The 'Public Account Committee' examines: MCQ with Answer and Explanation

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The 'Public Account Committee' examines:

A. audited appropriation accounts and CAG reports

B. budget estimates

C. defence policy

D. foreign policy

Answer: Option A

Solution (By JKSSB Mock Tests)

Public Account Committee examines audited accounts and CAG reports.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Goods and Services Tax' does not apply to:

A. imports

B. alcoholic liquor for human consumption

C. interstate supplies

D. goods and services

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Correct Answer: Option B

Explanation:
Alcoholic liquor for human consumption is outside GST.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of market failure, 'Asymmetric Information' leads to:

A. Zero transaction costs

B. Adverse selection and moral hazard

C. Efficient market outcomes

D. Perfect competition

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Correct Answer: Option B

Explanation:
Asymmetric information, where one party has more information than the other, can lead to adverse selection (before the contract) and moral hazard (after the contract).

This question belongs to: Economy GK Economy Set 1

Question #3

The Atal Mission for Rejuvenation and Urban Transformation focuses on:

A. rural roads

B. urban infrastructure and basic services

C. railway electrification

D. agricultural markets

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Correct Answer: Option B

Explanation:
AMRUT focuses on urban infrastructure and basic services.

This question belongs to: Economy GK Economy Set 1

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