The 'Reserve Bank of India' was modelled on which central bank? MCQ with Answer and Explanation

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The 'Reserve Bank of India' was modelled on which central bank?

A. Federal Reserve System

B. Bank of Japan

C. European Central Bank

D. Bank of England

Answer: Option D

Solution (By JKSSB Mock Tests)

The RBI was modelled on the Bank of England.

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 characteristic of the 'Loss and Damage Fund' established under the UNFCCC?

A. A fund to assist developing countries that are particularly vulnerable to the adverse effects of climate change in responding to loss and damage

B. A fund only for mitigation projects in developed countries

C. A private insurance mechanism without public finance

D. A fund limited to adaptation within national borders of developed countries

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Correct Answer: Option A

Explanation:
The Loss and Damage Fund, agreed at COP27 and operationalised subsequently, is intended to provide financial assistance to developing countries that are especially vulnerable to climate-related loss and damage.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a feature of the 'Debt-Deflation' theory associated with Irving Fisher?

A. Only inflation causes debt problems

B. Debt is irrelevant for the business cycle

C. Falling prices raise the real value of debt, leading to further declines in spending and prices

D. Deflation always reduces the real burden of debt

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Correct Answer: Option C

Explanation:
Fisher’s debt-deflation theory argues that an initial decline in prices increases the real burden of nominal debt, forcing distressed selling and further price declines in a downward spiral.

This question belongs to: Economy GK Economy Set 1