Answer: B

Explanation:

The Reserve Bank of India was established on April 1, 1935. It was nationalized on January 1, 1949. Therefore, when it was nationalized its headquarters was in Mumbai and not in Kolkata. Hence statement 1 is not correct.

The Reserve Bank of India is a member of the International Monetary Fund (IMF). It represents the Government of India in the IMF. Hence statement 2 is correct.

The Reserve Bank of India can influence the exchange rate through buying and selling of foreign currency. It does this by controlling the supply and demand of foreign exchange. Hence statement 3 is correct.

Answer: A

Explanation:

PPP is defined as the number of units of a country's currency required to buy the same amount of goods and services in the domestic market as one dollar would buy in the U.S. Hence, statement 1 is correct.

The World Bank (WB) calculates the PPP exchange rate. Hence, statement 2 is incorrect. It reflects the underlying exchange rate between the two different countries for buying goods and services, and a more accurate reflection of actual living standards in countries.

Answer: B

Explanation:

Gross domestic product (GDP) is an economic indicator that measures the size and growth of a country's economy. It is defined as the total monetary value of all final goods and services produced within a country's borders in a given period (usually a year). Hence Statement-I is correct.

There are three main methods for calculating GDP:

Expenditure Method: In this method, GDP is divided into four main segments: consumer expenditure, investment, government expenditure and net exports. Then, the sum of these four segments is taken as GDP.

Income Method: In this method, GDP is defined as the sum of all the income generated in the economy. This includes wages, capital income, profits and government income.

Production Method: In this method, GDP is defined as the total value of all goods and services produced in the economy. It excludes the value of intermediate goods and services.

Hence Statement-II is correct.

Statement-II is not the correct explanation of Statement-I. Statement I only provides the definition of GDP, while Statement II gives three methods of calculating GDP.

Answer: C

Explanation:

Core inflation actually excludes volatile components of the CPI, such as food and energy prices. These components can fluctuate significantly due to factors such as weather, crop yields, and geopolitical events, making them less reliable indicators of long-term trends. Hence statement 1 is correct.

It provides a clear picture of the underlying inflationary pressures in the economy. It is less affected by temporary fluctuations in prices and better reflects the impact of factors such as monetary policy and aggregate demand. This makes it a better measure for central banks and policy makers when assessing the overall health of the economy and making decisions about interest rates and other economic policies. Hence statement 2 is correct.

Answer: B

Explanation:

The primary objective of the Nachiket Mor Committee was to increase financial inclusion in India. In its report, this committee had recommended the establishment of payment banks in India. Payment banks are designed to enhance financial inclusion by facilitating services to small savings accounts, low-income households, small businesses, migrant labour, other unorganized sector entities, and other individuals by allowing high volume-low value transactions.