Economics National income, Inflation, Budget, Taxation and GDP Test 4

1.The Union Budget, 2020-21, increased deposit insurance coverage for bank deposits to ₹______ per depositor.

2.Which among the following is included in the gross domestic product?

3.Which of the following best represents the concept of Net Domestic Product (NDP) ?

4.Which of the following items does NOT directly affect the Current Account Balance of India?

5.In which year did the Government of India introduce value-added tax (VAT) as an indirect tax in the Indian taxation system to replace the existing general sales tax?

6.In which year was the Value Added Tax introduced in India?

7. India's average exponential growth rate (population) for the period 2001-2011 was ______% per annum.

8. The difference between Revenue Receipts plus Non-debt Capital Receipts (NDCR) and total expenditure is called ______.

9.Ronald Reagan, the 40th President of the US, signed the largest tax cut in the history of their country in 1981. Which economic theory was this policy centred around?

10.As per the recommendations of the National statistical commission, the Base Year of the GDP Series in India was revised from 2004-05 to ______ with effect from January 2015.

11. Tax reforms are concerned with the reforms in the government’s taxation and public expenditure policies, which are collectively known as its ______.

12.The GST council is headed by the:

13.Goods and Services Tax (GST) was enacted by Parliament vide ______Constitutional Amendment Act, 2016 on 8th September 2016.

14.Who among the following is responsible for preparation of National Income estimates in India ?

15.Which of the following best defines Net National Income ?

16.Which of the following sectors of the economy has the highest share in India's GDP ?

17.GST was introduced by which amendment act of the Constitution ?

18.Under which Amendment to the Constitution of India was Goods and Services Tax imposed ?

19.What does GNP stand for ?

20.A situation where the expenditure of the government exceeds its revenue is known as______.

21. The aggregate value of goods and services produced in an economy can be calculated by three methods: income method, expenditure method and

22.Who among the following publishes the Economic Survey of India ?

23.Which of the following may be classified as a 'Pigouvian tax'?

24. Which among the following regarding GST is correct ?

25.Which of the following statements is true regarding disinflation ?

26.Which of the following relations is true?