Which of the following is a major component of India's foreign exchange reserves? MCQ with Answer and Explanation

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Which of the following is a major component of India's foreign exchange reserves?

A. Foreign currency assets, gold, SDRs and reserve position in IMF

B. Only domestic currency

C. Only gold

D. Only equity shares of foreign companies

Answer: Option A

Solution (By JKSSB Mock Tests)

India's foreign exchange reserves consist of foreign currency assets, gold, Special Drawing Rights and the reserve tranche position in the IMF.

This question belongs to: Economy GK Economy Set 1

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Which of the following is a feature of the 'Data Portability' right?

A. The complete prohibition on data transfers

B. The right of individuals to receive their personal data in a structured, commonly used format and to transmit it to another controller

C. Only the right of platforms to retain all data

D. Only the right to delete data

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Correct Answer: Option B

Explanation:
Data portability, recognised in the GDPR and similar laws, allows individuals to obtain their personal data in a machine-readable format and to transfer it to another service provider, thereby reducing lock-in.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on takeaway food from restaurants is:

A. 5%

B. 28%

C. 18%

D. 12%

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Correct Answer: Option A

Explanation:
Takeaway food from restaurants attracts 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Laffer curve' suggests that beyond a certain tax rate, an increase in the tax rate may:

A. reduce total tax revenue

B. increase total tax revenue

C. eliminate all tax revenue immediately

D. leave revenue unchanged

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Correct Answer: Option A

Explanation:
The Laffer curve suggests very high tax rates can reduce work and investment, lowering tax revenue.

This question belongs to: Economy GK Economy Set 1

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