The 'General Budget' in India was separated from the Railway Budget in which year? MCQ with Answer and Explanation

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The 'General Budget' in India was separated from the Railway Budget in which year?

A. 1950

B. 1921

C. 1924

D. 1947

Answer: Option C

Solution (By JKSSB Mock Tests)

Railway Budget was separated from the General Budget in 1924 on the Acworth Committee recommendation.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on online gaming is:

A. 12%

B. 28%

C. 18%

D. 5%

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Correct Answer: Option B

Explanation:
Online gaming services attract 28% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of economic theory, the 'Law of Demand' is derived from:

A. Only the income effect

B. Increasing marginal utility

C. Only the substitution effect

D. Both substitution and income effects for normal goods

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Correct Answer: Option D

Explanation:
For normal goods, both the substitution effect and the income effect of a price change work in the same direction, reinforcing the inverse relationship between price and quantity demanded.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'World Bank' in India provides loans primarily for:

A. elections

B. development projects and economic reforms

C. defence

D. stock markets

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Correct Answer: Option B

Explanation:
World Bank loans in India finance development projects and economic reforms.

This question belongs to: Economy GK Economy Set 1

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