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Indian Fiscal System General Awareness Multiple Choice Questions and Answers | Page-3

21 The term ‘Balanced Growth’ refers to:
A Growth which brings about a balance between the owner and employee
B Growth which brings about a balance between the public and private sectors
C Growth which brings about a balance between the traditional and modern sector
D Growth pattern on which simultaneous investments are made in all the sectors of the economy, viz. Agriculture, Industry, Transport, Communication, etc.

Answer: Option [D]
22 Which of the following indicates the progress of a country ?
A Growth of GNP
B Reduction of unemployment
C Reduction in inequalities
D Growth of per capital income

Answer: Option [A]
23 The term ‘Invisible trade’ refers to the trade:
A of government with public institutions
B of government with other countries
C of the non-tangible services like the customer service, bank, marine companies and shipping companies
D of corporate and financial institutions with government

Answer: Option [C]
24 What is ‘Recession’ ?
A Rise in the cost of production, especially because of wage increase
B Reduction of Gross Domestic Product(GDP) lasts hardly for few months
C Increase in money supply without a matching increase in production
D None of these

Answer: Option [B]
25 Buyer’s market is a situation where:
A The supply exceeds the demand
B The demand exceeds the supply
C The demand and supply are well balanced
D Commodities are available at competitive rates

Answer: Option [B]
26 The rate of growth of per capita income is equal to:
A Rate of growth of national income
B Rate of growth of national income minus the rate of demographic inflation
C Growth in national income divided by the increase in population
D Rate of growth of national income divided by the rate of growth of population

Answer: Option [B]
27 The per capita income is obtained by:
A Summing up the income of all the citizens of the country
B Dividing national income by the population
C Estimating the minimum income of the individual citizens
D Dividing the total national capital with the profit earned

Answer: Option [B]
28 Which of the following taxes is not levied by the Union Government ?
A Income Tax
B Land Revenue
C Excise Duty
D Wealth Tax

Answer: Option [D]
29 Which of the following is not a source of state government tax ?
A Land revenue
B Entertainment tax
C Sales and purchase of newspapers
D Stamp duty other than financial documents

Answer: Option [C]
30 Which of the following is a indirect tax ?
A Tax on income
B Tax on wealth
C Tax on expenditure
D Tax on entertainment

Answer: Option [D]


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