The 'Consolidated Fund of India' includes: MCQ with Answer and Explanation

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The 'Consolidated Fund of India' includes:

A. all government revenues, borrowings and loans received

B. only foreign aid

C. only borrowing

D. only tax revenues

Answer: Option A

Solution (By JKSSB Mock Tests)

The Consolidated Fund of India includes all government revenues, borrowings and receipts.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

In the context of demand theory, the law of demand may not hold for:

A. Giffen goods and Veblen goods

B. All inferior goods without exception

C. Necessary goods with elastic demand

D. Normal goods

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Correct Answer: Option A

Explanation:
Giffen goods (strong negative income effect) and Veblen goods (prestige value rising with price) are exceptions to the law of demand.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a characteristic of the 'New Keynesian' Phillips Curve?

A. It is based on adaptive expectations only

B. It assumes continuous market clearing

C. It incorporates forward-looking expectations and sticky prices

D. It denies any role for demand factors

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Correct Answer: Option C

Explanation:
The New Keynesian Phillips Curve is derived from models with staggered price setting and rational expectations, linking current inflation to expected future inflation and the output gap or marginal cost.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'liquidity adjustment facility' was introduced in India based on the recommendations of:

A. Rangarajan Committee

B. Narasimham Committee

C. Kelkar Committee

D. Urjit Patel Committee

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Correct Answer: Option B

Explanation:
The Liquidity Adjustment Facility was introduced in 2000 based on Narasimham Committee recommendations.

This question belongs to: Economy GK Economy Set 1

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