(A) Economic problems are solved by the government and market
(B) Economic decisions are made by the private sector and free market
(C) Economic allocation is achieved by the invisible hand
(D) Economic questions are solved by government departments
Answer:
(A) Economic problems are solved by the government and market
Explanation:
A mixed economic system blends elements of both capitalism and socialism, meaning resources are allocated by both free market mechanisms, and government interventions
77. NITI Aayog is a successor of:
(A) Planning Commission
(B) Pay Commission
(C) Productivity Council
(D) Finance Commission
Answer:
(A) Planning Commission
Explanation:
The Government of India replaced the 65-year-old Planning Commission with the NITI Aayog (National Institution for Transforming India) in 2015.
78. The largest employment generating sector in India is:
(A) Primary sector
(B) Secondary Sector
(C) Manufacturing Sector
(D) Service Sector
Answer:
(A) Primary sector
Explanation:
Despite the massive GDP contribution of the service sector, the primary sector (agriculture and allied activities) still employs the largest percentage of the Indian workforce.
79. Who Implements the Monetary Policy in India?
(A) Central Government
(B) State Government
(C) RBI (D) SBI
Answer:
(C) RBI
Explanation:
The Reserve Bank of India (RBI), functioning as the country’s central bank, is solely responsible for drafting, implementing, and monitoring India’s monetary policy.
80. Which one is NOT a function of commercial bank?
(A) Bill discounting
(B) Accepting Deposits
(C) Custodian of Foreign Exchange Reserves
(D) Lending of Funds
Answer:
(C) Custodian of Foreign Exchange Reserves
Explanation:
Acting as the custodian of a country’s foreign exchange reserves is a specialized function strictly reserved for the central bank (the RBI in India), not standard commercial banks.
