The 'OPEC' is an organization of: MCQ with Answer and Explanation

The 'OPEC' is an organization of:
A. oil-importing countries
B. oil-exporting countries
C. natural gas exporters only
D. coal exporters
Answer: Option B
Solution (By JKSSB Mock Tests)
OPEC is the Organization of the Petroleum Exporting Countries.

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Practice More Economy Set 1 Questions

Question #1
The 'RBI's Annual Report' is published by:
A. Ministry of Finance
B. NITI Aayog
C. Reserve Bank of India
D. National Statistical Office

Correct Answer: Option C


Explanation:
The RBI publishes its Annual Report.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a major difficulty in measuring national income in developing countries?
A. Complete availability of reliable data for all activities
B. Uniform and comprehensive accounting practices
C. Absence of any informal economic activity
D. Presence of a large non-monetised and informal sector

Correct Answer: Option D


Explanation:
Developing countries face significant measurement challenges due to a large non-monetised sector, widespread informal activities, under-reporting and inadequate statistical systems.

This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is NOT a type of inflation based on cause?
A. Demand-pull inflation
B. Cost-push inflation
C. Built-in inflation
D. Creeping inflation

Correct Answer: Option D


Explanation:
Creeping inflation is classified on the basis of speed/intensity. Demand-pull, cost-push and built-in (wage-price spiral) are classifications based on causes.

This question belongs to: Economy GK Economy Set 1