Which of the following is not a component of the current account of the balance of payments? MCQ with Answer and Explanation

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Which of the following is not a component of the current account of the balance of payments?

A. Imports of services

B. Exports of goods

C. Foreign direct investment

D. Remittances from abroad

Answer: Option C

Solution (By JKSSB Mock Tests)

Foreign direct investment is a capital account component, not current account.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'G-7' group includes which of the following countries?

A. India, China, Brazil

B. Australia, South Korea, South Africa

C. United States, United Kingdom, Germany, France, Italy, Japan, Canada

D. Russia, China, India, Brazil

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Correct Answer: Option C

Explanation:
The G7 comprises the US, UK, Germany, France, Italy, Japan and Canada.

This question belongs to: Economy GK Economy Set 1

Question #2

The term 'Base Effect' is related to the calculation of:

A. Balance of trade

B. National income

C. Inflation rate

D. Fiscal deficit

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Correct Answer: Option C

Explanation:
Base effect refers to the impact of the price level of the previous year (base) on the calculation of the inflation rate in the current year.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Code on Social Security' was passed in which year?

A. 2021

B. 2020

C. 2019

D. 2022

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Correct Answer: Option B

Explanation:
The Code on Social Security was passed in 2020.

This question belongs to: Economy GK Economy Set 1

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