The 'National Industrial Classification' is used in India for: MCQ with Answer and Explanation

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The 'National Industrial Classification' is used in India for:

A. classifying economic activities

B. tax collection

C. population census

D. stock trading

Answer: Option A

Solution (By JKSSB Mock Tests)

NIC classifies economic activities for statistical purposes.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Hyperinflation is characterized by:

A. falling prices

B. extremely rapid and out-of-control rise in prices

C. slow price rise

D. stable prices

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Correct Answer: Option B

Explanation:
Hyperinflation is extremely rapid and uncontrollable price inflation.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Most Favoured Nation' tariff treatment under WTO requires countries to:

A. extend the same trade advantages to all WTO members

B. impose zero tariffs on all goods

C. ban imports

D. give special preferences to neighbours

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Correct Answer: Option A

Explanation:
MFN requires non-discriminatory treatment among all WTO members.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Monetary Policy Committee' meets at least how many times in a financial year?

A. 2

B. 6

C. 12

D. 4

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Correct Answer: Option D

Explanation:
The MPC meets at least four times a year.

This question belongs to: Economy GK Economy Set 1

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