Zero-based budgeting requires that: MCQ with Answer and Explanation

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Zero-based budgeting requires that:

A. previous year's budget is the base for all allocations

B. deficit is zero

C. every expenditure item is justified from zero each year

D. only capital expenditure is budgeted

Answer: Option C

Solution (By JKSSB Mock Tests)

Zero-based budgeting requires all expenditures to be justified from zero each budget period.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

A cartel is an example of:

A. monopolistic competition

B. collusive oligopoly

C. non-collusive oligopoly

D. perfect competition

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Correct Answer: Option B

Explanation:
A cartel is a formal collusive arrangement among oligopolistic firms to fix prices and output.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' rate on bicycles is:

A. 0%

B. 12%

C. 5%

D. 18%

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Correct Answer: Option C

Explanation:
Bicycles attract 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Subjective Well-Being' in economics refers to:

A. Only physical health indicators

B. Only objective measures of income

C. Only environmental quality

D. Individuals’ own evaluations of their lives, typically measured by surveys of happiness or life satisfaction

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Correct Answer: Option D

Explanation:
Subjective well-being encompasses self-reported measures of happiness, life satisfaction and emotional states, which have become an important complement to traditional objective indicators of welfare.

This question belongs to: Economy GK Economy Set 1

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