The 'second phase of bank nationalization' in India took place in which year? MCQ with Answer and Explanation

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The 'second phase of bank nationalization' in India took place in which year?

A. 1980

B. 1998

C. 1969

D. 1991

Answer: Option A

Solution (By JKSSB Mock Tests)

Six more banks were nationalized in 1980.

This question belongs to: Economy GK Economy Set 1

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Question #1

A 'merit good' is a good that:

A. has negative externalities

B. is only for the rich

C. is consumed voluntarily

D. the government encourages or provides because it has positive externalities and is under-consumed

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Correct Answer: Option D

Explanation:
Merit goods are under-consumed if left to the market, so government encourages their provision.

This question belongs to: Economy GK Economy Set 1

Question #2

The term 'Special Economic Zone' (SEZ) is associated with:

A. Increasing import tariffs

B. Restricting foreign investment

C. Reducing agricultural production

D. Promoting exports and attracting investment

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Correct Answer: Option D

Explanation:
SEZs are designated areas that offer incentives such as tax benefits and simplified procedures to promote exports, attract domestic and foreign investment, and generate employment.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of indicative planning in India refers to:

A. state ownership of all means of production

B. planning in a mixed economy with public and private sectors

C. planning without any state intervention

D. planning based on forced targets

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Correct Answer: Option B

Explanation:
Indicative planning in India is planning in a mixed economy with both public and private sectors.

This question belongs to: Economy GK Economy Set 1

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