuss
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Correct Answer: Option A

Explanation:
India's foreign exchange reserves consist of foreign currency assets, gold, Special Drawing Rights and the reserve tranche position in the IMF.
This question belongs to: Economy GK Economy Set 1
Question #2
Tax buoyancy measures the responsiveness of:
A. tax revenue to changes in GDP including discretionary changes
B. expenditure to revenue
C. imports to exports
D. tax revenue to changes in GDP without discretionary changes
Discuss
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Correct Answer: Option A

Explanation:
Tax buoyancy includes both automatic and discretionary changes in tax revenue relative to GDP growth.
This question belongs to: Economy GK Economy Set 1
Question #3
In the context of urban economics, 'Agglomeration Economies' refer to:
A. The productivity benefits that firms and workers derive from locating in close proximity to one another
B. Only the disadvantages of density
C. The complete absence of any spatial effects
D. The costs of congestion only
Discuss
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Correct Answer: Option A

Explanation:
Agglomeration economies are the benefits—knowledge spillovers, labour-market pooling, input sharing—that arise when economic activity is concentrated in space, helping to explain the existence and growth of cities.
This question belongs to: Economy GK Economy Set 1
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