The 'one rupee note' bears the signature of: MCQ with Answer and Explanation

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The 'one rupee note' bears the signature of:

A. President

B. Finance Minister

C. RBI Governor

D. Finance Secretary

Answer: Option D

Solution (By JKSSB Mock Tests)

The one rupee note bears the signature of the Finance Secretary.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is not included in the calculation of Gross Domestic Product at market prices?

A. Old age pension paid by government

B. Government final consumption expenditure

C. Final consumption expenditure of households

D. Gross fixed capital formation

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Correct Answer: Option A

Explanation:
Old age pension is a transfer payment and is not a payment for current production, hence it is excluded from GDP.

This question belongs to: Economy GK Economy Set 1

Question #2

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The Engel curve shows the relationship between:

A. price and income

B. utility and expenditure

C. income and quantity demanded

D. price and quantity demanded

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Correct Answer: Option C

Explanation:
The Engel curve depicts the relationship between a consumer's income and the quantity demanded of a good.

This question belongs to: Economy GK Economy Set 1

Question #3

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The concept of 'Effective Demand' was introduced by:

A. John Maynard Keynes

B. Supply-side economists

C. Classical economists

D. Monetarists

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Correct Answer: Option A

Explanation:
Keynes introduced the concept of effective demand, which is the level of aggregate demand that is equal to aggregate supply and determines the level of employment and output.

This question belongs to: Economy GK Economy Set 1

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