Economics Jkssb Economics Set 2 Mcqs (342 MCQs) | JKSSB & SSC Quiz

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jkssb economics set 2 mcqs

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Practice Questions

342 Total
Question 161 Discuss
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Read the following about Revenue Receipts.

A
Only B
B
Only A
C
Neither A nor B
D
Both A and B

Answer & Explanation

Correct Option: D

Revenue receipts explicitly represent government incomes that critically neither create active liabilities nor reduce capital assets, broadly comprising tax revenues (like GST) and non-tax revenues (like administrative fees and PSU dividends).
Question 162 Discuss
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Which of the following statements is correct regarding Capital Expenditure? I. Capital expenditure result in creation of physical or financial assets or reduction in financial liabilities. II. Non-plan capital expenditure covers various general, social and economic services provided by the government.

A
Only I
B
Only II
C
Neither I nor II
D
Both I and II

Answer & Explanation

Correct Option: D

Capital expenditure (CapEx) involves vital government spending that directly creates tangible physical or financial assets (like infrastructure) or significantly reduces existing financial liabilities, heavily contributing to long-term economic growth.
Question 163 Discuss
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The first census of Independent India was conducted in 1951, which was the census in its continuous series.

A
sixth
B
eighth
C
seventh
D
fifth

Answer & Explanation

Correct Option: C

The comprehensive 1951 Census was historically the first census conducted immediately after India gained independence and properly marked the seventh in the continuous, uninterrupted decennial series that initially began under British administration in 1881.
Question 164 Discuss
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Which of the following statements is correct regarding Classification of Expenditure of government? I. Revenue Expenditure is expenditure incurred for purposes other than the creation of physical or financial assets of the central government. II. Capital expenditure results in creation of physical or financial assets or reduction in financial liabilities.

A
Only I
B
Only II
C
Both I and II
D
Neither I nor II

Answer & Explanation

Correct Option: C

Government budgets universally classify primary spending into revenue expenditure (routine, recurring operational costs that build no assets) and capital expenditure (strategic investments explicitly creating assets or clearing structural liabilities).
Question 165 Discuss
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permits non-government entities (NGEs) to offer national and international space-based communication services.

A
Indian Telecommunication Bill 2023
B
The Indian Space Policy-2023
C
The Information Technology Act, 2000
D
The Internet Governance and Regulation Act, 2019

Answer & Explanation

Correct Option: B

The Indian Space Policy-2023 was intentionally formulated to institutionalize private sector participation in the burgeoning space sector, explicitly authorizing Non-Government Entities (NGEs) to engage in lucrative commercial space activities.
Question 166 Discuss
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As per Census 2011, India's population was 121.1 Crore with female population.

A
46.5 percent
B
42.5 percent
C
48.5 percent
D
44.5 percent

Answer & Explanation

Correct Option: C

The 2011 Census officially recorded India's total population at roughly 121.1 crore, out of which the female demographic accounted for approximately 48.5%, accurately reflecting the deeply existing sex ratio imbalance.
Question 167 Discuss
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What is the primary purpose of a government budget in a country's economy?

A
Promoting international trade
B
Finding Inflation Rate
C
Allocating resources efficiently
D
Finding the Gross Domestic Product

Answer & Explanation

Correct Option: C

The supreme macroeconomic objective of a structured government budget is the efficient and highly equitable allocation of public resources to tangibly achieve economic stability, growth, and the fair distribution of wealth.
Question 168 Discuss
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Before, _____India was in the first stage of demographic transition.

A
1911
B
1921
C
1931
D
1941

Answer & Explanation

Correct Option: B

The census year 1921 is famously known as the 'year of the great divide' in India's demographic history. Before 1921, India was firmly stuck in the first stage of the demographic transition, tragically characterized by extremely high birth rates and high death rates.
Question 169 Discuss
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The MRTP Act of 1969 aimed at:

A
Promoting free trade agreements
B
Promoting monopolies in key industries
C
Encouraging foreign direct investment
D
Regulating and controlling monopolistic and restrictive trade practices

Answer & Explanation

Correct Option: D

The Monopolies and Restrictive Trade Practices (MRTP) Act of 1969 was fiercely enacted to legally prevent the concentration of economic power to the common detriment and to rigorously control monopolistic and restrictive trade practices.
Question 170 Discuss
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Since which year did rapid economic growth led to a sharp reduction in India's extreme poverty? 197

A
1992
B
1991
C
1994
D
1993

Answer & Explanation

Correct Option: B

The landmark economic liberalization reforms radically initiated in 1991 dismantled the archaic 'Licence Raj,' powerfully opening the Indian economy and catalyzing rapid growth that eventually led to a sharp reduction in extreme poverty over subsequent decades.
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