The 'New Economic Policy 1991' devalued the rupee by about how much in two stages? MCQ with Answer and Explanation

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The 'New Economic Policy 1991' devalued the rupee by about how much in two stages?

A. 30%

B. 18%

C. 5%

D. 50%

Answer: Option B

Solution (By JKSSB Mock Tests)

In July 1991, the rupee was devalued by about 18% in two steps.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is the primary objective of monetary policy in India?

A. Maximising tax revenue

B. Reducing fiscal deficit

C. Price stability while keeping in mind growth

D. Increasing government expenditure

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Correct Answer: Option C

Explanation:
As per the Monetary Policy Framework Agreement, the primary objective of monetary policy is to maintain price stability while keeping in mind the objective of growth.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on online education courses is:

A. 0%

B. 12%

C. 5%

D. 18%

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Correct Answer: Option D

Explanation:
Online education courses generally attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'snob effect' in consumer behaviour refers to:

A. buying goods to appear exclusive and different

B. buying more when price falls

C. following popular trends

D. buying only necessities

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Correct Answer: Option A

Explanation:
The snob effect is consumer preference for exclusive goods that set them apart.

This question belongs to: Economy GK Economy Set 1

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