12 Questions
Which aspect of development focuses on enabling the maximum number to experience the benefits of growth?
Development
What is the formula for Opportunity Cost?
Return on investment for the chosen option - Return on investment for an option not chosen
What does OECD define as Human Capital?
The knowledge, skills, and competencies embodied in individuals or groups acquired during their life
How does considering human beings as a means to an end relate to Human Capital?
It emphasizes education and health investments
Which of the following best represents a multi-dimensional indicator of overall economic development?
Education level
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
Which of the following is NOT a major cultivated oilseed in India?
Soybean
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
Which of the following statements about India's oilseed production is NOT true?
It has steadily decreased since 2016-17
What is the purpose of Gross Fixed Capital Formation (GCF) in calculating GDP?
To account for the net increase in physical assets
What percentage of India's total edible oil demand was met from domestic production in FY2016?
37.5%
Which of the following is NOT included in the definition of intangible wealth of a nation according to the text?
Natural resources
Test your knowledge on legal tender and its economic functions, along with other monetary policy concepts. This quiz includes content from previous year papers and covers topics such as currency manipulation and payment settlements.
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