The 'Small Industries Development Bank of India' was established in which year? MCQ with Answer and Explanation

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The 'Small Industries Development Bank of India' was established in which year?

A. 2000

B. 1980

C. 1995

D. 1990

Answer: Option D

Solution (By JKSSB Mock Tests)

SIDBI was established in 1990.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Goods and Services Tax' rate applicable to a supply is determined by:

A. RBI

B. SEBI

C. GST Council

D. President

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Correct Answer: Option C

Explanation:
GST rates are recommended by the GST Council.

This question belongs to: Economy GK Economy Set 1

Question #2

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In the context of economic theory, the 'Law of Demand' is derived from:

A. Both substitution and income effects for normal goods

B. Increasing marginal utility

C. Only the substitution effect

D. Only the income effect

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Correct Answer: Option A

Explanation:
For normal goods, both the substitution effect and the income effect of a price change work in the same direction, reinforcing the inverse relationship between price and quantity demanded.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Economic Community of West African States' promotes economic integration in:

A. Asia

B. South America

C. Europe

D. West Africa

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Correct Answer: Option D

Explanation:
ECOWAS promotes economic integration in West Africa.

This question belongs to: Economy GK Economy Set 1

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