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 (1).Which of the following is the basis for determining the national income?

(a) Total revenue of the State

(b) Net profit earned and expenditure incurred by the State

(c) Production of goods and services

(d) All of the above

Ans: (c) Production of goods and services

(2). Which of the following is not a method of estimating national income?

(a) Income method

(b) Value-added method

(c) Expenditure method

(d) Export-import method

Ans: (d) Export-import method

(3).The national income of India is estimated mainly through:

(a) production method alone

(b) expenditure method alone

(c) production and expenditure methods

(d) production and income methods

Ans: (d) production and income methods

(4). Which of the following are referred to as the developed economies?

(a) Countries earning huge industrial profit

(b) Countries proficient in trade and export

(c) Countries having large per capita income

(d) Countries advanced in technology

Ans: (c) Countries having large per capita income

(5). An advalorem duty is a tax on the basis of:

(a) the price of a commodity

(b) the value added

(C) the advertisement expenditure

(d) the unit of the commodity

Ans: (a) the price of a commodity

(6). Consider the following statements with regard.to Statutory liquidity Ratio (SLR) :

1. To meet SLR, commercial banks can use cash only.

2. SLR is maintained by the banks with themselves.

3. SLR restricts the banks leverage in pumping more money into the economy.

Which of the statements given above is/are correct?

(a) 1,2 and 3

(b) 1 and 3

(c) 2 and 3

(d) 2 only

Ans: (c) 2 and 3

(7).Which of the following is not true about'vote-on-account'?

(a) Itis a budget presented in the Parliament to cover the deficit left by the last budget

(b) It does not allow the Government to set for the economic policies of the new plan, which starts from April 1

(c) It prevents the Government from imposing fresh taxes or withdrawing old one

(d) This allows the Government to withdraw an amount for a period with the consent of Parliament

Ans: (a) Itis a budget presented in the Parliament to cover the deficit left by the last budget

(8).Consider the following statements:

1.The repo rate is the rate at which other banks borrow from the Keserve Bank of India.

2.A value of 1 for Gini Coeficient in a country implies that there is perfectly equal income for everyone in its population.

Which of the statements given, above is/are correct?

(a) 1 only

(b) 2 only

(c) Both 1 and 2

(d) Neither I nor 2

Ans: (a) 1 only

(9).The system of Budget was introduced in India during the viceroyalty of:

(a) Canning

(b) Dalhousie

(C) Ripon

(d) Elgin

Ans: (a) Canning

(10).Which one of the following statements is correct ?

Fiscal Responsibility and Budget Management Act (FRBMA) concerns

(a) fiscal deficit only

(b) revenue deficit only

(c) both fiscal and revenue deficit

(d) neither fiscal deficit nor revenue deficit

Ans: (c) both fiscal and revenue deficit

(11).Temporary tax levied to obtain additional revenue is called:

(a) cess

(b) rate

(c) fee

(d) surcharge

Ans: (d) surcharge

(12). A tax which is paid by the person on whom the tax is incident is called a:

(a) local tax

(b) indirect tax

(c) direct tax

(d) rate

Ans: (c) direct tax

(13). Kate of growth of an economy is measurea in term of:

(a) per capita income

(b) industrial development

(c) number of people who have been lifted above the poverty line

(d) national income

Ans: (d) national income

(14). The standard of living in a country išrepresonteg by its:

(a) national income

(b) per capita income

(c) poverty ratio

(d) unemployment rate

Ans: (b) per capita income

(15). Which is the best measure of economic growth of a country?

(a) GNP

(b) GDP

(c) Net revenue

(d) None of these

Ans: (a) GNP

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