The 'Public Accounts Committee' is chaired by a member of: MCQ with Answer and Explanation

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The 'Public Accounts Committee' is chaired by a member of:

A. opposition party

B. NITI Aayog

C. ruling party

D. RBI

Answer: Option A

Solution (By JKSSB Mock Tests)

The PAC is traditionally chaired by a member of the opposition.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a qualitative tool of monetary policy?

A. Repo rate

B. Open market operations

C. Selective credit control

D. Cash Reserve Ratio

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Correct Answer: Option C

Explanation:
Selective credit controls (such as margin requirements and credit ceilings for specific sectors) are qualitative measures aimed at directing credit flow rather than controlling its overall volume.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'debit card' enables a customer to:

A. borrow money for purchases

B. take insurance

C. spend money directly from their bank account

D. buy stocks

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Correct Answer: Option C

Explanation:
A debit card allows direct spending from a customer's bank account.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'errors and omissions' item in the balance of payments is used to:

A. show imports

B. show exports

C. balance the statistical discrepancies

D. show foreign exchange reserves

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Correct Answer: Option C

Explanation:
Errors and omissions balance statistical discrepancies so the BoP accounts sum to zero.

This question belongs to: Economy GK Economy Set 1

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