(A) An ad-valorem tax on domestic final consumption collected at all stages between production and point of final sale
(B) An ad-valorem tax on final consumption collected at the manufacturing level
(C) Tax on final consumption collected at the consumption rate
(D) Special tax levied by the states on products from other states
Ans) A
2. Fiscal deficit in the Union Budget means
(A) Difference between current expenditure and current revenue
(B) Net increase in Union Government's borrowing from the Reserve Bank of India
(C) The sum of budgetary deficit and net increase in internal and external borrowing
(D) The sum of monetised deficit and budgetary deficit
Ans) C
3. Which committee recommended abolition of tax rebates under section 88?
(A) Chelliah committee
(B) Kelkar committee
(C) Shome committee
(D) None of these
Ans) B
4. Consider the following taxes
I) Corporation tax II) Customs duty
III) Wealth tax IV) Excise duty
Which of the statement(s) given above is/are indirect taxes?
(A) Only I
(B) II & IV
(C) I & III
(D) II & III
Ans) B
5. These has been a persistent deficit budget after year. Which of the following actions can be taken by the government to reduce the deficit?
I) Reducing revenue expenditure
II) Introducing new welfare schemes
III) Rationalising subsidies
IV) Expanding industries
Select the correct answer using the codes given below
(A) I & III
(B) Only I
(C) II and III
(D) All of these
Ans) A
6. The Balance of Payments (BoP) of a country is a systematic record of
(A) All import and export transactions of a country during a given period of time, normally a year
(B) Goods exported from a country during a year
(C) Economic transaction between the government of one country to another
(D) Capital movements from one country to another
Ans) A
7. The importance of agriculture in Indian Economy is indicated by its contribution to which of the following?
(A) National income and employment
(B) Industrial development and international trade
(C) Supply of foodgrains
(D) All of the above
Ans) D
8. The Green Revolution in India has contributed to
(A) Inter-regional inequality
(B) Inter-class inequality
(C) Inter-crop inequality
(D) All of the above
Ans) D
9. The price at which the government purchases foodgrains for maintaining the Public Distribution System and for building up buffer stocks are known as
(A) Minimum Support Prices
(B) Procurement Prices
(C) Issue Prices
(D) Ceiling Prices
Ans) B
10. Consider the following statements about the National Agricultural Insurance Scheme (NAIS).
I) The scheme has been implemented from Rabi 1999-2000 season
II) The scheme is available non-laonee farmers only
Which of the statement(s) given above is/are correct?
(A) Only I
(B) Only II
(C) Both I and II
(D) Neither I nor II
Ans) C
 - Part 2){kind=link}
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