The 'UDAY' scheme was launched by the Ministry of: MCQ with Answer and Explanation

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The 'UDAY' scheme was launched by the Ministry of:

A. Rural Development

B. Finance

C. Power

D. Petroleum

Answer: Option C

Solution (By JKSSB Mock Tests)

UDAY was launched by the Ministry of Power for DISCOM financial turnaround.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'National Single Window System' in India is intended to:

A. provide a single digital portal for business approvals

B. regulate banks

C. collect taxes

D. facilitate imports only

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Correct Answer: Option A

Explanation:
The National Single Window System provides a single portal for business approvals and clearances.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a major difficulty in measuring national income in developing countries?

A. Complete availability of reliable data for all activities

B. Uniform and comprehensive accounting practices

C. Absence of any informal economic activity

D. Presence of a large non-monetised and informal sector

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Correct Answer: Option D

Explanation:
Developing countries face significant measurement challenges due to a large non-monetised sector, widespread informal activities, under-reporting and inadequate statistical systems.

This question belongs to: Economy GK Economy Set 1

Question #3

Price elasticity of demand is measured as:

A. percentage change in price divided by percentage change in quantity demanded

B. change in quantity divided by change in price

C. change in price divided by change in quantity

D. percentage change in quantity demanded divided by percentage change in price

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Correct Answer: Option D

Explanation:
Price elasticity of demand is the percentage change in quantity demanded divided by the percentage change in price.

This question belongs to: Economy GK Economy Set 1

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