Tax revenue of the central government is classified under: MCQ with Answer and Explanation

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Tax revenue of the central government is classified under:

A. capital receipts

B. revenue receipts

C. borrowings

D. non-tax revenue

Answer: Option B

Solution (By JKSSB Mock Tests)

Tax revenue is a revenue receipt.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a tertiary sector activity?

A. Construction

B. Agriculture

C. Software services

D. Mining

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Correct Answer: Option C

Explanation:
Software services are part of the tertiary or services sector.

This question belongs to: Economy GK Economy Set 1

Question #2

The Fiscal Responsibility and Budget Management Act was enacted in which year?

A. 2005

B. 2001

C. 2003

D. 1999

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Correct Answer: Option C

Explanation:
The FRBM Act was enacted in 2003.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Subjective Well-Being' in economics refers to:

A. Individuals’ own evaluations of their lives, typically measured by surveys of happiness or life satisfaction

B. Only objective measures of income

C. Only physical health indicators

D. Only environmental quality

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Correct Answer: Option A

Explanation:
Subjective well-being encompasses self-reported measures of happiness, life satisfaction and emotional states, which have become an important complement to traditional objective indicators of welfare.

This question belongs to: Economy GK Economy Set 1

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