Economics Jkssb Economics Set 1 Mcqs (296 MCQs) | JKSSB & SSC Quiz

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jkssb economics set 1 mcqs

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Practice Questions

296 Total
Question 221 Discuss
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Which of the followings is NOT one of the government accounts of India?

A
Consolidated Funds of India
B
General Provident Fund
C
Contingency Fund of India
D
Public Accounts of India

Answer & Explanation

Correct Option: B

Article 266 and 267 of the Indian Constitution establish three central government funds: the Consolidated Fund, the Contingency Fund, and the Public Account, which includes GPF but GPF itself is not a standalone top-level government account.
Question 222 Discuss
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Which of the following are recognised as final goods while estimating the gross domestic product in India? a) Consumption goods b) Intermediate goods c) Capital goods d) Raw materials

A
Only a and c
B
Only a and b
C
Only b and c
D
Only b and d

Answer & Explanation

Correct Option: A

GDP calculations only include the value of final consumption goods and capital goods, intentionally excluding intermediate goods and raw materials to prevent double counting.
Question 223 Discuss
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If the tax rate increases with the taxable base, then this type of taxation is called:

A
proportional
B
progressive
C
digressive
D
regressive

Answer & Explanation

Correct Option: B

A progressive tax system imposes a higher percentage rate on taxpayers with higher incomes, aiming to reduce income inequality by shifting a larger share of the tax burden to the wealthy.
Question 224 Discuss
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The Integrated Goods and Services Tax (Amendment) Bill, 2023 was introduced in Lok Sabha on 11 August 2023, which amends the   .

A
Integrated Goods and Services Tax (IGST) Act, 2017
B
Integrated Goods and Services Tax (IGST) Act, 2014
C
Integrated Goods and Services Tax (IGST) Act, 2015
D
Integrated Goods and Services Tax (IGST) Act, 2016

Answer & Explanation

Correct Option: A

The 2023 amendment bill updated the original IGST Act of 2017 to incorporate necessary changes, including regulations surrounding online gaming and taxation of specific services.
Question 225 Discuss
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Identify the group of states that is a part of Garib Kalyan Rojgar Abhiyaan (As of June 2022).

A
Haryana and Punjab
B
Assam and West Bengal
C
Uttar Pradesh and Jharkhand
D
Tamil Nadu and Chhattisgarh

Answer & Explanation

Correct Option: C

Launched to empower returning migrant workers during the COVID-19 pandemic, the Abhiyaan actively covered 116 districts across six states, notably including Uttar Pradesh, Bihar, and Jharkhand.
Question 226 Discuss
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Calculate the revenue receipts from the following information. Revenue deficit = 2.80% of GDP Revenue expenditure = 10.80% of GDP

A
2.70
B
12.80
C
8.00
D
13.60

Answer & Explanation

Correct Option: C

Revenue Deficit is calculated as Revenue Expenditure minus Revenue Receipts. Therefore, Revenue Receipts equal Revenue Expenditure (10.80%) minus Revenue Deficit (2.80%), resulting in 8.00%.
Question 227 Discuss
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Which of the following is NOT the principle laid down by the OECD about budgetary governance?

A
Alignment of budgets with medium-term strategic priorities of the government.
B
Design the capital budgeting framework to meet national development needs.
C
It does not allow the citizen to participate in budgetary debates.
D
The execution of the budget must be proactively planned, managed, and monitored.

Answer & Explanation

Correct Option: C

OECD principles actively encourage transparency, openness, and civic participation in the budgetary process, making the statement that it restricts citizen participation inherently incorrect.
Question 228 Discuss
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Which of the following is NOT an example of public goods?

A
Access to clean air
B
Driveway at our home
C
Law enforcement
D
National defence

Answer & Explanation

Correct Option: B

A private residential driveway is excludable and rivalrous, making it a private good, unlike national defense and clean air which are accessible to all without direct individual cost.
Question 229 Discuss
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In the context of microfinance, what does 'S' stand for in SHG?

A
Self
B
Steady
C
Social
D
Sustainable

Answer & Explanation

Correct Option: A

SHG stands for "Self-Help Group," which is an informal association of people, typically from similar socio-economic backgrounds, who come together to find ways to improve their living conditions.
Question 230 Discuss
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Based on the Tendulkar committee, the National poverty line was defined as which of the following? i. ₹816 per capita per month for rural areas ii. ₹ 1,000 per capita per month for urban areas.

A
Both i and ii are incorrect
B
Only ii is correct
C
Both i and ii are correct
D
Only i is correct

Answer & Explanation

Correct Option: C

For the year 2011-12, the Tendulkar Committee methodology set the poverty line at Rs. 816 per capita per month for rural areas and Rs. 1,000 for urban areas, based on consumption expenditure.
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