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Karnataka PUC II Indian Economy & Economic Development — practice questions — page 2

Explore 41 free Indian Economy & Economic Development questions in Karnataka PUC II Economics. Open each question or exercise to read its content, reference answers and available explanation.

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Indian Economy & Economic Development questions and exercises with answers

Showing questions 31–41 of 41.

Money and banking bingoRead the answer and worked solution →Which Article of the Constitution requires an Annual Financial Statement to be laid before Parliament?Read the answer and worked solution →India's financial year runs from:Read the answer and worked solution →Goods like national defence and roads, which the market cannot provide, are called:Read the answer and worked solution →Users who enjoy a public good without paying for it are known as:Read the answer and worked solution →When goods are produced directly by the government, it is called:Read the answer and worked solution →Receipts that do not create a claim on the government are:Read the answer and worked solution →Personal income tax and corporation tax are examples of:Read the answer and worked solution →Excise duties are taxes levied on goods:Read the answer and worked solution →Wealth tax, gift tax and estate duty, which raised little revenue, were referred to as:Read the answer and worked solution →A tax in which the rate rises as income rises is called:Read the answer and worked solution →

Worked practice questions

Money and banking bingo

Read exercise and reference answers
Clues and terms
  1. Clue
    Exchange without money.
    Item
    Barter
  2. Clue
    Money's first function.
    Item
    Medium
  3. Clue
    Wealth kept for later.
    Item
    Store value
  4. Clue
    India's central bank founded.
    Item
    RBI 1935
  5. Clue
    Cash share of deposits held.
    Item
    CRR
  6. Clue
    Liquid reserve requirement.
    Item
    SLR
  7. Clue
    Buy now, resell on a set date.
    Item
    Repo
  8. Clue
    RBI's loan rate to banks.
    Item
    Bank rate
  9. Clue
    Gap between deposit and loan rates.
    Item
    Spread
Instructions
Read each clue and tap the term it describes.
_Source: syllabus Introductory Macroeconomics, Chapter 3, Money and Banking._

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Which Article of the Constitution requires an Annual Financial Statement to be laid before Parliament?

  1. Article 112
  2. Article 110
  3. Article 280
  4. Article 360
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Correct answer: A. Article 112

1. It covers estimated receipts and expenditure for the year. 2. Article 112 requires the statement. 3. This statement is the main budget document. _Source: syllabus Introductory Macroeconomics, Chapter 5, Government Budget and the Economy._

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India's financial year runs from:

  1. 1 October to 30 September
  2. 1 April to 31 March
  3. 1 January to 31 December
  4. 1 July to 30 June
Show answer and solution

Correct answer: B. 1 April to 31 March

1. The budget covers one financial year. 2. It runs from 1 April to 31 March. 3. Its effects last into later years. _Source: syllabus Introductory Macroeconomics, Chapter 5, Government Budget and the Economy._

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More Economics topics

Macroeconomics: Income, Budget & BankingDetermination of Income and EmploymentIntroduction to MicroeconomicsOpen Economy MacroeconomicsGovernment Budget and the EconomyMoney and BankingNational Income Accounting