Economics Quiz on Indian Fiscal System

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.

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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

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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

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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

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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

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Answer: Option [A]

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

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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

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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

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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

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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

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Answer: Option [D]

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

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