The 'Finance Commission' is appointed under which article? MCQ with Answer and Explanation

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The 'Finance Commission' is appointed under which article?

A. Article 356

B. Article 360

C. Article 324

D. Article 280

Answer: Option D

Solution (By JKSSB Mock Tests)

The Finance Commission is constituted under Article 280.

This question belongs to: Economy GK Economy Set 1

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Question #1

The concept of consumer surplus was developed by:

A. Alfred Marshall

B. Adam Smith

C. J.M. Keynes

D. David Ricardo

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Correct Answer: Option A

Explanation:
Alfred Marshall developed the concept of consumer surplus.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Second Five Year Plan' period was:

A. 1956-1961

B. 1961-1966

C. 1953-1958

D. 1951-1956

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Correct Answer: Option A

Explanation:
The Second Five Year Plan covered 1956-1961.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Fisher effect' suggests that if expected inflation rises by 1%, nominal interest rates:

A. fall by more than 1%

B. fall by 1%

C. remain unchanged

D. rise by about 1%

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Correct Answer: Option D

Explanation:
The Fisher effect indicates nominal interest rates rise with expected inflation one-for-one in the long run.

This question belongs to: Economy GK Economy Set 1

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