The 'Finance Commission' is appointed every how many years? MCQ with Answer and Explanation

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The 'Finance Commission' is appointed every how many years?

A. 10 years

B. 5 years

C. 6 years

D. 3 years

Answer: Option B

Solution (By JKSSB Mock Tests)

The Finance Commission is constituted every five years under Article 280.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'International Bank for Reconstruction and Development' mainly provides:

A. military aid

B. short-term balance of payments support

C. loans to middle-income and creditworthy low-income countries

D. grants only

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Correct Answer: Option C

Explanation:
IBRD provides loans to middle-income and creditworthy low-income countries.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'circular flow of income' in a three-sector economy includes:

A. households, firms and foreign sector

B. firms and government only

C. households, firms and government

D. government and foreign sector only

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Correct Answer: Option C

Explanation:
A three-sector economy includes households, firms and government.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is an example of a merit good?

A. Alcohol

B. Cigarettes

C. Gambling

D. Education

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Correct Answer: Option D

Explanation:
Merit goods are those that the government feels people will under-consume and which ought to be subsidised or provided free, such as education and healthcare.

This question belongs to: Economy GK Economy Set 1

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