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 total receipts excluding borrowings

B. revenue expenditure minus revenue receipts

C. total expenditure minus interest payments

D. total receipts minus total expenditure

Answer: Option A

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 'Public Financial Management System' is used for:

A. foreign exchange trading

B. digital management of government expenditures and payments

C. stock trading

D. bank lending

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Correct Answer: Option B

Explanation:
PFMS is a digital platform for government expenditure and payment management.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Pass-Through' of exchange-rate changes refers to:

A. The complete absence of price adjustment

B. The extent to which changes in the nominal exchange rate are reflected in domestic prices of traded goods

C. Only the effect on output

D. Only the effect on interest rates

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Correct Answer: Option B

Explanation:
Exchange-rate pass-through measures the degree to which a change in the nominal exchange rate is transmitted to import prices and ultimately to consumer prices in the domestic economy.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Incoterms' in international trade are published by:

A. WTO

B. IMF

C. World Bank

D. International Chamber of Commerce

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Correct Answer: Option D

Explanation:
Incoterms are published by the International Chamber of Commerce.

This question belongs to: Economy GK Economy Set 1

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