The 'Rangarajan Committee' on poverty submitted its report in which year? MCQ with Answer and Explanation

The 'Rangarajan Committee' on poverty submitted its report in which year?
A. 2011
B. 2016
C. 2018
D. 2014
Answer: Option D
Solution (By JKSSB Mock Tests)
The Rangarajan Committee on poverty submitted its report in 2014.

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Practice More Economy Set 1 Questions

Question #1
The 'Regional Comprehensive Economic Partnership' is a free trade agreement involving countries of:
A. Africa only
B. Asia-Pacific, including ASEAN and major partners
C. European Union
D. South America

Correct Answer: Option B


Explanation:
RCEP is a free trade agreement among Asia-Pacific countries including ASEAN, China, Japan, South Korea, Australia and New Zealand.

This question belongs to: Economy GK Economy Set 1
Question #2
In the context of monetary policy, the 'Zero Lower Bound' problem refers to:
A. The minimum reserve requirement
B. The floor on the fiscal deficit
C. The inability of nominal interest rates to fall significantly below zero
D. The inability of real interest rates to be positive

Correct Answer: Option C


Explanation:
The zero lower bound refers to the constraint that nominal interest rates cannot be reduced much below zero, limiting the effectiveness of conventional monetary policy in deep recessions.

This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following factors does NOT affect the price elasticity of demand?
A. Time period allowed for adjustment
B. Availability of close substitutes
C. Cost of production of the commodity
D. Nature of the commodity (necessity or luxury)

Correct Answer: Option C


Explanation:
The cost of production influences the supply side. Price elasticity of demand depends on substitutes, nature of the good, proportion of income spent, time and habits.

This question belongs to: Economy GK Economy Set 1