The 'Fiscal Responsibility and Budget Management Act' originally targeted elimination of revenue deficit by which year? MCQ with Answer and Explanation

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The 'Fiscal Responsibility and Budget Management Act' originally targeted elimination of revenue deficit by which year?

A. 2010-11

B. 2006-07

C. 2008-09

D. 2013-14

Answer: Option C

Solution (By JKSSB Mock Tests)

FRBM aimed to eliminate revenue deficit by 2008-09.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The term 'revenue-neutral rate' in GST context means a rate that:

A. maximizes tax revenue

B. maintains the same revenue collection as pre-GST indirect taxes

C. only applies to direct taxes

D. eliminates all taxes

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Correct Answer: Option B

Explanation:
Revenue-neutral rate is the GST rate that preserves the existing indirect tax revenue.

This question belongs to: Economy GK Economy Set 1

Question #2

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The concept of 'Fiscal Multiplier' measures:

A. The change in output resulting from a unit change in government spending or taxes

B. Only the change in the money supply

C. Only the change in interest rates

D. Only the change in the exchange rate

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Correct Answer: Option A

Explanation:
The fiscal multiplier is the ratio of the change in real GDP to an exogenous change in the fiscal instrument (government purchases or taxes).

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Tea Board of India' is headquartered in:

A. Chennai

B. Mumbai

C. Kolkata

D. Delhi

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Correct Answer: Option C

Explanation:
The Tea Board of India is headquartered in Kolkata.

This question belongs to: Economy GK Economy Set 1

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