Which of the following is a major structural challenge for the Indian economy? MCQ with Answer and Explanation

Which of the following is a major structural challenge for the Indian economy?
A. Self-sufficiency in all commodities without trade
B. Complete equality of income across regions
C. Absence of an informal sector
D. Regional disparities, unemployment and informalisation of the workforce
Answer: Option D
Solution (By JKSSB Mock Tests)
The Indian economy continues to face structural challenges such as regional imbalances, unemployment and underemployment, and a large informal sector.

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Practice More Economy Set 1 Questions

Question #1
The value of the investment multiplier is equal to:
A. 1 divided by MPS
B. 1 divided by MPC
C. MPC divided by MPS
D. MPS divided by MPC

Correct Answer: Option A


Explanation:
The investment multiplier is 1/MPS, or 1/(1 - MPC).

This question belongs to: Economy GK Economy Set 1
Question #2
In the context of demand theory, the law of demand may not hold for:
A. Giffen goods and Veblen goods
B. Necessary goods with elastic demand
C. All inferior goods without exception
D. Normal goods

Correct Answer: Option A


Explanation:
Giffen goods (strong negative income effect) and Veblen goods (prestige value rising with price) are exceptions to the law of demand.

This question belongs to: Economy GK Economy Set 1
Question #3
The 'Directorate General of Goods and Services Tax Intelligence' deals with:
A. GST evasion and intelligence
B. income tax evasion
C. customs only
D. corporate fraud

Correct Answer: Option A


Explanation:
DGGI deals with GST evasion and intelligence.

This question belongs to: Economy GK Economy Set 1