The 'Finance Committee' of Parliament is: MCQ with Answer and Explanation

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The 'Finance Committee' of Parliament is:

A. a standing committee

B. a statutory body

C. a constitutional body

D. an ad hoc committee

Answer: Option A

Solution (By JKSSB Mock Tests)

The Finance Committee is a parliamentary standing committee.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a feature of a mixed economy?

A. Complete private ownership of resources

B. Absence of government intervention

C. Coexistence of public and private sectors

D. Complete government ownership of resources

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Correct Answer: Option C

Explanation:
A mixed economy is characterised by the coexistence of both public and private sectors, with government intervention to correct market failures.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a feature of 'Open-Source' models of innovation?

A. Only closed innovation within a single firm

B. Collaborative development in which the source code or design is made publicly available and can be modified and redistributed

C. Complete proprietary control of all code

D. Only government-mandated standards

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Correct Answer: Option B

Explanation:
Open-source models rely on the public availability of source code or designs, enabling collaborative improvement, redistribution and the emergence of communities of developers around shared resources.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a major component of India's external debt?

A. Commercial borrowings, NRI deposits, multilateral and bilateral loans

B. Only equity portfolio investment

C. Only short-term trade credit

D. Only domestic government securities held by residents

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Correct Answer: Option A

Explanation:
India's external debt comprises multilateral and bilateral loans, commercial borrowings, NRI deposits, trade credit and other liabilities.

This question belongs to: Economy GK Economy Set 1

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