The 'Vote on Account' is used to: MCQ with Answer and Explanation

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The 'Vote on Account' is used to:

A. obtain Parliament's approval for expenditure for part of the financial year

B. present the full budget for the year

C. reduce fiscal deficit

D. impose new taxes

Answer: Option A

Solution (By JKSSB Mock Tests)

Vote on Account authorizes government expenditure for a limited period, usually before elections.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on services by diplomatic missions is:

A. exempt

B. 0%

C. 5%

D. 18%

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Correct Answer: Option A

Explanation:
Services by diplomatic missions are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

In the theory of consumer behaviour, the income effect of a price change for a normal good is:

A. Positive

B. Zero

C. Negative

D. Indeterminate

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Correct Answer: Option A

Explanation:
For a normal good, a fall in price increases real income, leading to an increase in quantity demanded (positive income effect), reinforcing the substitution effect.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Agreement on Agriculture' under WTO came into force in which year?

A. 1995

B. 1994

C. 1998

D. 2000

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Correct Answer: Option A

Explanation:
The Agreement on Agriculture came into force in 1995.

This question belongs to: Economy GK Economy Set 1

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