public finance fiscal & monetary policy section 7 MCQ Questions & Answers Detailed Explanation
MOST IMPORTANT indian economy mcq - 7 EXERCISES
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The following question based on Fiscal Policy, Public Finance and Monetary Policy topic of indian economy mcq
(a) Interest rate policy
(b) Foreign policy
(c) Production policy
(d) Tax policy
The correct answers to the above question in:
Answer: (d)
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Question : 1
Which statements about indirect taxes in India are true?
- Yield from indirect taxes is more than that from direct taxes.
- Indirect taxes have grown faster than direct taxes after 1947.
- Indirect taxes are ultimately paid for by persons who do not actually pay taxes to the government.
- Increase in indirect taxes is good in a developing country.
a) 1, 2 and 4
b) 2 only
c) 1 and 2
d) 1, 2 and 3
Answer »Answer: (d)
Question : 2
Which of the following economists, introduced fiscal policy as a tool to rectify the Great Depression of 1929-30?
a) Prof. Crowther
b) Prof. Marshall
c) Prof. Keynes
d) Prof. Pigou
Answer »Answer: (c)
Question : 3
Excise duty on a commodity is payable with reference to its
a) production, transportation and sale
b) production and sale
c) production
d) production and transportation
Answer »Answer: (c)
An excise or excise tax (sometimes called a duty of excise special tax) is an inland tax on the sale, or production for sale, of specific goods or a tax on a good produced for sale, or sold, within a country or licenses for specific activities.
Excises are distinguished from customs duties, which are taxes on importation. Excises are inland taxes, whereas customs duties are border taxes.
Question : 4
The theory of “Maximum Social Advantage” in Public Finance was given by
a) Dalten
b) Musgrave
c) Robbins
d) Findley
Answer »Answer: (a)
The 'Principle of Maximum Social Advantage' was introduced by British economist Hugh Dalton.
According to Dalton, “The best system of public finance is that which secures the maximum social advantage from the operations which it conducts."
Question : 5
The non-expenditure costs which arise when the producing firm itself owns and supplies certain factors of production are
a) Replacement costs
b) Original costs
c) Explicit costs
d) Implicit costs
Answer »Answer: (d)
In economics, an implicit is the opportunity cost equal to what a firm must give up in order to use factors which it neither purchases nor hires.
It is the opposite of an explicit cost, which is borne directly. In other words, an implicit cost is any cost that results from using an asset instead of renting, selling, or lending it. These are costs a business incurs without actually spending money.
Question : 6
Match columns A and B wherein Column B defines Column A Column B I. a. II. b. III. c.
Column A | Column B |
I. Capital expenditure | 1. Includes interest payments, subsidies, defence expenditure |
II. Plan expenditure | 2. Includes loans to PSUs, states, foreign governments |
III. Revenue expenditure | 3. Includes expenditure on central plans such as agriculture, rural development, irrigation, transport, communications, environment and welfare schemes |
a) I-c, II-a, III-b
b) I-a, II-d, III-b
c) I-b, II-c, III-a
d) I-b, II-a, III-c
Answer »Answer: (c)
All asset creating and productive expenditure is part of plan expenditure, and all non-productive, consumptive and non- asset-building expenditure is part of non-plan expenditure.
Non-plan expenditure is further divided into revenue expenditure and capital expenditure
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
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public finance fiscal & monetary policy section 6
public finance fiscal & monetary policy section 7
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