The 'National Initiative for Developing and Harnessing Innovations' supports: MCQ with Answer and Explanation

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The 'National Initiative for Developing and Harnessing Innovations' supports:

A. innovation and entrepreneurship

B. agricultural research only

C. defence manufacturing only

D. banking technology

Answer: Option A

Solution (By JKSSB Mock Tests)

NIDHI supports innovation and entrepreneurship.

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 NOT a function of the Reserve Bank of India?

A. Issuing currency notes

B. Acting as banker to the government

C. Controlling credit

D. Formulating fiscal policy

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Correct Answer: Option D

Explanation:
Fiscal policy is formulated by the government (Ministry of Finance). RBI is responsible for monetary policy, currency issue, banker to government and credit control.

This question belongs to: Economy GK Economy Set 1

Question #2

Deadweight loss in economics refers to:

A. loss suffered by a monopolist

B. loss of revenue to the government

C. depreciation of capital

D. loss of total welfare due to market inefficiency

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Correct Answer: Option D

Explanation:
Deadweight loss is the loss of economic welfare due to inefficiency such as taxes, price controls or monopoly.

This question belongs to: Economy GK Economy Set 1

Question #3

In the circular flow of income, injections include:

A. saving, taxes and imports

B. consumption and saving

C. investment, government expenditure and exports

D. wages and rent

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Correct Answer: Option C

Explanation:
Injections into the circular flow are investment, government expenditure and exports.

This question belongs to: Economy GK Economy Set 1

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