public finance fiscal & monetary policy section 5 MCQ Questions & Answers Detailed Explanation
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The following question based on Fiscal Policy, Public Finance and Monetary Policy topic of indian economy mcq
(a) Medium-term Fiscal Policy Statement
(b) Fiscal Policy Strategy Statement
(c) Macroeconomic Framework Statement
(d) Statement showing Short term Fiscal Policy
The correct answers to the above question in:
Answer: (d)
The Act requires the government to lay before the parliament three policy statements in each financial year namely Medium Term Fiscal Policy Statement; Fiscal Policy Strategy Statement and Macroeconomic Framework Policy Statement.
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Read more public finance fiscal and monetary policy Based Indian Economy Questions and Answers
Question : 1
Where was VAT introduced?
- France
- USA
- Australia
- China
a) 1 only
b) 3 only
c) 1 and 2
d) 1, 2 and 3
Answer »Answer: (a)
It was introduced in France to overcome the cascading effect of several taxes-from raw material to the final product in the process of production
Question : 2
An instrument of qualitative credit control is
a) Open market operations
b) Credit rationing
c) variable reserve ratio
d) Bank rate
Answer »Answer: (b)
Question : 3
Consider the following statements: The Indian rupee is fully convertible:
- in respect of Current Account of Balance of payment
- in respect of Capital Account of Balance of payment
- into gold
a) 1 alone
b) 1 and 2
c) 3 alone
d) 1, 2 and 3
Answer »Answer: (a)
In respect of capital account of balance of payment, the Indian rupee is partially convertible after 1991.
Question : 4
Which of the following is an indirect tax ?
a) Estate Duty
b) Excise Duty
c) Capital Gains Tax
d) Wealth Tax
Answer »Answer: (b)
Some examples of indirect taxes include value added tax, excise duty, sales tax, stamp duty and custom duty levied on imports. These are taxes levied by the state on expenditure and consumption, but not on property or income.
Question : 5
By whom was the autonomous investment separated from induced investment ?
a) Adam Smith
b) Malthus
c) Schumpeter
d) Joan Robinson
Answer »Answer: (c)
Under his concept of creative destruction, Schumpeter distinguished between two types of investment that he called induced and autonomous.
Induced investment arose from the discrepancy between supply and demand and autonomous investment from resources and technology created by the entrepreneurs.
He also introduced a concept of "saving up" which is different from saving in the neoclassical growth models. Saving up constituted the part of the output that is withheld from investment and consumption.
Question : 6
The permission given to a bank customer to draw cheques in excess of his current account balance is called
a) an overdraft
b) an ordinary loan
c) a personal loan
d) discounting a bill of exchange
Answer »Answer: (a)
Overdrafts are an extension of credit from a lending institution when an account reaches zero.
An overdraft allows the individual to continue withdrawing money even if the account has no funds in it. Basically, the bank allows people to borrow a set amount of money.
An overdraft occurs when money is withdrawn from a bank account and the available balance goes below zero. In this situation, the account is said to be “overdrawn.”
GET Fiscal Policy, Public Finance and Monetary Policy PRACTICE TEST EXERCISES
public finance fiscal & monetary policy section 1
public finance fiscal & monetary policy section 2
public finance fiscal & monetary policy section 3
public finance fiscal & monetary policy section 4
public finance fiscal & monetary policy section 5
public finance fiscal & monetary policy section 6
public finance fiscal & monetary policy section 7
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