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Q:

In national income accounting, government purchases include

A) Federal B) Local
C) State D) All of the above

Answer:   D) All of the above



Explanation:

In national income accounting, government purchases by Local, State and Federal governments.

Subject: Indian Economy
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Q:

Money spent on government programs is referred to as

A) Revenue B) Obligation
C) Expenditure D) Bonding
 
Answer & Explanation Answer: C) Expenditure

Explanation:

Money spent by the government on government programs such as road work, electricity work, manhole, etc... that are aiming to contribute to the nation's social welfare in long and short term are referred to as Goverment Expenditures.

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0 2
Q:

A favorable cost variance occurs when

A) actual incurred cost is less than the standard cost B) actual incurred cost is greater than the standard cost
C) actual incurred cost is equal to the standard cost D) None of the above
 
Answer & Explanation Answer: A) actual incurred cost is less than the standard cost

Explanation:

Cost variance is nothing but the difference between the actual incurred cost and the estimated standard cost. This can be occured due to any changes in the volume of goods or services ordered. 

A favorable cost variance occurs when the actual incurred cost is less than the standard cost estimated before the production.

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1 75
Q:

Capitalism is an economic system in which

A) private entities own capital goods B) Public entities own capital goods
C) Both A & B D) None of the above
 
Answer & Explanation Answer: A) private entities own capital goods

Explanation:

Capitalism is an economic system in which private entities or businesses own capital goods.

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2 28
Q:

Administered prices refer to

Answer

Administered prices are prices set by government or firms which are not determined by regular market forces. They do not vary in response to short-run fluctuations in demand and supply conditions.


Examples include price controls and rent controls.

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0 31
Q:

Capitalism falls under _ economic system?

A) Market B) Planned
C) Command D) Mixed
 
Answer & Explanation Answer: A) Market

Explanation:

Capitalism is an economic system in which private individuals or businesses own capital goods i.e, economy is characterized by private ownership of the means of production. The production of goods and services is based on supply and demand in the general market known as a market economy and not on central planning known as a planned economy.

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0 26
Q:

Government imposes taxes to

A) Check accumulation of wealth among the rich B) Run the machinery of the state
C) Uplift weaker sections D) All of the above
 
Answer & Explanation Answer: B) Run the machinery of the state

Explanation:

Government imposes taxes to run the machinery of the state. Taxes serve as the main source of income for the government revenue.

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1 114
Q:

Fiscal policy is connected with

A) Public revenue & expenditure B) Exports and imports
C) Issue of currency D) Taxes
 
Answer & Explanation Answer: A) Public revenue & expenditure

Explanation:

Fiscal policy is connected with public revenue and expenditures. This policy is the use of government revenue collection to monitor the nation's economy.

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0 57
Q:

The term market in economics refers to

Answer

The term market in economics refers to the place or arrangement where the buyers and sellers come to contact directly or indirectly for buying and selling goods. Market refers to not a specific or particular place it is the place for commodities..


The_term_market_in_economics_refers_to1559201392.jpg image

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3 61