The 'Contingency Fund of India' is established under which article? MCQ with Answer and Explanation

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The 'Contingency Fund of India' is established under which article?

A. Article 312

B. Article 263

C. Article 280

D. Article 267

Answer: Option D

Solution (By JKSSB Mock Tests)

The Contingency Fund of India is established under Article 267.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'GST compensation cess' is levied on which goods?

A. all goods

B. agricultural produce only

C. essential food items

D. luxury and sin goods

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Correct Answer: Option D

Explanation:
GST compensation cess is levied on luxury and sin goods.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Break-even Analysis' is used to determine:

A. The level of output at which marginal cost is minimum

B. The level of output at which profit is maximised

C. The level of output at which average cost is maximum

D. The level of output at which total revenue equals total cost

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Correct Answer: Option D

Explanation:
Break-even analysis identifies the output level at which total revenue equals total cost, so that the firm makes neither profit nor loss.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Effective Revenue Deficit' was introduced to exclude from revenue deficit those grants:

A. used for interest payments

B. given to states for revenue expenditure

C. used for creation of capital assets

D. given to foreign countries

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Correct Answer: Option C

Explanation:
Effective revenue deficit excludes grants for creation of capital assets from revenue deficit.

This question belongs to: Economy GK Economy Set 1

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