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Federal Finance System in India - General Knowledge Multiple Choice Questions and Answers | Page-6

Questions
51 The terms “Micro Economics” and “Macro Economics” were coined by
A J.M. Keynes
B Ranger Frisch
C Ranger Nurkse
D Alfred Marshall

Answer: Option [B]
52 The existence of a parallel economy or Black Money
A Makes the economy more competitive
B Ensures increasing productive investment
C Makes the monetary policies less effective
D Ensures a better distribution of income and wealth

Answer: Option [C]
53 Which from the following taxes are levied and collected by the centre but their net proceeds are wholly transferred to states?
A Taxes on Advertisement
B Stamps and Registration
C Expenditure Tax and Gift Tax
D Additional Duties of Excise in lieu of Sales Tax

Answer: Option [A]
54 Which from the following sets belongs to Central tax?
A Custom duty, Entertainment tax and Income tax
B Income tax, Custom duty and House tax
C Excise duty, Custom duty and Income tax
D Excise duty, Sales tax and Custom duty

Answer: Option [C]
55 Disinvestment in Public Sector is called
A Privatisation
B Industrialisation
C Globalisation
D Liberalisation

Answer: Option [A]
56 Rate of interest is determined by
A Central Government
B Commercial Banks
C Liquidity preference
D The rate of return on the capital invested

Answer: Option [B]
57 The Government set up a committee headed by the Chairman, Central Board of Direct Taxes some time back to go into-
A Codification of tax laws
B The concerns of the foreign investors in India with regard to taxation matters
C The entire structure of tax laws including the question of imposition of bank tax
D Aspects of generation of black money, its transfer abroad and bringing back such money into India’s legitimate financial system

Answer: Option [D]
58 Which from the following is a part of tertiary sector?
A Power and transportation
B Cultivation of crops
C Animal Husbandry
D Super-normal rent

Answer: Option [A]
59 A mixed economy refers to an economic system where
A Only the private sector operates under government control
B The economy functions with foreign collaboration
C Both the government and the private sectors operate sectors operate simultaneously
D No foreign investment is allowed

Answer: Option [C]
60 A Black Market is a situation wherein
A Goods are sold secretly
B Goods are loaded by the producers
C Goods are made available (sold) only after there is a rise in prices
D Goods are sold at prices higher than what is fixed by the Government

Answer: Option [A]

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