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Understanding Legal Tender and Monetary Policy Quiz

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Understanding Legal Tender and Monetary Policy Quiz

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Questions and Answers

Which aspect of development focuses on enabling the maximum number to experience the benefits of growth?

Development (correct)

Human capital

Income increase

Economic growth

What is the formula for Opportunity Cost?

Investment for the chosen option - Investment for an option not chosen

Investment for the chosen option / Investment for an option not chosen

Return on investment for the chosen option + Return on investment for an option not chosen

Return on investment for the chosen option - Return on investment for an option not chosen (correct)

What does OECD define as Human Capital?

The knowledge, skills, and competencies embodied in individuals or groups acquired during their life (correct)

The physical assets of individuals or groups of individuals

The assets used to produce goods, services, or ideas in non-market circumstances

The financial assets of individuals or groups of individuals

How does considering human beings as a means to an end relate to Human Capital?

It emphasizes education and health investments Signup and view all the answers

Which of the following best represents a multi-dimensional indicator of overall economic development?

Education level Signup and view all the answers

Why might considering the value of opportunity costs guide individuals and organizations to more profitable decision making?

To assess potential benefits missed out by choosing one alternative over another Signup and view all the answers

Which of the following is NOT a major cultivated oilseed in India?

Soybean Signup and view all the answers

What is the primary function of legal tender money according to the RBI Act of 1934?

To be used for payment of debts and obligations Signup and view all the answers

Which of the following statements about India's oilseed production is NOT true?

It has steadily decreased since 2016-17 Signup and view all the answers

What is the purpose of Gross Fixed Capital Formation (GCF) in calculating GDP?

To account for the net increase in physical assets Signup and view all the answers

What percentage of India's total edible oil demand was met from domestic production in FY2016?

37.5% Signup and view all the answers

Which of the following is NOT included in the definition of intangible wealth of a nation according to the text?

Natural resources Signup and view all the answers