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

81 The Minimum Wages Act was First passed in India in the year:
A 1947
B 1948
C 1949
D 1950

Answer: Option [B]
82 ‘Hire and Fire’ is the policy of
A Socialism
B Capitalism
C Mixed Economy
D Traditional Economy

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

Answer: Option [B]
84 Taxation is a tool of
A Wage policy
B Price policy
C Fiscal policy
D Monetary policy

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

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

Answer: Option [C]
87 Micro-economy is also called:
A Income theory
B Price theory
C Investment theory
D Expenditure theory

Answer: Option [B]
88 Demand in Economics means:
A Market demand
B Aggregate demand
C Individual demand
D Demand backed by purchasing power

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

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

Answer: Option [D]

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