ECONOMY MCQS SET 115

ECONOMY MCQS SET 115

1141) Which one of the following deficits is used in the calculation of the twin/double deficit of an economy?
1. Current account deficit
2. Fiscal deficit
3. Primary deficit
Select the correct answer using the codes given below
A) 2 and 3
B) 1 and 2
C) 1 and 3
D) All of these
Correct Answer: 1 and 2   
 
1142) Which one of the following deficits of the Union Government of India which includes the market borrowing and other government liabilities only?
A) Revenue deficit
B) Budgetary deficit
C) Fiscal deficit
D) Primary deficit
Correct Answer: Fiscal deficit   
 
1143) Select the correct statement/ statements related to the Central Sales Tax (CST) and the VAT (Value Added Tax) from the list given below, using the codes
1. CST is a destination based tax of the centre while VAT is an origin based tax of the states.
2. CST is inconsistent with the VAT
3. CST is a cascading type tax not rebatable against the VAT.
Codes
A) Only 1
B) 1 and 3
C) Only 3
D) 1, 2 and 3
Correct Answer: 1, 2 and 3
   
1144) Who is the Chairman of Financial Stability and Development Council ?
A) Prime Minister of India
B) Cabinet Secretary
C) Chief Justice of Supreme Court
D) Finance Minister
Correct Answer: Finance Minister
   
1145) Which of the following set of the canons of taxation has not been made the part of Indian tax reforms process till date? Select your answer using the codes given below
1. Equality
2. Certainty
3. Convenience
4. Economy
Codes
A) 1 and 2
B) 2, 3 and 4
C) 1 and 3
D) 1, 2, 3 and 4
Correct Answer: 1, 2, 3 and 4

1146) Deficit financing leads to inflation in general, but it can be checked if
A) government expenditure leads to increase in the Aggregate Supply (AS) in ratio of Aggregate Demand
B) only aggregate demand is increased.
C) all the expenditure is devoted to the payment of national debt.
D) All of the above
Correct Answer: government expenditure leads to increase in the Aggregate Supply (AS) in ratio of Aggregate Demand
   
1147) Select the correct one/ones from the given list which belong to the non-plan expenditures of India
1. Interest payments of internal and external loans
2. Subsidies on different heads
3. Defence expenses
4. Capacity creation in the irrigation sector
Codes
A) Only 1
B) 1 and 2
C) 1, 2 and 3
D) 2 and 3
Correct Answer: 1, 2 and 3
   
1148) The Union Government decided to prove a Financial Assistance of rs.41.21 crore rupees to protect pashmina goat, which produces world-famous fine luxury fibre. Which of the following is/are features of the scheme?
1. It includes assistance for foundation stock in new areas for pashmina rearing activities.
2. Inclusion of health coverage and feed supplement.
3. Strengthening of existing Fodder Bank and pashima goat breeding farm.
4. It includes establishment of multipurpose extension centre and pasture farm on migratory route.
Select the answer from codes given below.
A) 1, 2 and 3
B) 2, 3 and 4
C) 2 and 4
D) All of these
Correct Answer: All of these   
 
1149) Who is the Chairman of 14th Finance Commission?
A) AM Khusro
B) Yaga Venugopal Reddy
C) K Brahmananda Reddy
D) Dr Vijay L Kelkar
Correct Answer: Yaga Venugopal Reddy
   
1150) Which one of the following taxes will be included in the amendments of tax laws by the Direct Tax Codes in India?
A) Income Tax
B) Wealth Tax
C) Dividend Distribution Tax
D) All of the above
Correct Answer: All of the above