The 'National Institution for Transforming India' was formed on: MCQ with Answer and Explanation

The 'National Institution for Transforming India' was formed on:
A. 1 January 2015
B. 26 January 2015
C. 15 August 2014
D. 1 January 2014
Answer: Option A
Solution (By JKSSB Mock Tests)
NITI Aayog was established on 1 January 2015.

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Practice More Economy Set 1 Questions

Question #1
The 'International Bank for Reconstruction and Development' is a part of:
A. UNCTAD
B. World Bank Group
C. IMF
D. WTO

Correct Answer: Option B


Explanation:
IBRD is part of the World Bank Group.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a function of the Securities and Exchange Board of India?
A. Formulating monetary policy
B. Regulating the securities market and protecting investor interests
C. Issuing currency notes
D. Collecting direct taxes

Correct Answer: Option B


Explanation:
SEBI is the regulator of the Indian securities market; its mandate includes protecting investors, promoting the development of the market and regulating market intermediaries.

This question belongs to: Economy GK Economy Set 1
Question #3
In the context of development, the 'Poverty Trap' refers to:
A. A situation that always disappears automatically
B. A self-reinforcing mechanism that causes poverty to persist
C. A temporary decline in income
D. Only the absence of foreign aid

Correct Answer: Option B


Explanation:
A poverty trap is a self-perpetuating condition in which an economy or household remains poor because the existing level of poverty itself prevents the accumulation of capital or adoption of better technologies.

This question belongs to: Economy GK Economy Set 1