The Fiscal Responsibility and Budget Management Act was enacted in which year? MCQ with Answer and Explanation

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The Fiscal Responsibility and Budget Management Act was enacted in which year?

A. 1999

B. 2001

C. 2003

D. 2005

Answer: Option C

Solution (By JKSSB Mock Tests)

The FRBM Act was enacted in 2003.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the context of cost curves, the Marginal Cost curve intersects the Average Cost curve at:

A. Its minimum point

B. The origin

C. Any random point

D. Its maximum point

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Correct Answer: Option A

Explanation:
The MC curve intersects both the AVC and ATC curves at their respective minimum points.

This question belongs to: Economy GK Economy Set 1

Question #2

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A contractionary fiscal policy consists of:

A. increasing government spending and cutting taxes

B. reducing government spending or increasing taxes

C. lowering interest rates

D. increasing money supply

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Correct Answer: Option B

Explanation:
Contractionary fiscal policy reduces aggregate demand by cutting spending or raising taxes.

This question belongs to: Economy GK Economy Set 1

Question #3

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The term 'Disguised Unemployment' implies that:

A. Workers are unemployed and actively seeking jobs

B. More people are engaged in a task than required, with marginal productivity close to zero

C. Unemployment is due to seasonal factors only

D. Workers are employed in high-productivity jobs

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Correct Answer: Option B

Explanation:
Disguised unemployment exists when the removal of some workers does not reduce total output, typically found in agriculture in developing countries.

This question belongs to: Economy GK Economy Set 1

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