The Reserve Bank of India was established in 1935 under the: MCQ with Answer and Explanation

The Reserve Bank of India was established in 1935 under the:
A. Negotiable Instruments Act, 1881
B. Banking Regulation Act, 1949
C. Reserve Bank of India Act, 1934
D. Companies Act, 1956
Answer: Option C
Solution (By JKSSB Mock Tests)
The RBI was established under the Reserve Bank of India Act, 1934.

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Practice More Economy Set 1 Questions

Question #1
The 'International Monetary Fund' has how many member countries?
A. 150
B. 164
C. 190
D. 193

Correct Answer: Option C


Explanation:
The IMF has 190 member countries.

This question belongs to: Economy GK Economy Set 1
Question #2
In the context of international trade, the theory of comparative advantage was propounded by:
A. Adam Smith
B. Paul Krugman
C. David Ricardo
D. Heckscher and Ohlin

Correct Answer: Option C


Explanation:
David Ricardo developed the theory of comparative advantage, which states that countries should specialise in producing goods in which they have a lower opportunity cost.

This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is used to measure multidimensional poverty?
A. Multidimensional Poverty Index (MPI)
B. Lorenz curve
C. Headcount ratio based only on income
D. Gini coefficient

Correct Answer: Option A


Explanation:
The Multidimensional Poverty Index, developed by UNDP and OPHI, captures deprivations in health, education and living standards beyond income poverty.

This question belongs to: Economy GK Economy Set 1