The 'Wholesale Price Index' is used in India for: MCQ with Answer and Explanation

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The 'Wholesale Price Index' is used in India for:

A. pension calculation

B. income tax

C. measurement of inflation at wholesale level

D. wage revision

Answer: Option C

Solution (By JKSSB Mock Tests)

WPI measures inflation at the wholesale level.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is a major objective of the Reserve Bank of India Act?

A. To collect direct taxes

B. To maximise government revenue

C. To regulate the issue of bank notes and maintain monetary stability

D. To formulate five-year plans

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Correct Answer: Option C

Explanation:
The RBI Act, 1934 primarily aims at regulating the issue of bank notes, maintaining reserves to secure monetary stability and operating the currency and credit system of the country.

This question belongs to: Economy GK Economy Set 1

Question #2

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The concept of 'Bounded Rationality' associated with Herbert Simon implies that:

A. Individuals always optimise with unlimited computational power

B. Individuals are limited in their cognitive capacity and information and therefore satisfice rather than optimise

C. Rationality is unbounded

D. Only perfect information is assumed

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Correct Answer: Option B

Explanation:
Bounded rationality recognises that human decision-makers face cognitive limitations and incomplete information, so they typically seek satisfactory rather than optimal solutions.

This question belongs to: Economy GK Economy Set 1