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) Prof. Crowther
(b) Prof. Marshall
(c) Prof. Keynes
(d) Prof. Pigou
The correct answers to the above question in:
Answer: (c)
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Question : 1
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 : 2
Choose the correct one from the below expressions
- Fiscal deficit = Budget deficit – Government’s market borrowing and liabilities
- Fiscal deficit = Budget deficit + Government’s market borrowing and liabilities
- Fiscal deficit = Revenue expenditure – Budget receipts
- Fiscal deficit = Revenue expenditure + Budget receipts
a) 1 only
b) 3 only
c) 2 only
d) None of the above
Answer »Answer: (c)
Fiscal deficit is budget deficit plus borrowings and other liabilities.
Fiscal deficit = Budget deficit + Government’s market borrowing and liabilities.
The fiscal deficit situation shows whether the government is spending beyond its income. India has, unfortunately, been a country prone to constant and high fiscal deficit situations.
A high fiscal deficit implies high indebtedness of the government and a deficit above 3% in the Indian context means an alarming situation for the government finances
Question : 3
The acronym SRO, being used in the capital market for various market participants, stands for which one of the following?
a) Securities Roll-back Operators
b) Small Revenue Operators
c) Self regulatory Organisations
d) Securities Regulatory Organisations
Answer »Answer: (c)
A self-regulatory organization (SRO) is a nongovernmental organization that has the power to create and enforce industry regulations and standards.
The priority is to protect investors through the establishment of rules that promote ethics and equality
Question : 4
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 : 5
Which one of the following is part of fiscal policy?
a) Interest rate policy
b) Foreign policy
c) Production policy
d) Tax policy
Answer »Answer: (d)
Question : 6
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."
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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