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. 3%

B. 6%

C. 2%

D. 5%

Answer: Option A

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

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

Share Report

Which of the following is a characteristic of a traditional economy?

A. Rapid industrialisation

B. Extensive use of money and banking

C. High use of advanced technology

D. Customs and traditions determine economic decisions

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
In a traditional economy, economic decisions regarding production and distribution are based on customs, traditions and hereditary practices.

This question belongs to: Economy GK Economy Set 1

Question #2

Share Report

The 'European Union' is an example of:

A. a bilateral agreement

B. a simple customs union

C. an economic union

D. a free trade area only

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
The European Union is an economic union with deep integration, including common currency for many members.

This question belongs to: Economy GK Economy Set 1

Question #3

Share Report

In the context of public finance, 'Tax Incidence' refers to:

A. The legal liability to pay the tax

B. The final burden of the tax after shifting

C. The administrative cost of tax collection

D. The total tax revenue collected

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
Tax incidence refers to the final resting place of the tax burden — who ultimately bears the economic burden of the tax after possible shifting.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs