The 'RBI Act' was amended in 2016 to give statutory backing to: MCQ with Answer and Explanation

Question
The 'RBI Act' was amended in 2016 to give statutory backing to:
A. digital currency
B. payment banks
C. inflation targeting and the Monetary Policy Committee
D. financial inclusion
Answer: Option C
Solution (By JKSSB Mock Tests)
The RBI Act amendment in 2016 gave statutory backing to flexible inflation targeting and the MPC.
This question belongs to: Economy GK Economy Set 1
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Question #1
The 'Central Statistics Office' has been merged with which organization to form the National Statistical Office?
A. NITI Aayog
B. National Sample Survey Office
C. Labour Bureau
D. Registrar General of India
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Correct Answer: Option B

Explanation:
CSO and NSSO were merged to form the National Statistical Office.
This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a characteristic of the 'Natural Rate Hypothesis'?
A. In the long run, unemployment returns to its natural rate regardless of the inflation rate
B. There is a permanent trade-off between inflation and unemployment
C. Monetary policy can permanently reduce unemployment below the natural rate
D. Only adaptive expectations are assumed
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Correct Answer: Option A

Explanation:
The natural rate hypothesis, associated with Friedman and Phelps, states that in the long run the economy returns to the natural rate of unemployment and there is no permanent trade-off with inflation.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'Goods and Services Tax' on biscuits is:
A. 28%
B. 12%
C. 5%
D. 18%
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Correct Answer: Option D

Explanation:
Biscuits generally attract 18% GST, with some low-value variants at 12% or 5%.
This question belongs to: Economy GK Economy Set 1
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