The 'FRBM Act' requires the government to present a 'Medium Term Fiscal Policy Statement' along with the budget to Parliament. MCQ with Answer and Explanation

Question

The 'FRBM Act' requires the government to present a 'Medium Term Fiscal Policy Statement' along with the budget to Parliament.

A. True

B. Only for states

C. False

D. Only in election years

Answer: Option A

Solution (By JKSSB Mock Tests)

The FRBM Act requires the government to present a Medium Term Fiscal Policy Statement, Fiscal Policy Strategy Statement and Macroeconomic Framework Statement.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The concept of 'Precautionary Saving' arises because:

A. Individuals save more when future income is uncertain

B. Only permanent income matters

C. Individuals save only for retirement

D. Saving is independent of uncertainty

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Correct Answer: Option A

Explanation:
Precautionary saving is additional saving undertaken by risk-averse agents to buffer against future income or expenditure uncertainty.

This question belongs to: Economy GK Economy Set 1