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. 2003

B. 1999

C. 2005

D. 2001

Answer: Option A

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

The 'Goods and Services Tax' is an indirect tax because:

A. the burden can be shifted to the final consumer

B. it is paid by the seller only

C. it is paid by the government

D. it is paid only by companies

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Correct Answer: Option A

Explanation:
GST is an indirect tax as the burden is ultimately borne by the final consumer.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Contingency Fund of India' is established under which article?

A. Article 280

B. Article 312

C. Article 263

D. Article 267

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Correct Answer: Option D

Explanation:
The Contingency Fund of India is established under Article 267.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Laffer curve' was popularized by which economist?

A. John Maynard Keynes

B. Paul Samuelson

C. Milton Friedman

D. Arthur Laffer

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Correct Answer: Option D

Explanation:
The Laffer curve was popularized by Arthur Laffer.

This question belongs to: Economy GK Economy Set 1

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