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

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The Reserve Bank of India was established in 1935 under the:

A. Negotiable Instruments Act, 1881

B. Reserve Bank of India Act, 1934

C. Banking Regulation Act, 1949

D. Companies Act, 1956

Answer: Option B

Solution (By JKSSB Mock Tests)

The RBI was established under the Reserve Bank of India Act, 1934.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Goods and Services Tax' rate on mobile phones is:

A. 5%

B. 28%

C. 18%

D. 12%

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Correct Answer: Option C

Explanation:
Mobile phones attract 18% GST.

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. David Ricardo

B. Paul Krugman

C. Adam Smith

D. Heckscher and Ohlin

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Correct Answer: Option A

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 NOT a type of tax based on the impact on income distribution?

A. Progressive tax

B. Regressive tax

C. Proportional tax

D. Ad valorem tax as a distribution classification

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Correct Answer: Option D

Explanation:
Ad valorem is a classification based on the method of assessment (percentage of value). Based on impact on distribution, taxes are progressive, proportional or regressive.

This question belongs to: Economy GK Economy Set 1

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