The 'Wholesale Price Index' in India is compiled by: MCQ with Answer and Explanation

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The 'Wholesale Price Index' in India is compiled by:

A. Office of Economic Adviser, Ministry of Commerce and Industry

B. Ministry of Finance

C. NITI Aayog

D. RBI

Answer: Option A

Solution (By JKSSB Mock Tests)

The WPI is compiled by the Office of Economic Adviser in the Ministry of Commerce and Industry.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Economic Community of West African States' promotes economic integration in:

A. Europe

B. South America

C. West Africa

D. Asia

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Correct Answer: Option C

Explanation:
ECOWAS promotes economic integration in West Africa.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a feature of the 'Save More Tomorrow' programme designed by Thaler and Benartzi?

A. A commitment device that allows employees to pre-commit to allocating a portion of future salary increases to retirement savings

B. A programme that ignores behavioural biases

C. An immediate large increase in current contributions

D. A mandatory increase in taxes

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Correct Answer: Option A

Explanation:
Save More Tomorrow is a behavioural intervention that invites employees to commit in advance to increasing their retirement contribution rates whenever they receive pay raises, thereby overcoming present bias and inertia.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Reserve Bank of India' issues currency notes of denominations up to:

A. Rs 10,000

B. Rs 1,000

C. Rs 5,000

D. Rs 100

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Correct Answer: Option B

Explanation:
RBI issues currency notes up to Rs 1,000 denomination, while one rupee notes are issued by Government of India.

This question belongs to: Economy GK Economy Set 1

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