General Economics 2 Set 2
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This set of General Economics 2 Multiple Choice Questions & Answers (MCQs) focuses on General Economics 2 Set 2
Q1 | Price revenue is popularly known as:
- Market borrowing
- Government borrowing
- Commercial revenue
- Surplus of public undertakings
Q2 | Who propounded the doctrine of sound finance:
- German Historical economists
- Classical Economists
- Neo‐ classical economists
- None of the above
Q3 | The basic principle of Public Finance is:
- Maximum social advantage
- Welfare of the government
- Welfare of the individual
- All the above.
Q4 | A tax is:
- Voluntary contribution with direct benefit
- Compulsory contribution with indirect benefit.
- Compulsory Contribution with no direct benefit.
- None of the above.
Q5 | Which of the following are direct taxes:
- Gift tax
- Corporation tax
- Income tax
- All of the above.
Q6 | From the following which is not a direct tax:
- Tax income
- Tax on wealth
- Tax on expenditure
- Tax on entertainment
Q7 | The name of indirect tax is:
- Sales tax
- Income tax
- Corporation tax
- Wealth tax.
Q8 | Taxes raised are credited into:
- Public Accounts
- Consolidated Fund
- Contingency Fund
- Private Accounts.
Q9 | All taxes come under:
- Capital receipts
- Public debt
- Revenue receipts
- Both (b) and (c).
Q10 | Who favoured an unbalanced budget:
- German historical economists
- Keynesian economists
- Neo‐ classical economists
- All of the above.
Q11 | The concept of functional finance was first developed by:
- Hugh Dalton
- Taussig
- A.P. Lerner
- None the above.
Q12 | Deficit budgeting should be resorted to at a time of:
- Inflation
- Depression
- Boom
Q13 | Fiscal policy is related to:
- Public revenue and expenditure
- Exports and Imports
- Issues and circulation of currencies.
- Money supply.
Q14 | “The Law of Increase of state Activities” was explained by:
- Dalton
- AC.Pigou
- Adolph Wagner
- None of the above
Q15 | The Critical limit Hypothesis was explained by:
- Wiseman
- A. Wagner
- Colin Clark
- None of the above
Q16 | Public debt implies loans raised by a government:
- Within the country
- Outside the country
- Both (a) and (b)
- None of the above
Q17 | Who is the chairman of the first finance commission?
- KC.Neogi
- AK.Chanda
- K.Santhanam
- None of the above
Q18 | Loans on projects yielding income is:
- Productive
- unproductive
- Short term
- None of the above
Q19 | When income of the government is greater than its expenditure, the budget is:
- balanced
- surplus
- deficit
- none of the above
Q20 | Chairman of the Thirteenth Finance Commission is:
- AM.Khusro
- KC.Pant
- Vijay Khelkar
- C.Rangarajan
Q21 | Chairman of the Finance Commission is appointed by:
- Prime Minister
- President
- Chief Justice
- None of the above
Q22 | When income and expenditure of the government are equal, the budget is:
- deficit
- surplus
- balanced
- none of the above
Q23 | Budget is presented in the Parliament as per:
- Article 280
- Article 112
- Article 202
- None of the above
Q24 | The largest contributing sector to GDP at the time of independence in India is:
- Agriculture
- Industry
- Service
- None
Q25 | The contribution of Primary sector to GDP in 2011‐12 is:
- 13.9
- 14.5
- 56.5
- 29.1