The term 'Fiscal Consolidation' refers to: MCQ with Answer and Explanation

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The term 'Fiscal Consolidation' refers to:

A. Only printing more money

B. Increase in government expenditure without regard to revenue

C. Policies aimed at reducing fiscal deficit and public debt

D. Only increasing tax rates

Answer: Option C

Solution (By JKSSB Mock Tests)

Fiscal consolidation refers to policies and measures undertaken to reduce the fiscal deficit and put public finances on a sustainable path.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on pasta and noodles is:

A. 5%

B. 12%

C. 28%

D. 18%

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Correct Answer: Option D

Explanation:
Pasta and noodles attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

Veblen goods are demanded mainly because:

A. they have many substitutes

B. their price is low

C. high price confers prestige or status

D. they are necessities

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Correct Answer: Option C

Explanation:
Veblen goods are conspicuous consumption goods where a higher price increases their status value.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' rate on footwear above Rs 1,000 is:

A. 5%

B. 18%

C. 12%

D. 28%

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Correct Answer: Option B

Explanation:
Footwear above Rs 1,000 attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

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