The 'New Development Bank' was established by BRICS in which year? MCQ with Answer and Explanation

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The 'New Development Bank' was established by BRICS in which year?

A. 2012

B. 2015

C. 2014

D. 2016

Answer: Option C

Solution (By JKSSB Mock Tests)

The New Development Bank was established by BRICS in 2014 and began operations in 2015.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'National Bank for Agriculture and Rural Development' was established in which year?

A. 1982

B. 1969

C. 1975

D. 1991

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Correct Answer: Option A

Explanation:
NABARD was established in 1982.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Essential Commodities (Amendment) Act, 2020' deregulated which commodities?

A. Fertilizers

B. Petroleum and diesel

C. Medicines

D. Cereals, pulses, oilseeds, edible oils and onion

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Correct Answer: Option D

Explanation:
The 2020 amendment removed cereals, pulses, oilseeds, edible oils and onion from the Essential Commodities Act.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Narrative Economics' associated with Robert Shiller emphasises:

A. The role of popular stories and narratives in driving economic fluctuations

B. Only the role of monetary policy

C. The complete irrelevance of stories

D. Only the role of fundamental factors

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Correct Answer: Option A

Explanation:
Narrative economics studies how contagious popular stories and narratives spread and influence economic behaviour, contributing to booms, recessions and other major economic events.

This question belongs to: Economy GK Economy Set 1

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