The 'Regional Comprehensive Economic Partnership' is a free trade agreement involving countries of: MCQ with Answer and Explanation

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The 'Regional Comprehensive Economic Partnership' is a free trade agreement involving countries of:

A. European Union

B. Asia-Pacific, including ASEAN and major partners

C. Africa only

D. South America

Answer: Option B

Solution (By JKSSB Mock Tests)

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

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Question #1

A monopsony is a market situation with:

A. a single seller

B. many buyers and sellers

C. two sellers

D. a single buyer

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Correct Answer: Option D

Explanation:
A monopsony is a market structure in which there is only one buyer of a good or service.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a characteristic of the 'New Keynesian' models used for monetary policy analysis?

A. They ignore expectations completely

B. They assume continuous market clearing and flexible prices

C. They rely only on adaptive expectations

D. They combine intertemporal optimisation, rational expectations and nominal rigidities

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Correct Answer: Option D

Explanation:
Modern New Keynesian DSGE models used for policy analysis feature optimising households and firms, rational expectations, and some form of nominal rigidity (sticky prices or wages).

This question belongs to: Economy GK Economy Set 1

Question #3

The Gini coefficient measures:

A. unemployment

B. poverty

C. income inequality

D. inflation

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Correct Answer: Option C

Explanation:
The Gini coefficient measures income inequality.

This question belongs to: Economy GK Economy Set 1

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