The 'Appropriation Bill' is passed by Parliament to: MCQ with Answer and Explanation

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The 'Appropriation Bill' is passed by Parliament to:

A. impose new taxes

B. regulate banks

C. declare war

D. authorize withdrawal of funds from the Consolidated Fund of India

Answer: Option D

Solution (By JKSSB Mock Tests)

The Appropriation Bill allows the government to withdraw funds from the Consolidated Fund of India.

This question belongs to: Economy GK Economy Set 1

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Question #1

The concept of 'Subjective Well-Being' in economics refers to:

A. Only physical health indicators

B. Individuals’ own evaluations of their lives, typically measured by surveys of happiness or life satisfaction

C. Only objective measures of income

D. Only environmental quality

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Correct Answer: Option B

Explanation:
Subjective well-being encompasses self-reported measures of happiness, life satisfaction and emotional states, which have become an important complement to traditional objective indicators of welfare.

This question belongs to: Economy GK Economy Set 1

Question #2

For an inferior good, the income effect of a price fall:

A. increases quantity demanded

B. decreases quantity demanded

C. always equals the substitution effect

D. does not affect quantity demanded

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Correct Answer: Option B

Explanation:
For an inferior good, a price fall raises real income, and the income effect causes the consumer to buy less of the good.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Asian Infrastructure Investment Bank' was established in which year?

A. 2016

B. 2017

C. 2013

D. 2015

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Correct Answer: Option D

Explanation:
AIIB was established in 2015.

This question belongs to: Economy GK Economy Set 1

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