The Skill India Mission aims to: MCQ with Answer and Explanation

Question
The Skill India Mission aims to:
A. provide direct income support
B. reduce population growth
C. train a large number of people in various skills
D. promote imports
Answer: Option C
Solution (By JKSSB Mock Tests)
Skill India aims to provide skill training to the workforce and improve employability.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The 'National Anti-profiteering Authority' under GST was set up to ensure:
A. more exports
B. fewer returns
C. benefits of GST rate cuts are passed to consumers
D. higher GST collections
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Correct Answer: Option C

Explanation:
National Anti-profiteering Authority ensures that tax reductions are passed on to consumers.
This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a major challenge in the measurement of national income in developing countries?
A. Presence of a large non-monetised sector
B. Complete availability of data for all sectors
C. Absence of the informal sector
D. Uniform accounting practices across all countries
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Correct Answer: Option A

Explanation:
Developing countries face difficulties in measuring national income due to a large non-monetised (barter) sector, informal activities, lack of reliable data and underreporting.
This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is a feature of the 'Debt-Deflation' theory associated with Irving Fisher?
A. Falling prices raise the real value of debt, leading to further declines in spending and prices
B. Debt is irrelevant for the business cycle
C. Deflation always reduces the real burden of debt
D. Only inflation causes debt problems
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Correct Answer: Option A

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
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