The term 'Demonetisation' refers to: MCQ with Answer and Explanation

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The term 'Demonetisation' refers to:

A. Introduction of new currency notes

B. Withdrawal of a currency unit from legal tender status

C. Devaluation of currency

D. Printing of more currency notes

Answer: Option B

Solution (By JKSSB Mock Tests)

Demonetisation is the act of stripping a currency unit of its status as legal tender. In India, high denomination notes were demonetised in 2016.

This question belongs to: Economy GK Economy Set 1

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Question #1

The concept of 'Terms of Trade' is defined as:

A. The ratio of import prices to export prices

B. The ratio of export prices to import prices

C. The value of capital inflows

D. The volume of exports only

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Correct Answer: Option B

Explanation:
Terms of trade measure the relative prices of a country's exports to its imports, usually expressed as an index. An improvement means more imports can be obtained per unit of exports.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'G-20' is a group of:

A. 20 poorest countries

B. major advanced and emerging economies

C. 20 African countries

D. 20 EU countries

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Correct Answer: Option B

Explanation:
The G20 is a group of major advanced and emerging economies.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Union Budget' of India is the annual financial statement under:

A. Article 280

B. Article 265

C. Article 110

D. Article 112

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Correct Answer: Option D

Explanation:
Union Budget is the Annual Financial Statement under Article 112.

This question belongs to: Economy GK Economy Set 1

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