The 'Nixon shock' of 1971 ended the convertibility of the US dollar into: MCQ with Answer and Explanation

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The 'Nixon shock' of 1971 ended the convertibility of the US dollar into:

A. gold

B. euro

C. silver

D. yen

Answer: Option A

Solution (By JKSSB Mock Tests)

The Nixon shock ended the convertibility of the US dollar into gold.

This question belongs to: Economy GK Economy Set 1

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Question #1

The concept of 'Pass-Through' of exchange-rate changes refers to:

A. The complete absence of price adjustment

B. Only the effect on output

C. Only the effect on interest rates

D. The extent to which changes in the nominal exchange rate are reflected in domestic prices of traded goods

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Correct Answer: Option D

Explanation:
Exchange-rate pass-through measures the degree to which a change in the nominal exchange rate is transmitted to import prices and ultimately to consumer prices in the domestic economy.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of the Indian economy, the 'Demographic Dividend' refers to:

A. Increase in the proportion of dependent population

B. Increase in the old-age population only

C. Decline in the total population

D. Economic growth potential from a large working-age population

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Correct Answer: Option D

Explanation:
Demographic dividend arises when a large share of the population is of working age, providing an opportunity for higher economic growth if this workforce is productively employed.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'World Bank' publishes which index?

A. Global Hunger Index

B. Human Development Index

C. Logistics Performance Index

D. Corruption Perceptions Index

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Correct Answer: Option C

Explanation:
World Bank publishes Logistics Performance Index.

This question belongs to: Economy GK Economy Set 1

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