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(1). Since 1951, in India:

(a) national income has increased but per capita income has decreased

(b) national and per capita incomes have both increased fast

(C) national income has increased and per capita income has also increased but at a slower rate

(d) national income and per capita income have increased every year 

Ans: (C) national income has increased and per capita income has also increased but at a slower rate

(2). Which of the following expenses do not require the sanction of Parliament ?

I Salary and allowances of the President and CAG

II. Debt charges of the Government

III. Defence expenditure

IV. Maintenance expenditure of embassies

(a) I, II, II, IV

(b) I,II, II

(c) l, II

(d) Il,IV

Ans: (c) l, II

(3). Once the demands for grants and expenditure of different departments are passed by the Parliament, a bill to draw money from Consolidated Fund India for these purposes is introduced. This bill is called:

(a) finance bill

(b) money bill

(c) appropriation bill

(d) credit budget bill

Ans: (c) appropriation bill

(4). By which bill does the government make arrangement for the collection of revenues for a year?

(a) Supplementary Budget

(b) Finance Bill

(c) Fiscal Budget

(d) Economic Bill

Ans: (b) Finance Bill

(5). Grants or advances made by the House to enable the government to carry on until the voting of the demands for grants and passing of the General Appropriation Bill is called:

(a) vote on account

(b) complementary budget

(C)supplementary budget

(d) contingency budget

Ans: (a) vote on account

(6). On account of some national emergency or in order to carry out some secret mission,.the government sometimes requires funds.but may not give the details of the expenditure estimates. The House grants some lumpsum for this called;

(a) emergency budget

(b) vote of Credit

(c) contingency bill

(d) supplementary budget

Ans: (b) vote of Credit

(7). Consider the following statements:

(A) In India since independence the share of the.primary sector has been declining while the.shares of the secondary and tertiary sectors have been increasing

(B) This trend shows that indian economy is passing through the transition from at agricultural to an industrial economy 

While one of the following is correct?

(a) both A and Bare correct

(b) both A and Bare wrong

(C) A is corect, B is wrong

(d) A is wrong, B is correct

Ans: (a) both A and Bare correct

(8). Which of the following gives a correct.picture of the share of various sectors in economic growth in India over the years?

1. Primary sector-stagnant

2. Secondary sector-increasing

3. Tertiary sector-decreasing

(a) 1 and 2

(b)2 and 3

(c) 2 only

(d)1 only

Ans: (c) 2 only

(9). Which of the following is wrongly matched?

(a) Cess-a compulsory levy collected by the.government for a particular purpose from all persons

(b) Rate-a compulsory levy collected by the government from the beneficiaries of particular schemes

(c) Corporation tax-levied by corporations for civic amenities

(d) Proportional tax-a tax levied at the same time at all levels of the base

Ans: (c) Corporation tax-levied by corporations for civic amenities

(10). The basic attribute of a fomal organization is

(a) esteem and prestige

(b) roles and duties

(c) dominance and supremacy

(d) rules and regulations

Ans: (d) rules and regulations

(11). If the price of an inferior good falls, its demand:

(a) rises

(b) falls

(c) remains constant

(d) can be any of the above

Ans: (c) remains constant

(12). The existence of a Parallel Economy or Black Money:

(a) makes the economy more competitive

(b) makes the monetary policies less.effective

(c) ensures a better distribution of income and wealth

(d) ensures increasing productive investment

Ans: (b) makes the monetary policies less.effective

(13). Put the main sources of revenue of the Central Government in ascending order of importance:

1. Income tax

2. Corporation tax

3. Customs

4. Excise duties

(a) 1,2, 3,4

(b) 3, 2, 4,1

(c) 4,3, 1,2

(d) 4, 3,2, 1

Ans: (d) 4, 3,2, 1

(14).The highest sector wise contribution to gross domestic saving comes irom:

(a) private corporate sector

(b) household sector

(c) public sector

(d) cooperative sector

Ans: (b) household sector

(15). An amount given by a government agency or even private body to encourage a.particular economic activity is a:

(a) grant

(b) loan

(c) subsidy

(d) mutual fund

Ans: (c) subsidy

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