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 10,000

B. Rs 100

C. Rs 5,000

D. Rs 1,000

Answer: Option D

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

The 'Forward Markets Commission' was merged with which organization in 2015?

A. IRDAI

B. RBI

C. SEBI

D. NITI Aayog

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Correct Answer: Option C

Explanation:
The Forward Markets Commission was merged with SEBI in 2015.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'NITI Aayog' was established through a resolution of:

A. Parliament

B. Union Cabinet

C. Supreme Court

D. President

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Correct Answer: Option B

Explanation:
NITI Aayog was established by a Union Cabinet resolution on 1 January 2015.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a characteristic of the 'Habit-Formation' models of consumption?

A. Utility depends only on current consumption

B. Current utility depends on current consumption relative to a habit stock formed by past consumption

C. Only permanent income matters

D. Habits are irrelevant for saving behaviour

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Correct Answer: Option B

Explanation:
Habit-formation models allow current utility to depend on the deviation of current consumption from a habit level determined by past consumption, generating persistence in consumption growth.

This question belongs to: Economy GK Economy Set 1

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