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. 1969

B. 1991

C. 1980

D. 1998

Answer: Option C

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

The 'European Union' is an example of:

A. an economic union

B. a free trade area only

C. a bilateral agreement

D. a simple customs union

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Correct Answer: Option A

Explanation:
The European Union is an economic union with deep integration, including common currency for many members.

This question belongs to: Economy GK Economy Set 1

Question #2

According to the law of diminishing marginal utility, as a consumer increases consumption of a commodity, the marginal utility derived from each additional unit:

A. remains constant

B. eventually declines

C. increases continuously

D. first declines then increases

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Correct Answer: Option B

Explanation:
The law of diminishing marginal utility states that as more units are consumed, the additional satisfaction from each extra unit eventually decreases.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' Council has how many members?

A. 20

B. 100

C. 50

D. 33

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Correct Answer: Option D

Explanation:
GST Council has 33 members, including the Chairperson.

This question belongs to: Economy GK Economy Set 1

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