The 'Planning Commission' was replaced by NITI Aayog in which year? MCQ with Answer and Explanation

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The 'Planning Commission' was replaced by NITI Aayog in which year?

A. 2015

B. 2013

C. 2017

D. 2016

Answer: Option A

Solution (By JKSSB Mock Tests)

The Planning Commission was replaced by NITI Aayog in 2015.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

In the context of public finance, the concept of 'Ricardian Equivalence' suggests that:

A. Government borrowing is always expansionary

B. Tax-financed and debt-financed government spending have the same effect on the economy

C. Deficit financing always increases private consumption

D. Public debt has no intergenerational implications

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Correct Answer: Option B

Explanation:
Ricardian Equivalence, proposed by David Ricardo and revived by Robert Barro, argues that rational agents anticipate future taxes to repay debt, so government borrowing does not stimulate demand.

This question belongs to: Economy GK Economy Set 1

Question #2

A progressive income tax is one where:

A. the tax rate decreases as income rises

B. the tax rate is constant at all incomes

C. the tax rate increases as income rises

D. only the poor pay tax

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Correct Answer: Option C

Explanation:
Under a progressive tax, the average tax rate rises as income increases.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Incoterms' in international trade are published by:

A. WTO

B. International Chamber of Commerce

C. World Bank

D. IMF

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Correct Answer: Option B

Explanation:
Incoterms are published by the International Chamber of Commerce.

This question belongs to: Economy GK Economy Set 1

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