MCQs
Total Questions : 217
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Answer: Option D. -> the Finance Ministry
Answer: (d)The Department of Economic Affairs (DEA) under Ministry of Finance is the nodal agency of the Union Government to formulate and monitor country’s economic policies and programmes having a bearing on domestic and international aspects of economic management.
Answer: (d)The Department of Economic Affairs (DEA) under Ministry of Finance is the nodal agency of the Union Government to formulate and monitor country’s economic policies and programmes having a bearing on domestic and international aspects of economic management.
Answer: Option D. -> Social overheads capital
Answer: (d)
Social overheads capital is the capital spent on social infrastructures, such as schools, universities, hospitals, libraries.
They are capital goods of types that are available to anybody, hence social; and are not tightly linked to any particular part of the production, hence overhead.
Because of their broad availability they often have to be provided by the government. Examples of social overhead capital include roads, schools, hospitals, and public parks.
Answer: (d)
Social overheads capital is the capital spent on social infrastructures, such as schools, universities, hospitals, libraries.
They are capital goods of types that are available to anybody, hence social; and are not tightly linked to any particular part of the production, hence overhead.
Because of their broad availability they often have to be provided by the government. Examples of social overhead capital include roads, schools, hospitals, and public parks.
Question 3. Match columns A and B wherein Column B defines Column A
Column A
Column B
I. Public Account
a. Consists of all revenues and loans received by the government
II. Consolidated fund
b. Comprises of the sum placed at the disposal of the President to meet unforeseen expenditure
III. Contingency fund
c. Consists of receipts and payments, which are in form of deposit account with the government, such as provident funds, small savings, etc
Codes: I II III
Column A
Column B
I. Public Account
a. Consists of all revenues and loans received by the government
II. Consolidated fund
b. Comprises of the sum placed at the disposal of the President to meet unforeseen expenditure
III. Contingency fund
c. Consists of receipts and payments, which are in form of deposit account with the government, such as provident funds, small savings, etc
Codes: I II III
Answer: Option A. -> I-c, II-a, III-b
Answer: (a)
The budget shows the receipts and payments of the government under three heads.
All revenues and loans received by the government comes under Consolidated fund, the sum placed at the disposal of the President to meet unforeseen expenditure falls under Contingency fund and receipts & payments which are in form of deposit account with the government comprises Public Account
Answer: (a)
The budget shows the receipts and payments of the government under three heads.
All revenues and loans received by the government comes under Consolidated fund, the sum placed at the disposal of the President to meet unforeseen expenditure falls under Contingency fund and receipts & payments which are in form of deposit account with the government comprises Public Account
Answer: Option A. -> the Finance Ministry
Answer: (a)The Department of Economic Affairs (DEA) under Ministry of Finance is the nodal agency of the Union Government to formulate and monitor country’s economic policies and programmes having a bearing on domestic and international aspects of economic management.
Answer: (a)The Department of Economic Affairs (DEA) under Ministry of Finance is the nodal agency of the Union Government to formulate and monitor country’s economic policies and programmes having a bearing on domestic and international aspects of economic management.
Answer: Option B. -> 1, 2 and 3
Answer: (b)Excise tax, custom duty and service tax are all indirect taxes while property tax and income tax are direct taxes.
Answer: (b)Excise tax, custom duty and service tax are all indirect taxes while property tax and income tax are direct taxes.
Answer: Option A. -> 2003
Answer: (a)
Answer: (a)
Answer: Option A. -> 1, 2 and 3
Answer: (a)Corporation Tax, Wealth Tax and Income Tax are in the category of direct tax.
Answer: (a)Corporation Tax, Wealth Tax and Income Tax are in the category of direct tax.
Answer: Option D. -> Both the government and the private sectors operate sectors operate simultaneously
Answer: (d)
Mixed economy is an economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies.
The basic idea of the mixed economy is that the means of production are mainly under private ownership; that markets remain the dominant form of economic coordination; and that the government wields indirect influence over the economy through fiscal and monetary policies.
Answer: (d)
Mixed economy is an economic system in which both the state and private sector direct the economy, reflecting characteristics of both market economies and planned economies.
The basic idea of the mixed economy is that the means of production are mainly under private ownership; that markets remain the dominant form of economic coordination; and that the government wields indirect influence over the economy through fiscal and monetary policies.
Answer: Option D. -> fiscal policy
Answer: (d)
In economics, fiscal policy is the use of government revenue collection (taxation) and expenditure (spending) to influence the economy.
The two main instruments of fiscal policy are government taxation and expenditure. Deficit financing is defined as financing the budgetary deficit through public loans and the creation of new money.
Deficit financing in India means the expenditure in excess of current revenue and public borrowing.
Answer: (d)
In economics, fiscal policy is the use of government revenue collection (taxation) and expenditure (spending) to influence the economy.
The two main instruments of fiscal policy are government taxation and expenditure. Deficit financing is defined as financing the budgetary deficit through public loans and the creation of new money.
Deficit financing in India means the expenditure in excess of current revenue and public borrowing.
Answer: Option A. -> There will be an increase in tax revenues and an increase in the budget surplus
Answer: (a)
Answer: (a)