public finance fiscal & monetary policy section 2 Practice Questions Answers Test with Solutions & More Shortcuts
Fiscal Policy, Public Finance and Monetary Policy PRACTICE TEST [7 - 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
Question : 1
Which of the following statements is/are correct as per Article 114(3) of the Constitution?
- No money can be taken out of consolidated fund without the approval of the Rajya Sabha
- No money can be taken out of consolidated fund without the approval of the Lok Sabha
- Money can be taken out of consolidated fund without any approval
a) 1 only
b) 3 only
c) 2 only
d) 1, 2 and 3
Answer »Answer: (c)
Lok Sabha approval is mandatory in order to take out money from the Consolidated fund
Question : 2
Consider the following:
- Market borrowing
- Treasury bills
- Special securities issued to RBI
a) 1 only
b) 2 only
c) 1 and 2
d) 1, 2 and 3
Answer »Answer: (d)
Treasury Bills are money market instruments to finance the short term financial requirements of the Government of India. These are discounted securities and are issued at a discount to face value.
Question : 3 [SSC DEO 2009]
In an economy, the sectors are classified into public and private on the basis of
a) use of raw materials
b) nature of economic activities
c) employment conditions
d) ownership of enterprises
Answer »Answer: (d)
The classical breakdown of all economic sectors is: primary, secondary and tertiary. However, on the basis of ownership, the sectors are: business sector, private sector (privately run businesses), public sector (state sector) and voluntary sector.
Question : 4 [SSC GL 2013]
Value-added means value of
a) goods and services less cost of intermediate goods and services
b) output at market prices
c) output at factor cost
d) goods and services less depreciation
Answer »Answer: (a)
Value added is an economic term to express the difference between the value of goods and the cost of materials or supplies that are used in producing them.
It is a measure of economic activity which eliminates the duplication inherent in the sales value figure which results from the use of products of some establishments as materials or services by others.
So it is of goods and services less cost of intermediate goods and services.
Question : 5
Which of the following has been introduced as a very important component of Direct Tax code with the objective of preventing such deals and transactions?
- General Avoidance Rules
- General Anti Affect Rules
- General Anti Avoidance Rules
- General Arm Affect Rules
a) 1 only
b) 3 only
c) 2 only
d) 1, 2 and 4
Answer »Answer: (b)
General Anti Avoidance Rules (GAAR) has been introduced as a very important component of the Direct Tax code with the objective of preventing such deals and transactions that are carried out to evade and avoid paying taxes.
In other words, GAAR seeks to prevent such transactions that are carried out by way of aggressive tax planning so as to avoid paying taxes
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Fiscal Policy, Public Finance and Monetary Policy Shortcuts »
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indian economy MCQ CATEGORIES
-
» Introduction to Indian Economy
-
» Planning, Economic Development & Five year Plans
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» National Income & Human Development Index
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» Agriculture Sector, Subsidy and Food Processing
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» Industries, Manufacturing & Service Sectors
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» Inclusive growth, Sustainable development and employment
-
» Poverty & Unemployment
-
» Introduction to Micro Economics
-
» Introduction to Macro Economics
-
» Macro fundamentals, GDP, Investment, Growth
-
» Demand & Supply, Profit Loss, Inflation & Price Index
-
» Fiscal Policy, Public Finance and Monetary Policy
-
» Money Supply, Banking and Financial Institutions
-
» Taxes Types, Methods & Budgeting Process
-
» Banking, Security Market & Insurance
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