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AP Intermediate 2nd Year Macroeconomics: Income, Budget & Banking — practice questions — page 4

Explore 98 free Macroeconomics: Income, Budget & Banking questions in AP Intermediate 2nd Year Economics. Open each question or exercise to read its content, reference answers and available explanation.

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Macroeconomics: Income, Budget & Banking questions and exercises with answers

Showing questions 91–98 of 98.

The redistribution function of the budget mainly aims at:Read the answer and worked solution →The excess of revenue expenditure over revenue receipts is the:Read the answer and worked solution →A tax whose burden can be shifted to another person, like the Goods and Services Tax, is an:Read the answer and worked solution →Spot the odd one outRead the answer and worked solution →Expenditure that neither creates assets nor reduces liabilities of the government is:Read the answer and worked solution →Match the national income termRead the answer and worked solution →True or false about moneyRead the answer and worked solution →Gross National Product (GNP) equals GDP plus:Read the answer and worked solution →

Worked practice questions

The redistribution function of the budget mainly aims at:

  1. reducing inequalities in income and wealth
  2. maximising corporate profits
  3. raising indirect taxes only
  4. increasing imports
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Correct answer: A. reducing inequalities in income and wealth

The redistribution function reduces income and wealth inequalities.

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The excess of revenue expenditure over revenue receipts is the:

  1. capital deficit
  2. revenue deficit
  3. fiscal deficit
  4. primary deficit
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Correct answer: B. revenue deficit

Revenue deficit = revenue expenditure − revenue receipts.

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A tax whose burden can be shifted to another person, like the Goods and Services Tax, is an:

  1. indirect tax
  2. capital receipt
  3. direct tax
  4. revenue deficit
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Correct answer: A. indirect tax

An indirect tax (GST) can be shifted to the final consumer.

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