Economics Quiz on Indian Fiscal System

11 Fiscal Responsibility and Budget Management Act (FRBMA) ACT 2003 concerns :

A fiscal deficit only

B revenue deficit only

C both fiscal and revenue deficit

D neither fiscal nor revenue deficit

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Answer: Option [C]

12 The temporary tax levied to obtain additional revenue is called :

A cess

B rate

C fee

D surcharge

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Answer: Option [D]

13 What are the two main attributes of a formal organization ?

A esteern and prestige

B role and duties

C dominance and supremacy

D rules and regulations

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Answer: Option [D]

14 Which is correct with respect to the following ?

If the price of an inferior good falls, its demand :

A rises

B falls

C remains constant

D can be any of the above

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Answer: Option [C]

15 The existence of a Parallel Economy or Black Money :

A makes the economy more competitive

B makes the monetary policies less effective

C ensures a better distribution of income and wealth

D ensures increasing productive investment

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Answer: Option [B]

16 The cause of low per capita income in India is :

A of population growth

B of price rise

C more people are in rural areas

D of regional imbalances

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Answer: Option [A]

17 Which among the following formulates fiscal policy ?

A RBI

B Finance Ministry

C President

D Planning Commission

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Answer: Option [B]

18 Dear Money Policy relates to :

A high price level

B large money supply

C high production

D high interest rate

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Answer: Option [D]

19 One of the problem in calculating the national income in India correctly is :

A under-er-employment

B inflation

C non-monetised consumption

D low saving

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Answer: Option [C]

20 Companies pay Corporation Tax on their :

A investment

B production

C sales proceeds

D incomes

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Answer: Option [D]

Indian Fiscal System General Awareness Multiple Choice Questions and Answers | Page-2

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