introduction to indian economy section 14 MCQ Questions & Answers Detailed Explanation

Answer: (e)

The current Fiscal Deficit percentage in GDP (Gross Domestic Product) is 4 per cent.

Note: In his budgetary speech Finance Minister Arun Jaitley pegs fiscal deficit at 3.2% of GDP for 2017-18.

Answer: (c)

The national income of a country can be measured by three alternative methods:

1. Product Method,
2. Income Method, and
3. Expenditure Method.

Product Method: In this method, national income is measured as a flow of goods and services;

Income Method: Under this method, national income is measured as a flow of factor incomes;

Expenditure Method: In this method, national income is measured as a flow of expenditure.

Answer: (a)

Answer: (b)

The Central Indian Government that is officially named the “Union Government” is responsible for the imposition of both direct taxes as well indirect taxes.

Listed below are some of the taxes that are levied by the Indian Government:

1. Banking Cash Transaction Tax;
2. Capital Gains Tax;
3. Corporate Income Tax;
4. Fringe Benefits Tax;
5. Personal Income Tax; and
6. Securities Transaction Tax.

The indirect taxes are:

1. Customs Duty;
2. Excise Duty and
3. Service Tax.

Answer: (b)

As defined by the Brundtland Commission in its 1987 report Our Common Future, sustainable development is the “development that meets the needs of the present without compromising the ability of future generations to meet their own needs.”

Answer: (c)

ICICI Bank has adopted Akodara village of Sabarkantha district under its ‘Digital Village’ pilot project to boost Centre’s ‘Digital India’ drive.