The 'National Smart Grid Mission' aims to: MCQ with Answer and Explanation

Question

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The 'National Smart Grid Mission' aims to:

A. provide housing

B. promote tourism

C. build roads

D. modernize the power grid

Answer: Option D

Solution (By JKSSB Mock Tests)

The National Smart Grid Mission aims to modernize the electricity grid.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following best describes the concept of 'Income Effect' in consumer theory?

A. Change in quantity demanded due to a change in relative prices holding real income constant

B. Change in demand due to a change in tastes

C. Change in quantity demanded due to a change in real income resulting from a price change

D. Change in supply due to a change in input prices

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Correct Answer: Option C

Explanation:
The income effect refers to the change in quantity demanded of a good that results solely from the change in real income caused by a change in the price of the good.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is NOT a component of the Union Budget of India?

A. Revenue Budget

B. Monetary Policy Statement

C. Capital Budget

D. Finance Bill

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Correct Answer: Option B

Explanation:
The Monetary Policy Statement is issued by the RBI. The Union Budget consists of the Revenue Budget, Capital Budget and related documents including the Finance Bill.

This question belongs to: Economy GK Economy Set 1