Fiscal deficit is best defined as: MCQ with Answer and Explanation

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Fiscal deficit is best defined as:

A. total expenditure minus interest payments

B. total expenditure minus total receipts excluding borrowings

C. revenue expenditure minus revenue receipts

D. total receipts minus total expenditure

Answer: Option B

Solution (By JKSSB Mock Tests)

Fiscal deficit is the excess of total expenditure over total receipts excluding borrowings.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'MUDRA' loan category 'Tarun' covers loans from:

A. above Rs 10 lakh

B. Rs 5 lakh to Rs 10 lakh

C. up to Rs 50,000

D. Rs 1 lakh to Rs 5 lakh

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Correct Answer: Option B

Explanation:
MUDRA categories are Shishu up to Rs 50,000, Kishor Rs 50,000 to Rs 5 lakh, Tarun Rs 5 lakh to Rs 10 lakh.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a feature of a perfectly competitive market?

A. Firms are price takers

B. Barriers to entry exist

C. Product differentiation exists

D. Firms are price makers

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Correct Answer: Option A

Explanation:
In perfect competition, individual firms are price takers because the market price is determined by industry demand and supply, and no single firm can influence it.

This question belongs to: Economy GK Economy Set 1

Question #3

Operation Flood is associated with:

A. poultry development

B. fish farming

C. milk production and dairy development

D. wheat production

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Correct Answer: Option C

Explanation:
Operation Flood was a dairy development programme for increasing milk production.

This question belongs to: Economy GK Economy Set 1

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