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. Bank of England

B. European Central Bank

C. Bank of Japan

D. Federal Reserve System

Answer: Option A

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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Practice More Economy Set 1 Questions

Question #1

Which of the following is NOT a characteristic of developing countries?

A. Dependence on primary sector

B. High rate of capital formation

C. High population growth rate

D. Low per capita income

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Correct Answer: Option B

Explanation:
Developing countries typically have low rates of capital formation. High capital formation is a feature of developed economies.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'National Social Assistance Programme' provides social assistance to:

A. elderly, widows and disabled persons in need

B. all citizens

C. children only

D. government employees

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Correct Answer: Option A

Explanation:
NSAP provides social assistance to elderly, widows and persons with disabilities.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on renting of residential property for commercial use is:

A. 5%

B. 18%

C. 0%

D. 12%

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Correct Answer: Option B

Explanation:
Renting residential property for commercial use attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

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