The 'Vote on Account' is generally taken for a period of: MCQ with Answer and Explanation

The 'Vote on Account' is generally taken for a period of:
A. five years
B. two months or up to six months
C. three years
D. one year
Answer: Option B
Solution (By JKSSB Mock Tests)
Vote on Account authorizes expenditure for part of the year, generally two months.

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Practice More Economy Set 1 Questions

Question #1
Which of the following is NOT a type of unemployment in developing countries?
A. Natural rate of unemployment as a policy target only
B. Disguised unemployment
C. Open unemployment
D. Seasonal unemployment

Correct Answer: Option A


Explanation:
Disguised, seasonal and open unemployment are common in developing countries. The natural rate of unemployment is a concept more relevant to developed economies and macroeconomic policy.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is NOT a component of the current account of India's balance of payments?
A. Merchandise trade
B. Software exports
C. Foreign direct investment
D. Invisibles (services, income, transfers)

Correct Answer: Option C


Explanation:
Foreign direct investment is recorded in the capital account. Merchandise trade, services (including software), income and transfers form the current account.

This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is a characteristic of the 'Attention Economy' business models of many digital platforms?
A. They often provide services free of monetary charge and monetise user attention and data through advertising
B. They never use advertising
C. They only sell physical products
D. They always charge users high monetary prices

Correct Answer: Option A


Explanation:
Many digital platforms operate on a 'free' model in which users pay with their attention and personal data, which are then monetised primarily through targeted advertising.

This question belongs to: Economy GK Economy Set 1