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Bihar Board Class 12 (Arts) Macroeconomics: Income, Budget & Banking — practice questions — page 2

Explore 50 free Macroeconomics: Income, Budget & Banking questions in Bihar Board Class 12 (Arts) 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 31–50 of 50.

The value of national income measured at the prices actually received by factors of production is the:Read the answer and worked solution →The fall in the value of fixed capital due to normal wear and tear is called:Read the answer and worked solution →Receipts that neither create a liability nor reduce the assets of the government are called:Read the answer and worked solution →National income can be measured by the product method, the income method and the:Read the answer and worked solution →The branch of economics concerned with aggregates such as GDP, employment and the price level is:Read the answer and worked solution →Income that households actually have available to spend or save, after taxes, is called:Read the answer and worked solution →Intermediate goods are excluded from national income to avoid the problem of:Read the answer and worked solution →A budget in which estimated receipts are equal to estimated expenditure is called a:Read the answer and worked solution →Receipts that either create a liability or reduce assets, such as borrowings, are called:Read the answer and worked solution →A tax whose burden (incidence and impact) falls on the same person and cannot be shifted, like income tax, is a:Read the answer and worked solution →The excess of total expenditure over total receipts excluding borrowings is the:Read the answer and worked solution →A government budget is an annual statement of the estimated ___ of the government over a financial year:Read the answer and worked solution →The allocation function of the government budget refers to the:Read the answer and worked solution →Borrowing by the government is treated as a capital receipt because it:Read the answer and worked solution →Fiscal deficit minus interest payments gives the:Read the answer and worked solution →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 →Expenditure that neither creates assets nor reduces liabilities of the government is:Read the answer and worked solution →Gross National Product (GNP) equals GDP plus:Read the answer and worked solution →

Worked practice questions

The value of national income measured at the prices actually received by factors of production is the:

  1. nominal GDP
  2. income at market price
  3. gross investment
  4. national income at factor cost
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Correct answer: D. national income at factor cost

Factor-cost income is measured at the prices factors actually receive.

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The fall in the value of fixed capital due to normal wear and tear is called:

  1. depreciation
  2. net investment
  3. appreciation
  4. inflation
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Correct answer: A. depreciation

Depreciation is the loss in fixed capital value from wear and tear.

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Receipts that neither create a liability nor reduce the assets of the government are called:

  1. disinvestment receipts
  2. revenue receipts
  3. capital receipts
  4. borrowings
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Correct answer: B. revenue receipts

Revenue receipts neither create liabilities nor reduce assets (e.g. taxes).

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