The 'President of India' can declare a financial emergency under which article? MCQ with Answer and Explanation

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The 'President of India' can declare a financial emergency under which article?

A. Article 360

B. Article 356

C. Article 352

D. Article 365

Answer: Option A

Solution (By JKSSB Mock Tests)

Financial emergency is declared under Article 360.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'currency chests' in India are operated by:

A. treasury departments

B. post offices

C. RBI only

D. banks on behalf of RBI

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Correct Answer: Option D

Explanation:
Currency chests are operated by selected banks on behalf of the RBI for currency storage and distribution.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is NOT a feature of perfect competition?

A. Product differentiation

B. Homogeneous product

C. Free entry and exit

D. Large number of buyers and sellers

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Correct Answer: Option A

Explanation:
Product differentiation is a feature of monopolistic competition, not perfect competition. In perfect competition, products are homogeneous.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'self-assessment tax' is paid by a taxpayer:

A. after assessment by the department

B. only after a notice

C. on the basis of self-computation before filing return

D. by employer only

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Correct Answer: Option C

Explanation:
Self-assessment tax is computed and paid by the taxpayer before filing return.

This question belongs to: Economy GK Economy Set 1

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