Which of the following is a major objective of NITI Aayog? MCQ with Answer and Explanation

Question
Which of the following is a major objective of NITI Aayog?
A. Promoting cooperative federalism and providing strategic policy advice
B. Controlling monetary policy
C. Formulating Five Year Plans with mandatory targets
D. Replacing the Finance Commission
Answer: Option A
Solution (By JKSSB Mock Tests)
NITI Aayog aims to foster cooperative federalism, serve as a think tank, and provide strategic and technical advice to the Centre and states.
This question belongs to: Economy GK Economy Set 1
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Question #1
The concept of 'Algorithmic Transparency' refers to:
A. The complete secrecy of all algorithms
B. Only the source code of open-source software
C. The degree to which the functioning, criteria and effects of algorithms used by platforms or public authorities can be understood and scrutinised
D. Only human decision-making without algorithms
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Correct Answer: Option C

Explanation:
Algorithmic transparency concerns the extent to which the logic, data and outcomes of algorithmic systems are open to inspection, explanation and accountability by users, regulators or the public.
This question belongs to: Economy GK Economy Set 1
Question #2
If the price elasticity of demand for a good is exactly 1, an increase in its price will:
A. leave total revenue unchanged
B. decrease total revenue
C. increase total revenue
D. eliminate all demand
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Correct Answer: Option A

Explanation:
Unitary elastic demand means total expenditure remains constant when price changes.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'BRICS' group originally included Brazil, Russia, India, China and:
A. South Korea
B. Turkey
C. Indonesia
D. South Africa
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Correct Answer: Option D

Explanation:
BRICS consists of Brazil, Russia, India, China and South Africa.
This question belongs to: Economy GK Economy Set 1
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