The 'National Development Council' was constituted in which year? MCQ with Answer and Explanation

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The 'National Development Council' was constituted in which year?

A. 1969

B. 1952

C. 1956

D. 1950

Answer: Option B

Solution (By JKSSB Mock Tests)

The National Development Council was constituted in 1952.

This question belongs to: Economy GK Economy Set 1

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Question #1

In the context of monetary economics, the 'Velocity of Circulation of Money' refers to:

A. The rate of interest

B. The average number of times a unit of money is used to purchase final goods and services in a given period

C. The growth rate of the money supply

D. The rate of inflation only

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Correct Answer: Option B

Explanation:
Velocity of money measures how frequently the average unit of currency is spent on final goods and services during a given time period; it appears in the equation of exchange.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Purchasing Power Parity' is used primarily for:

A. Determining domestic interest rates only

B. Calculating fiscal deficit

C. Comparing the real value of currencies and living standards across countries

D. Measuring unemployment rates

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Correct Answer: Option C

Explanation:
PPP exchange rates equalise the purchasing power of different currencies by eliminating differences in price levels, allowing better comparison of real income and living standards.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a characteristic of the Indian financial system?

A. Only one regulator for all financial markets

B. Presence of multiple regulators including RBI, SEBI, IRDAI and PFRDA

C. Absence of regulatory institutions

D. Complete self-regulation without government oversight

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Correct Answer: Option B

Explanation:
India's financial system is regulated by multiple specialised bodies: RBI for banking, SEBI for capital markets, IRDAI for insurance and PFRDA for pensions.

This question belongs to: Economy GK Economy Set 1

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