Federal Finance System MCQs - Chapter-wise Economics Objective Type Questions with Answers

81 The Minimum Wages Act was First passed in India in the year:

A 1947

B 1948

C 1949

D 1950

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Answer: Option [B]

82 ‘Hire and Fire’ is the policy of

A Socialism

B Capitalism

C Mixed Economy

D Traditional Economy

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Answer: Option [C]

83 ‘Mixed economy’ refers to

A The co-existence of rich as well as poor

B The co-existence of public as well as private sector

C The promotion of agriculture as well as cottage industries

D The co-existence of heavy, small scale and cottage industries

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Answer: Option [B]

84 Taxation is a tool of

A Wage policy

B Price policy

C Fiscal policy

D Monetary policy

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Answer: Option [C]

85 Which one of the following is not included in current revenue of the Union Government?

A Loans

B Tax revenue

C Non-tax revenue

D Interest payments

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Answer: Option [A]

86 Which one of the following is a direct tax?

A Sales Tax

B Excise Tax

C Wealth Tax

D Entertainment Tax

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Answer: Option [C]

87 Micro-economy is also called:

A Income theory

B Price theory

C Investment theory

D Expenditure theory

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Answer: Option [B]

88 Demand in Economics means:

A Market demand

B Aggregate demand

C Individual demand

D Demand backed by purchasing power

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Answer: Option [D]

89 The principle of maximum social advantage is the basic principle of

A Macro Economics

B Micro Economics

C Fiscal Economics

D Environmental Economics

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Answer: Option [C]

90 Value-added means value of

A Output at market prices

B Output at factor cost

C Goods and services less depreciation

D Goods and services less cost of intermediate goods and services

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Answer: Option [D]

Federal Finance System in India - General Knowledge Multiple Choice Questions and Answers | Page-9

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