The 'Reserve Bank of India' issues currency notes of denominations up to: MCQ with Answer and Explanation

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The 'Reserve Bank of India' issues currency notes of denominations up to:

A. Rs 1,000

B. Rs 10,000

C. Rs 5,000

D. Rs 100

Answer: Option A

Solution (By JKSSB Mock Tests)

RBI issues currency notes up to Rs 1,000 denomination, while one rupee notes are issued by Government of India.

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 long-run average cost curve under increasing returns to scale?

A. It is upward sloping

B. It is downward sloping

C. It is U-shaped only due to fixed factors

D. It is horizontal

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Correct Answer: Option B

Explanation:
Under increasing returns to scale, long-run average cost falls as output expands, resulting in a downward-sloping LAC curve over the relevant range.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'income effect' of a price rise in a normal good leads to:

A. increased purchase of the good

B. purchase of inferior goods only

C. no change in purchase

D. decreased purchase of the good

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Correct Answer: Option D

Explanation:
A price rise reduces real income, so the income effect causes less purchase of a normal good.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on event management services is:

A. 28%

B. 5%

C. 12%

D. 18%

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Correct Answer: Option D

Explanation:
Event management services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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