The Fifteenth Finance Commission was headed by: MCQ with Answer and Explanation

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The Fifteenth Finance Commission was headed by:

A. C. Rangarajan

B. Y.V. Reddy

C. Vijay Kelkar

D. N.K. Singh

Answer: Option D

Solution (By JKSSB Mock Tests)

The Fifteenth Finance Commission was headed by N.K. Singh.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Deen Dayal Upadhyaya Gram Jyoti Yojana' aims at:

A. LPG distribution

B. rural electrification and feeder separation

C. urban water supply

D. road construction

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Correct Answer: Option B

Explanation:
DDUGJY aims at rural electrification and separation of agricultural and non-agricultural feeders.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'GST Council' can be convened by:

A. Union Finance Minister

B. Prime Minister

C. President

D. RBI Governor

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Correct Answer: Option A

Explanation:
The Union Finance Minister can convene meetings of the GST Council.

This question belongs to: Economy GK Economy Set 1

Question #3

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

A. It denies any role for demand factors

B. It assumes continuous market clearing

C. It is based on adaptive expectations only

D. It incorporates forward-looking expectations and sticky prices

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Correct Answer: Option D

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

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