Which of the following is NOT a component of the Union Budget of India? MCQ with Answer and Explanation

Which of the following is NOT a component of the Union Budget of India?
A. Revenue Budget
B. Finance Bill
C. Monetary Policy Statement
D. Capital Budget
Answer: Option C
Solution (By JKSSB Mock Tests)
The Monetary Policy Statement is issued by the RBI. The Union Budget consists of the Revenue Budget, Capital Budget and related documents including the Finance Bill.

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Practice More Economy Set 1 Questions

Question #1
The 'First Five Year Plan' period was:
A. 1950-1955
B. 1951-1956
C. 1947-1952
D. 1956-1961

Correct Answer: Option B


Explanation:
The First Five Year Plan covered 1951-1956.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following best explains the concept of 'Adverse Selection'?
A. Situation where one party has more information before entering a contract
B. Equal risk sharing between parties
C. Perfect information leading to efficient outcomes
D. Change in behaviour after a contract is signed

Correct Answer: Option A


Explanation:
Adverse selection occurs when asymmetric information exists before a contract is signed, leading to the selection of undesirable parties (e.g., high-risk individuals buying more insurance).

This question belongs to: Economy GK Economy Set 1
Question #3
In the context of production theory, the isoquant represents:
A. Combinations of prices that maximise profit
B. Combinations of inputs that yield the same level of output
C. Combinations of goods that give the same utility
D. Combinations of income and consumption

Correct Answer: Option B


Explanation:
An isoquant is a curve that shows all possible combinations of two inputs that produce the same level of output, analogous to an indifference curve in consumer theory.

This question belongs to: Economy GK Economy Set 1