The 'Union Budget' of India is the annual financial statement under: MCQ with Answer and Explanation

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The 'Union Budget' of India is the annual financial statement under:

A. Article 265

B. Article 110

C. Article 112

D. Article 280

Answer: Option C

Solution (By JKSSB Mock Tests)

Union Budget is the Annual Financial Statement under Article 112.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a characteristic of the 'Natural Rate Hypothesis'?

A. In the long run, unemployment returns to its natural rate regardless of the inflation rate

B. Only adaptive expectations are assumed

C. Monetary policy can permanently reduce unemployment below the natural rate

D. There is a permanent trade-off between inflation and unemployment

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Correct Answer: Option A

Explanation:
The natural rate hypothesis, associated with Friedman and Phelps, states that in the long run the economy returns to the natural rate of unemployment and there is no permanent trade-off with inflation.

This question belongs to: Economy GK Economy Set 1

Question #2

The Green Revolution in India was primarily associated with:

A. horticulture

B. high-yielding varieties of wheat and rice

C. increasing output of pulses

D. organic farming

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Correct Answer: Option B

Explanation:
The Green Revolution introduced high-yielding varieties of wheat and rice.

This question belongs to: Economy GK Economy Set 1

Question #3

Interest payment on government debt is classified as:

A. capital expenditure

B. non-tax revenue

C. plan expenditure

D. revenue expenditure

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Correct Answer: Option D

Explanation:
Interest payment on debt is a recurring revenue expenditure.

This question belongs to: Economy GK Economy Set 1

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