The 'Fiscal Deficit' in the Union Budget is expressed as a percentage of: MCQ with Answer and Explanation

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The 'Fiscal Deficit' in the Union Budget is expressed as a percentage of:

A. total expenditure

B. Gross Domestic Product

C. revenue receipts

D. total debt

Answer: Option B

Solution (By JKSSB Mock Tests)

Fiscal deficit is conventionally expressed as a percentage of GDP.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'G-20' is a group of:

A. major advanced and emerging economies

B. 20 poorest countries

C. 20 African countries

D. 20 EU countries

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Correct Answer: Option A

Explanation:
The G20 is a group of major advanced and emerging economies.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on coal is:

A. 5% with input tax credit

B. 12%

C. 5%

D. 18%

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Correct Answer: Option C

Explanation:
Coal attracts 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Natural Monopoly' arises when:

A. The market is perfectly competitive

B. Many firms can produce at the same minimum cost

C. A single firm can supply the entire market at lower cost than two or more firms because of large fixed costs and declining average costs

D. There are no economies of scale

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Correct Answer: Option C

Explanation:
A natural monopoly exists when subadditive costs (typically due to large fixed costs and declining average costs) make it more efficient for a single firm to serve the entire market.

This question belongs to: Economy GK Economy Set 1

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