Unified Payments Interface enables: MCQ with Answer and Explanation

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Unified Payments Interface enables:

A. only cheque clearing

B. only credit card payments

C. instant interbank transfer using a virtual payment address

D. only government payments

Answer: Option C

Solution (By JKSSB Mock Tests)

UPI enables instant interbank transfers through virtual payment addresses using mobile devices.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'GST Council' can recommend which of the following?

A. income tax rates

B. taxes to be subsumed under GST

C. customs duties on imports

D. corporate tax rates

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Correct Answer: Option B

Explanation:
GST Council recommends taxes to be subsumed and GST rates.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of production, the law of variable proportions is also known as:

A. Law of constant returns

B. Law of increasing returns

C. Law of diminishing returns

D. Law of returns to scale

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Correct Answer: Option C

Explanation:
The law of variable proportions (or law of diminishing returns) states that as more units of a variable factor are applied to a fixed factor, after a point, the marginal product of the variable factor diminishes.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of the future of work, 'Skill-Biased Technical Change' refers to:

A. Only the displacement of all labour

B. Technical change that is neutral across skill groups

C. Technical change that only benefits unskilled labour

D. Technological progress that raises the relative demand for skilled labour and contributes to wage inequality

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Correct Answer: Option D

Explanation:
Skill-biased technical change describes innovations that complement skilled workers more than unskilled workers, increasing the relative demand for and returns to skill and contributing to rising wage inequality.

This question belongs to: Economy GK Economy Set 1

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