General Knowledge-Economics Quiz-Part 2

Economics Quiz-Part 2

1. Fiscal deficit in the Union Budget means:

a. The sum of budgetary deficit and net increase in internal & external borrowings.

b. The difference between current expenditure and current revenue

c. The sum of monetized deficit and budgetary deficit

d. Net increase in Government’s borrowing from the RBI.

Answer: a

2. The major challenge before policy makers in India is:

1. Reduce population pressure

2. Promotion adult literacy

3. Make the growth non inclusive

4. Infrastructure development

a.1, 2 & 4 only

b.1, 3, & 4 only

c.2, 3 & 4 only

d.1, 2, 3 &4

Answer: a

3. Which of the following is an Indirect Tax?

a. Capital Gains Tax

b. Fringe Benefit Tax

c. Taxes on Lotteries, Betting, Gambling

d. Minimum Alternate Tax

Answer: c

4. Which of the following is Tax?

a. Entertainment Tax

b. Luxury Tax

c. Capital Gains Tax

d. Entry Tax

Answer: c

5. Consider the following statements:

1. Infant mortality rate takes into account the death of infants within a month after birth

2. Infant mortality rate is the number of death that occur in the first year of life for 100 live births.

Which of the statements given above is/are correct?

a. 1 only

b. 2 only

c. Both 1 & 2

d. Neither 1 nor 2

Answer: d

6. In the context of independent India’s economy, Which one of the following was the earliest event to take place?

a. Nationalisation of Insurance Companies

b. Nationalisation of State Bank of India

c. Enactment of Banking Regulation Act

d. Introduction of First Five Year Plan

Answer: c

7. Consider the following

1. Fringe Benefit Tax

2. Interest Tax

3. Banking Cash Withdrawal Tax

Which of the statements given above is/are correct?

a. 1 only

b.1 & 3 only

c.2 & 3 only

d.1, 2 & 3

Answer: d

8. The proposed All-India Goods and Services Tax (GST) was recommended by

a.Chelliah Committee on Tax Reforms

b.Kelkar Task Force on Direct and Indirect Taxes

c.Kelkar Task force on Implementation of FRBM Act

d.Empowered Committee on VAT headed by Asim Das Gupta

Answer: c

9. Which of the following is a tax on inter-state sale of goods?

a. Central Sale Tax

b. Octroi

c. Entry Tax

d. Purchase Tax

Answer: a

10. Consider the following statements:

Introduction of GST will imply that:

1. State will also enjoy the power to tax services

2. Centre will also enjoy the power to tax sale of goods

3. States will also enjoy the power to tax imports

4. Monetised deficit

Which of the statements given above is/are correct?

a.1 only

b.1 & 2 only

c.1, 2 & 3

d.2 & 3 only

Answer: c