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 Indian Economy Questions

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Q:

If a budget is defeated in the legislature of a state then

A) The Finance Minister alone has to resign B) The Finance Minister concerned has to be suspended
C) The council of Ministers along with the Chief Minister has to resign D) Re­election have to be ordered
 
Answer & Explanation Answer: C) The council of Ministers along with the Chief Minister has to resign

Explanation:
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Q:

Which taxes are included in GST?

A) Taxes on lottery B) Sales/VAT tax
C) Both A & B D) None of the above
 
Answer & Explanation Answer: C) Both A & B

Explanation:
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Q:

A decrease in the price level will

A) result in a movement downward along the aggregate demand curve B) shift the aggregate demand curve to the right
C) result in a movement upward along the aggregate demand curve D) shift the aggregate demand curve to the left
 
Answer & Explanation Answer: A) result in a movement downward along the aggregate demand curve

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1 1822
Q:

Deficit financing implies

A) replacing new currency with worn out currency B) public revenue in excess of public expenditure
C) printing new currency notes D) public expenditure in excess of public revenue
 
Answer & Explanation Answer: D) public expenditure in excess of public revenue

Explanation:

Deficit financing implies public expenditure in excess of public revenue.

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Filed Under: Indian Economy
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1 1808
Q:

Microeconomics is concerned with issues such as

A) inflation B) interest rates
C) unemployment D) which job to take
 
Answer & Explanation Answer: C) unemployment

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Filed Under: Indian Economy
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3 1786
Q:

Taxes cannot be levied by the union government in India -

A) Tax on professions B) Service tax
C) Income tax D) All of the above
 
Answer & Explanation Answer: A) Tax on professions

Explanation:

Tax on professions cannot be levied by the union government in India.

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8 1783
Q:

Employment in agriculture comes under

A) organised sector B) service sector
C) unorganised sector D) semi organised sector
 
Answer & Explanation Answer: B) service sector

Explanation:
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0 1778
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 1748