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. 2%

B. 3%

C. 6%

D. 5%

Answer: Option B

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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Question #1

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The 'Brexit' refers to the exit of which country from the European Union?

A. United Kingdom

B. Italy

C. France

D. Germany

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Correct Answer: Option A

Explanation:
Brexit refers to the United Kingdom's exit from the European Union.

This question belongs to: Economy GK Economy Set 1

Question #2

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DICGC provides deposit insurance up to which maximum amount per depositor per bank?

A. Rs 10 lakh

B. Rs 5 lakh

C. Rs 2 lakh

D. Rs 1 lakh

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Correct Answer: Option B

Explanation:
DICGC insures deposits up to Rs 5 lakh per depositor per bank.

This question belongs to: Economy GK Economy Set 1

Question #3

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In the context of the Indian economy, the 'Demographic Dividend' refers to:

A. Decline in the total population

B. Economic growth potential from a large working-age population

C. Increase in the proportion of dependent population

D. Increase in the old-age population only

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Correct Answer: Option B

Explanation:
Demographic dividend arises when a large share of the population is of working age, providing an opportunity for higher economic growth if this workforce is productively employed.

This question belongs to: Economy GK Economy Set 1

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