The 'Reserve Bank of India' transfers its surplus profit to: MCQ with Answer and Explanation

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The 'Reserve Bank of India' transfers its surplus profit to:

A. banks

B. state governments

C. Government of India

D. SEBI

Answer: Option C

Solution (By JKSSB Mock Tests)

The RBI transfers its surplus profit to the Government of India.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Stand-Up India' scheme provides loans from Rs 10 lakh to:

A. Rs 5 crore

B. Rs 10 crore

C. Rs 50 lakh

D. Rs 1 crore

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Correct Answer: Option D

Explanation:
Stand-Up India provides loans from Rs 10 lakh to Rs 1 crore.

This question belongs to: Economy GK Economy Set 1

Question #2

Dumping refers to:

A. exporting goods with subsidies

B. buying goods from abroad at lower prices

C. selling goods in a foreign market below cost or home market price

D. imposing high tariffs on imports

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Correct Answer: Option C

Explanation:
Dumping is selling goods in a foreign market below cost or home market price.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a characteristic of the long-run equilibrium in perfect competition?

A. Firms operate with excess capacity

B. Price is greater than marginal cost

C. Firms earn supernormal profits

D. Price equals minimum average cost and firms earn normal profits

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Correct Answer: Option D

Explanation:
In long-run equilibrium under perfect competition, free entry and exit ensure that price equals minimum long-run average cost and firms earn only normal profits.

This question belongs to: Economy GK Economy Set 1

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