The 'New Economic Policy 1991' was introduced under which Prime Minister? MCQ with Answer and Explanation

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The 'New Economic Policy 1991' was introduced under which Prime Minister?

A. P.V. Narasimha Rao

B. Manmohan Singh

C. Rajiv Gandhi

D. Atal Bihari Vajpayee

Answer: Option A

Solution (By JKSSB Mock Tests)

The New Economic Policy of 1991 was introduced under Prime Minister P.V. Narasimha Rao.

This question belongs to: Economy GK Economy Set 1

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Average product is obtained by dividing total product by:

A. fixed input

B. units of variable input

C. marginal product

D. total cost

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Correct Answer: Option B

Explanation:
Average product is total product divided by the units of the variable input used.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a characteristic of the 'Attention Economy' business models of many digital platforms?

A. They often provide services free of monetary charge and monetise user attention and data through advertising

B. They always charge users high monetary prices

C. They never use advertising

D. They only sell physical products

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Correct Answer: Option A

Explanation:
Many digital platforms operate on a 'free' model in which users pay with their attention and personal data, which are then monetised primarily through targeted advertising.

This question belongs to: Economy GK Economy Set 1

Question #3

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

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

B. Fertilizers

C. Petroleum and diesel

D. Medicines

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Correct Answer: Option A

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

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