The 'Public Account of India' contains funds that: MCQ with Answer and Explanation

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The 'Public Account of India' contains funds that:

A. are held by the government in a trustee capacity, such as provident funds

B. belong to the government exclusively

C. are borrowed from foreign countries

D. are collected as taxes

Answer: Option A

Solution (By JKSSB Mock Tests)

Public Account includes funds held by government in fiduciary capacity, like provident funds and small savings.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on agricultural implements is:

A. 12%

B. 0%

C. 18%

D. 5%

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Correct Answer: Option D

Explanation:
Agricultural implements generally attract 5% GST, with some exemptions.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a feature of a capitalist economy?

A. Absence of market mechanism

B. Collective ownership of resources

C. Central planning of all economic activities

D. Private ownership of means of production and profit motive

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Correct Answer: Option D

Explanation:
A capitalist (market) economy is characterised by private ownership of the means of production, profit motive, and resource allocation through the market mechanism.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'asymmetric corridor' in Indian monetary policy refers to:

A. different widths of the corridor at different times or instruments

B. dual GST rates

C. fixed exchange rate bands

D. repo and reverse repo being equidistant from the policy rate

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Correct Answer: Option A

Explanation:
The asymmetric corridor refers to variations in the distance between policy rate, MSF and reverse repo rates.

This question belongs to: Economy GK Economy Set 1

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