The 'Special Drawing Right' value is calculated based on a basket of currencies that includes which five currencies? MCQ with Answer and Explanation

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The 'Special Drawing Right' value is calculated based on a basket of currencies that includes which five currencies?

A. US dollar, euro, rupee, pound, yen

B. US dollar, euro, franc, pound, yuan

C. US dollar, euro, yen, pound, rupee

D. US dollar, euro, yen, pound, yuan

Answer: Option D

Solution (By JKSSB Mock Tests)

The SDR basket comprises US dollar, euro, Chinese yuan, Japanese yen and British pound.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Fisher effect' suggests that if expected inflation rises by 1%, nominal interest rates:

A. fall by 1%

B. remain unchanged

C. rise by about 1%

D. fall by more than 1%

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Correct Answer: Option C

Explanation:
The Fisher effect indicates nominal interest rates rise with expected inflation one-for-one in the long run.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' has enabled seamless input tax credit across states, which has eliminated:

A. direct taxes

B. customs duty

C. income tax

D. tax cascading and barriers to interstate trade

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Correct Answer: Option D

Explanation:
Seamless ITC has removed cascading and eased interstate trade.

This question belongs to: Economy GK Economy Set 1

Question #3

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In the context of inflation measurement in India, CPI stands for:

A. Central Price Indicator

B. Consumer Price Index

C. Commodity Price Index

D. Cost of Production Index

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Correct Answer: Option B

Explanation:
CPI is the Consumer Price Index, which measures changes in the price level of a basket of consumer goods and services. It is the primary measure targeted by RBI for inflation.

This question belongs to: Economy GK Economy Set 1

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