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Previous Year Questions: Economics- 4


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30 Questions MCQ Test Indian Economy for UPSC CSE | Previous Year Questions: Economics- 4

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Previous Year Questions: Economics- 4 - Question 1

Which of the following taxes is levied by the Union and appropriated and planned by the states?                     

Previous Year Questions: Economics- 4 - Question 2

Interest on public debt is part of                    

Detailed Solution for Previous Year Questions: Economics- 4 - Question 2

The correct option is B.
In economics, a transfer payment (or government transfer or simply transfer) is a redistribution of income in the market system. ... Government debt is the debt owed by a central government. In the budget, it is listed among the transfer payments by the government.

Previous Year Questions: Economics- 4 - Question 3

Which of the following taxes is such which does not cause rise in price?            

Previous Year Questions: Economics- 4 - Question 4

Which amidst the following taxes collected by the Union is not mandated to be assigned to the states?                    

Previous Year Questions: Economics- 4 - Question 5

The main source of revenue for a State Government in India is             

Previous Year Questions: Economics- 4 - Question 6

The proceeds of Income tax go to         

Previous Year Questions: Economics- 4 - Question 7

How does the consumer benefit with VAT?                    

Previous Year Questions: Economics- 4 - Question 8

The receipts of which of the following taxes/duties are not shared with the states?         

Detailed Solution for Previous Year Questions: Economics- 4 - Question 8

The shareable central taxes include corporation tax, income tax, wealth tax, customs, excise duty and service tax. The taxes, which are not shared with states include some cesses like education and road. Income Tax in India includes all income except the agricultural income that is levied and collected by the central government.

Previous Year Questions: Economics- 4 - Question 9

Government securities are considered liquid because they are            

Detailed Solution for Previous Year Questions: Economics- 4 - Question 9

option  ( c) quickly and easily marketable is the correct answer. 

 

Explanation:- 

Liquid assets is an asset that can be converted into cash quickly and with minimum impact to the price received. In a liquid Market, assets can be easily converted without considerable price fluctuation and with a minimal decline in worth.

Previous Year Questions: Economics- 4 - Question 10

State which amongst the following is not true about VAT?             

Previous Year Questions: Economics- 4 - Question 11

When too much money is chasing too few goods, the situation is             

Previous Year Questions: Economics- 4 - Question 12

A tax is characterised by horizontal equity if its liability is                 

Previous Year Questions: Economics- 4 - Question 13

Which authority recommends the principles governing the grants in aid of the revenues of the states out of the Consolidated Fund of India?         

Previous Year Questions: Economics- 4 - Question 14

Buoyancy of a tax is defined as         

Previous Year Questions: Economics- 4 - Question 15

    Investment is equal to             

Previous Year Questions: Economics- 4 - Question 16

Which one of the following is not an example of Indirect tax?             

Previous Year Questions: Economics- 4 - Question 17

Non-insurable or uncertainty risk is                    

Previous Year Questions: Economics- 4 - Question 18

‘Gold Bullion Standard’ refers to                    

Previous Year Questions: Economics- 4 - Question 19

When Central Bank buys securities bank reserves                    

Previous Year Questions: Economics- 4 - Question 20

Reserve Bank of India was nationalised in                    

Previous Year Questions: Economics- 4 - Question 21

The reserve held by commercial banks over and above the statutory minimum, with the RBI are called    

Previous Year Questions: Economics- 4 - Question 22

Who is authorised to issue coins in India?                    

Detailed Solution for Previous Year Questions: Economics- 4 - Question 22

Coins may be coined at the Mint for issue under the authority of the Central Government, (of such denominations not higher than one hundred rupees),of such dimensions and designs, and of such metals or of mixed metals of such composition as the Central Government may, by notification in the official Gazette, determine.) Paper Currency in India consists of notes of various denominations which are issued by the RBI and the Government of India. The one rupee note is issued by the Ministry of Finance and bears the signature of the secretary. All currency notes are legal tender.

Previous Year Questions: Economics- 4 - Question 23

Which one of the following is not a function of the Central Bank in an economy?        

Previous Year Questions: Economics- 4 - Question 24

Inflation redistributes income and wealth in favour of                    

Detailed Solution for Previous Year Questions: Economics- 4 - Question 24

The correct option is D.
Redistribution of wealth occurs because some asset prices increase more rapidly than the price level while other asset prices increase more slowly than the price level. ... One important redistribution of income and wealth that occurs during unanticipated inflation is the redistribution between debtors and creditors.

Previous Year Questions: Economics- 4 - Question 25

When there is an official change in the exchange rate of domestic currency, then it is called                        

Previous Year Questions: Economics- 4 - Question 26

A short-term government security paper is called                    

Previous Year Questions: Economics- 4 - Question 27

At present, India is following        

Previous Year Questions: Economics- 4 - Question 28

Which is the biggest tax paying sector in India?                    

Previous Year Questions: Economics- 4 - Question 29

Consequent upon the recommendations of the working group on rural banks, 5 Rural Regional Banks were initially set-up in the year        

Previous Year Questions: Economics- 4 - Question 30

Cheap money means             

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