The 'South Asian Free Trade Area' agreement came into force in which year? MCQ with Answer and Explanation

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The 'South Asian Free Trade Area' agreement came into force in which year?

A. 1995

B. 2010

C. 2004

D. 2006

Answer: Option D

Solution (By JKSSB Mock Tests)

SAFTA came into force in 2006.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'substitution effect' of a price change always leads consumers to buy:

A. only inferior goods

B. the same amount

C. more of the good whose relative price has fallen

D. less of the good whose relative price has fallen

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Correct Answer: Option C

Explanation:
The substitution effect always causes consumers to buy more of the relatively cheaper good.

This question belongs to: Economy GK Economy Set 1

Question #2

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In the context of economic reforms, 'Disinvestment' involves:

A. Increasing government stake in public sector enterprises

B. Nationalisation of private firms

C. Sale of government equity in public sector enterprises

D. Complete closure of all public enterprises

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Correct Answer: Option C

Explanation:
Disinvestment refers to the sale of government-held shares in public sector enterprises to private investors or the public, thereby reducing the government's ownership stake.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Pradhan Mantri Poshan Shakti Nirman' is a programme for:

A. rural housing

B. hot cooked meals in schools

C. education loans

D. skill development

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Correct Answer: Option B

Explanation:
PM POSHAN provides hot cooked meals in government and aided schools.

This question belongs to: Economy GK Economy Set 1

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