The 'Think Tank' of the Government of India for economic policy is: MCQ with Answer and Explanation

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The 'Think Tank' of the Government of India for economic policy is:

A. SEBI

B. NITI Aayog

C. Finance Commission

D. RBI

Answer: Option B

Solution (By JKSSB Mock Tests)

NITI Aayog acts as the premier policy think tank of the Government of India.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'International Atomic Energy Agency' is headquartered in:

A. New York

B. Vienna

C. Geneva

D. Paris

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Correct Answer: Option B

Explanation:
The International Atomic Energy Agency is headquartered in Vienna, Austria.

This question belongs to: Economy GK Economy Set 1

Question #2

Deadweight loss in economics refers to:

A. loss suffered by a monopolist

B. depreciation of capital

C. loss of revenue to the government

D. loss of total welfare due to market inefficiency

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Correct Answer: Option D

Explanation:
Deadweight loss is the loss of economic welfare due to inefficiency such as taxes, price controls or monopoly.

This question belongs to: Economy GK Economy Set 1

Question #3

In the two-commodity consumer equilibrium condition, which equality must hold?

A. MUx = MUy

B. Px/Py = MUy/MUx

C. Px × MUx = Py × MUy

D. MUx/Px = MUy/Py

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Correct Answer: Option D

Explanation:
The consumer is in equilibrium when marginal utility per rupee is equal for all goods: MUx/Px = MUy/Py.

This question belongs to: Economy GK Economy Set 1

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