Q. There has been a persistent deficit budget year after year.
Which action/ actions of the following can be taken by the Government to reduce the deficit ?
1. Reducing revenue expenditure
2. Introducing new welfare schemes
3. Rationalizing subsidies
4. Reducing import duty
Select the correct answer using the code given below :
1) 1 only
2) 2 and 3 only
3) 1 and 3 only
4) 1, 2, 3 and 4
Q. A 'closed economy' is an economy in which -
1) the money supply is fully controlled
2) deficit financing takes place
3) only exports take place
4) neither exports nor imports take place
Q. The lowering of Bank Rate by the Reserve Bank of India leads to (2011) -
1) More liquidity in the market
2) Less liquidity in the market
3) No change in the liquidity in the market
4) Mobilization of more deposits by commercial banks
Q. Why is the offering of 'teaser loans' by commercial banks a cause of economic concern?
1. The teaser loans are considered to be an aspect of sub-prime lending and banks may be exposed to the risk of defaulters in future.
2. In India, the teaser loans are mostly given to inexperienced entrepreneurs to set up manufacturing or export units.
Which of the statements given above is/ are correct?
1) 1 only
2) 2 only
3) Both 1 and 2
4) Neither 1 nor 2
Q. The Economic Survey is complied by -
1) Office of economic advisor
2) Central Statistical Office (CSO)
3) National Sample Survey Organization (NSSO)
4) Department of economic affairs
Q. Receipts in budget can be capital or revenue. Which of these is/ are capital receipts?
1. Loan recoveries
2. Provident funds deposits
3. Grants
Select the correct answer using the codes given below :
1) 1 and 2 only
2) 1 and 3 only
3) 2 and 3 only
4) 1, 2 and 3
Q. All revenues received by the Union Government by way of taxes and other receipts for the conduct of Government business are credited to the -
1) Contingency Fund of India
2) Public Account
3) Consolidated Fund of India
4) Deposits and Advances Fund
Q. What is the difference between 'vote-on-account' and 'interim budget'?
1. The provision of a 'vote-on- account' is used by a regular Government, while an 'interim budget' is a provision used by a caretaker Government.
2. A 'vote-on-account' only deals with the expenditure in Government's budget, while an "interim budget" includes both expenditure and receipts.
Which of the statements; given above is/ are correct?
1) 1 only
2) 2 only
3) Both 1 and 2
4) Neither 1 nor 2
Q. The economic cost of food grains to the Food Corporation of India is Minimum Support Price and bonus (if any) paid to the farmers plus -
1) transportation cost only
2) interest cost only
3) procurement incidentals and distribution cost
4) procurement incidentals and charges for go downs
Q. Which one of the following statements correctly describes the meaning of legal tender money?
1) The money which is tendered in courts of law to defray the fee of legal cases
2) The money which a creditor is under compulsion to accept in settlement of his claims
3) The bank money in the form of cheques, drafts, bills of exchange etc.
4) The metallic money in circulation in a country
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