The Gadgil formula was used for: MCQ with Answer and Explanation

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The Gadgil formula was used for:

A. distribution of central plan assistance among states

B. allocation of bank credit

C. determining agricultural prices

D. sharing of income tax

Answer: Option A

Solution (By JKSSB Mock Tests)

The Gadgil formula was used to allocate central plan assistance among states.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Income Tax Act' in India was enacted in which year?

A. 1956

B. 1972

C. 1961

D. 1965

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Correct Answer: Option C

Explanation:
The Income Tax Act was enacted in 1961.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Money Bill' under Article 110 includes matters related to:

A. foreign affairs

B. taxation, borrowing, expenditure from Consolidated Fund

C. police

D. defence

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Correct Answer: Option B

Explanation:
Money Bill deals with taxes, borrowing, custody of Consolidated Fund, etc.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a characteristic of the 'Classical Dichotomy'?

A. Real and nominal variables are determined separately and money is neutral

B. Money affects real output in the long run

C. Only fiscal policy is neutral

D. Real and nominal variables are always interdependent

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Correct Answer: Option A

Explanation:
The classical dichotomy is the proposition that real variables (output, employment, relative prices) are determined independently of nominal variables and that money is neutral in the long run.

This question belongs to: Economy GK Economy Set 1

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