The Reserve Bank of India was nationalized in the year: MCQ with Answer and Explanation

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The Reserve Bank of India was nationalized in the year:

A. 1947

B. 1935

C. 1949

D. 1955

Answer: Option C

Solution (By JKSSB Mock Tests)

The RBI was nationalized in 1949.

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 'Prospect Theory' developed by Kahneman and Tversky?

A. Losses and gains are treated symmetrically

B. Only final wealth levels matter

C. People always maximise expected utility with stable preferences

D. People evaluate outcomes relative to a reference point and are loss-averse

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Correct Answer: Option D

Explanation:
Prospect theory posits that individuals evaluate outcomes as gains or losses relative to a reference point, overweight small probabilities, and exhibit loss aversion (losses loom larger than gains).

This question belongs to: Economy GK Economy Set 1

Question #2

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In the context of consumer theory, the budget line represents:

A. Combinations of prices that maximise profit

B. Combinations of goods that give the same utility

C. Combinations of inputs that give the same output

D. Combinations of goods that can be purchased with a given income and prices

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Correct Answer: Option D

Explanation:
The budget line shows all possible combinations of two goods that a consumer can afford given his money income and the prices of the goods.

This question belongs to: Economy GK Economy Set 1