The term 'Financial Inclusion' primarily aims at: MCQ with Answer and Explanation

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The term 'Financial Inclusion' primarily aims at:

A. Ensuring access to financial services for all sections of society at affordable cost

B. Providing banking services only to high-income groups

C. Increasing interest rates for small borrowers

D. Restricting credit to priority sectors

Answer: Option A

Solution (By JKSSB Mock Tests)

Financial inclusion seeks to ensure that individuals and businesses, especially the underserved, have access to useful and affordable financial products and services.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

If a 10% increase in the price of a good causes quantity demanded to fall by 5%, the price elasticity of demand is:

A. 0.5

B. 1

C. 2

D. 5

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Correct Answer: Option A

Explanation:
Elasticity = 5% / 10% = 0.5, which is inelastic.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'National Anti-profiteering Authority' under GST was set up to ensure:

A. more exports

B. fewer returns

C. higher GST collections

D. benefits of GST rate cuts are passed to consumers

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Correct Answer: Option D

Explanation:
National Anti-profiteering Authority ensures that tax reductions are passed on to consumers.

This question belongs to: Economy GK Economy Set 1

Question #3

The Kisan Credit Card scheme provides farmers with:

A. crop insurance only

B. free land

C. short-term and long-term credit facilities for agricultural needs

D. subsidized fertilizers only

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Correct Answer: Option C

Explanation:
The Kisan Credit Card provides farmers with timely credit for cultivation and other agricultural needs.

This question belongs to: Economy GK Economy Set 1

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