The 'Pradhan Mantri Fasal Bima Yojana' provides crop insurance at what premium rate for Kharif crops? MCQ with Answer and Explanation

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The 'Pradhan Mantri Fasal Bima Yojana' provides crop insurance at what premium rate for Kharif crops?

A. 5% of sum insured

B. 10% of sum insured

C. 2% of sum insured

D. 1.5% of sum insured

Answer: Option C

Solution (By JKSSB Mock Tests)

PMFBY premium for Kharif crops is 2% of sum insured, Rabi 1.5%, commercial/horticultural 5%.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is a feature of the classical theory of employment?

A. Importance of effective demand

B. Liquidity trap

C. Possibility of underemployment equilibrium

D. Full employment as a normal condition

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Correct Answer: Option D

Explanation:
Classical theory assumes that the economy always tends towards full employment through flexible wages and prices. Underemployment equilibrium and liquidity trap are Keynesian concepts.

This question belongs to: Economy GK Economy Set 1

Question #2

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Devaluation of a currency refers to:

A. a rise in domestic interest rates

B. market-determined fall in the value of a currency

C. official lowering of the value of a currency under a fixed exchange rate system

D. buying of foreign currency by the central bank

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Correct Answer: Option C

Explanation:
Devaluation is the official lowering of a currency's value under a fixed exchange rate system.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on internet services is:

A. 5%

B. 28%

C. 12%

D. 18%

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Correct Answer: Option D

Explanation:
Internet services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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