The 'Fiscal Responsibility and Budget Management Act' initially aimed to reduce fiscal deficit to what percentage of GDP by 2008-09? MCQ with Answer and Explanation

Question
The 'Fiscal Responsibility and Budget Management Act' initially aimed to reduce fiscal deficit to what percentage of GDP by 2008-09?
A. 6%
B. 2%
C. 3%
D. 5%
Answer: Option C
Solution (By JKSSB Mock Tests)
The FRBM Act initially aimed to reduce fiscal deficit to 3% of GDP by 2008-09.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
Which of the following is a feature of the 'Real Business Cycle' theory?
A. Sticky prices are the main source of fluctuations
B. Business cycles are primarily driven by real shocks, especially technology shocks
C. Fiscal policy is the primary driver of cycles
D. Business cycles are primarily caused by monetary shocks
Discuss
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Correct Answer: Option B

Explanation:
Real Business Cycle theory attributes macroeconomic fluctuations mainly to real shocks, particularly technological disturbances, under the assumption of continuous market clearing and rational expectations.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'GST Council' secretariat is located in:
A. New Delhi
B. Gandhinagar
C. Mumbai
D. Bengaluru
Discuss
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Correct Answer: Option A

Explanation:
The GST Council secretariat is located in New Delhi.
This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is a characteristic of a closed economy?
A. No foreign trade
B. Membership of WTO only
C. Free capital flows
D. High volume of exports and imports
Discuss
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Correct Answer: Option A

Explanation:
A closed economy does not engage in international trade or capital flows. It is self-sufficient and isolated from the rest of the world.
This question belongs to: Economy GK Economy Set 1
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