The 'Production Linked Incentive' scheme was first introduced for which sector in 2020? MCQ with Answer and Explanation

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The 'Production Linked Incentive' scheme was first introduced for which sector in 2020?

A. Textiles

B. Food processing

C. Mobile manufacturing and electronic components

D. Steel

Answer: Option C

Solution (By JKSSB Mock Tests)

PLI was first introduced for mobile manufacturing and electronic components in 2020.

This question belongs to: Economy GK Economy Set 1

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Question #1

The concept of 'Opportunity Cost' is central to which branch of economics?

A. Only macroeconomics

B. Only international economics

C. Only microeconomics

D. Both micro and macroeconomics

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Correct Answer: Option D

Explanation:
Opportunity cost is a fundamental concept used in both microeconomics (individual choice) and macroeconomics (resource allocation at national level).

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Essential Commodities Act' was amended in 2020 to deregulate which commodities?

A. Medicines

B. Petroleum products

C. Cereals, pulses, oilseeds, edible oils and onion

D. Fertilizers

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Correct Answer: Option C

Explanation:
The Essential Commodities (Amendment) Act 2020 deregulated cereals, pulses, oilseeds, edible oils and onion.

This question belongs to: Economy GK Economy Set 1

Question #3

Human capital formation mainly involves:

A. accumulation of physical capital

B. investment in education, health and skill development

C. increase in foreign exchange reserves

D. increase in natural resources

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Correct Answer: Option B

Explanation:
Human capital formation involves investment in education, health and skills.

This question belongs to: Economy GK Economy Set 1

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