The 'Ways and Means Advances' are given by RBI to: MCQ with Answer and Explanation

Question
The 'Ways and Means Advances' are given by RBI to:
A. central and state governments to bridge temporary mismatches in receipts and expenditures
B. foreign governments
C. commercial banks
D. NBFCs
Answer: Option A
Solution (By JKSSB Mock Tests)
Ways and Means Advances are short-term advances by RBI to governments to bridge temporary mismatches.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The term 'Primary Deficit' is defined as:
A. Budget deficit minus interest payments
B. Fiscal deficit plus interest payments
C. Revenue deficit minus interest payments
D. Fiscal deficit minus interest payments
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Correct Answer: Option D

Explanation:
Primary deficit = Fiscal deficit − Interest payments. It indicates the borrowing requirement of the government excluding interest payments on previous borrowings.
This question belongs to: Economy GK Economy Set 1
Question #2
The Gini coefficient value of zero indicates:
A. perfect equality of income distribution
B. perfect inequality
C. high poverty
D. no unemployment
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Correct Answer: Option A

Explanation:
A Gini coefficient of zero indicates perfect equality in income distribution.
This question belongs to: Economy GK Economy Set 1
Question #3
A firm should shut down in the short run if price is less than:
A. average total cost
B. marginal cost
C. average fixed cost
D. average variable cost
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Correct Answer: Option D

Explanation:
In the short run, a firm shuts down if price is less than average variable cost.
This question belongs to: Economy GK Economy Set 1
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