General Knowledge Test with questions about different types of economies for exams like UPSC, SSC, UPPSC, Banking, RPSC, MPSC, KAS, MPPSC, and others.
1. Which of the following statements is true regarding the chairperson of the Monetary Policy Committee (MPC)?
- The chairperson is always the Governor of the Reserve Bank of India (RBI)
- The chairperson is elected by the public
- The chairperson is appointed by the President of the country
- The chairperson serves a fixed term of five years
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Answer: Option A. The chairperson is always the Governor of the Reserve Bank of India (RBI)
2. The GST council has established a four-tier tax structure for most goods and services. Which of the following represents the correct grouping of these four tiers?
- 0%, 10%, 15%, 25%
- 1%, 6%, 14%, 20%
- 3%, 9%, 21%, 30%
- 0%, 5%, 12% & 18%, 28%
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Answer: Option D. 0%, 5%, 12% & 18%, 28%
3. The Uday Kotak Committee is associated with which of the following?
- Agricultural reforms
- Digital payment systems
- Corporate governance in India
- Environmental sustainability
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Answer: Option C. Corporate governance in India
4. The Bank Rate is described as the rate at which:
- The Reserve Bank of India (RBI) lends money to commercial banks
- Banks lend to each other overnight
- The government borrows from the public
- Consumers borrow from banks
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Answer: Option A. The Reserve Bank of India (RBI) lends money to commercial banks
5. What is the current transaction limit for funds under the Unified Payments Interface (UPI)?
- ₹1 lakh
- ₹50,000
- ₹2 lakhs
- ₹10,000
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Answer: Option A. ₹1 lakh