The New Industrial Policy was announced in India in which year? MCQ with Answer and Explanation

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The New Industrial Policy was announced in India in which year?

A. 1956

B. 2000

C. 1991

D. 1948

Answer: Option C

Solution (By JKSSB Mock Tests)

The New Industrial Policy was announced in 1991, removing most industrial licensing.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' rate on health care services is:

A. 5%

B. 12%

C. 18%

D. 0%

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Correct Answer: Option D

Explanation:
Health care services are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'European Central Bank' headquarters is in:

A. Berlin

B. Frankfurt

C. Brussels

D. Paris

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Correct Answer: Option B

Explanation:
ECB headquarters is in Frankfurt.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the 'Permanent Income' versus 'Current Income' debate in consumption theory?

A. Consumption is completely independent of current income

B. The debate has been fully resolved in favour of pure permanent-income theory

C. Only permanent income matters and liquidity constraints are irrelevant

D. Empirical evidence shows that consumption is more sensitive to current income than pure permanent-income theory predicts

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Correct Answer: Option D

Explanation:
Empirical studies often find 'excess sensitivity' of consumption to current income, suggesting that liquidity constraints, myopia or other factors cause departures from pure permanent-income behaviour.

This question belongs to: Economy GK Economy Set 1

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