In the context of public finance, 'Revenue Deficit' indicates: MCQ with Answer and Explanation

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In the context of public finance, 'Revenue Deficit' indicates:

A. Total borrowing requirement of the government

B. Excess of revenue expenditure over revenue receipts

C. Excess of capital expenditure over capital receipts

D. Fiscal deficit minus interest payments

Answer: Option B

Solution (By JKSSB Mock Tests)

Revenue deficit = Revenue expenditure − Revenue receipts. It shows the shortfall in revenue receipts to meet revenue expenditure.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'free trade area' is an arrangement where member countries:

A. adopt a common external tariff

B. eliminate tariffs among themselves but retain independent external tariffs

C. harmonize taxes

D. share a common currency

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Correct Answer: Option B

Explanation:
In a free trade area, members remove tariffs among themselves but maintain independent external tariffs.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a characteristic of the 'Attention Economy'?

A. Only physical goods matter

B. Human attention is treated as a scarce resource that platforms and content providers compete to capture

C. Attention is unlimited and has no economic value

D. Only traditional advertising without digital platforms

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Correct Answer: Option B

Explanation:
In the attention economy, the limited cognitive resource of human attention is the scarce factor that digital platforms, media and advertisers compete to attract and monetise.

This question belongs to: Economy GK Economy Set 1

Question #3

The term 'Financial Inclusion' primarily aims at:

A. Restricting credit to priority sectors

B. Providing banking services only to high-income groups

C. Increasing interest rates for small borrowers

D. Ensuring access to financial services for all sections of society at affordable cost

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Correct Answer: Option D

Explanation:
Financial inclusion seeks to ensure that individuals and businesses, especially the underserved, have access to useful and affordable financial products and services.

This question belongs to: Economy GK Economy Set 1

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