The 'Contingency Fund of India' is held by: MCQ with Answer and Explanation

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The 'Contingency Fund of India' is held by:

A. RBI

B. Finance Minister

C. Prime Minister

D. President

Answer: Option D

Solution (By JKSSB Mock Tests)

The Contingency Fund of India is placed at the disposal of the President.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' is applicable in:

A. only special economic zones

B. only states

C. all states and union territories

D. only union territories

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Correct Answer: Option C

Explanation:
GST applies throughout India including states and union territories.

This question belongs to: Economy GK Economy Set 1

Question #2

Globalization in the Indian economic context means:

A. increasing integration with the world economy

B. self-reliant village economy

C. nationalization of foreign companies

D. closing the economy to foreign trade

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Correct Answer: Option A

Explanation:
Globalization means increasing integration of the Indian economy with the world economy.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of exchange-rate regimes, a 'Currency Board' arrangement is characterised by:

A. A fixed exchange rate backed by a full foreign-exchange reserve cover of the monetary base and limited monetary discretion

B. Complete monetary discretion without any reserve backing

C. A freely floating exchange rate

D. Only a crawling peg

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Correct Answer: Option A

Explanation:
A currency board maintains a fixed exchange rate to an anchor currency, backs the entire monetary base with foreign reserves, and severely restricts the scope for discretionary monetary policy.

This question belongs to: Economy GK Economy Set 1

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