The 'Annual Financial Statement' shows: MCQ with Answer and Explanation

Question
The 'Annual Financial Statement' shows:
A. only tax revenues
B. estimated receipts and expenditure of the government for a financial year
C. only foreign debt
D. only plan expenditure
Answer: Option B
Solution (By JKSSB Mock Tests)
Annual Financial Statement shows estimated receipts and expenditure.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The concept of 'Marginal Rate of Substitution' is derived from:
A. Production possibility frontier
B. Cost curves
C. Indifference curve analysis
D. Supply curve
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Correct Answer: Option C

Explanation:
The Marginal Rate of Substitution (MRS) is the rate at which a consumer is willing to give up one good for another while remaining on the same indifference curve.
This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is NOT a measure of economic inequality?
A. Theil index
B. Human Development Index as a pure inequality measure
C. Lorenz curve
D. Gini coefficient
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Correct Answer: Option B

Explanation:
HDI is a composite measure of development (health, education, income). Gini coefficient, Lorenz curve and Theil index are specific measures of inequality.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'four-sector economy' circular flow includes:
A. households, government, banks and firms
B. households, firms, government and banks only
C. households, firms, banks and foreign sector
D. households, firms, government and foreign sector
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Correct Answer: Option D

Explanation:
A four-sector economy includes households, firms, government and the external sector.
This question belongs to: Economy GK Economy Set 1
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