MCQ for mcq-test-2-1st-october-2023

Which of the following best describes the term Tax Expenditure?

Consider the following statements with reference to public accounts of India:

1. Public Account funds do not belong to the government and have to be finally paid back to the persons and authorities that deposited them.

2. Expenditures from the Public Accounts are not required to be approved by the Parliament.

Which of the statements given above is/are correct?

Which of the following are the components of the 'Twin Deficit' problem faced by many countries?

1. Fiscal deficit

2. Revenue deficit

3. Capital account deficit

4. Current account deficit

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Which of the following are the possible impacts of a high fiscal deficit in an economy?

1. Increase in the interest rates

2. Downgrading of the country's credit rating

3. Increase in tax rates

4. Balance of payment (BoP) crisis

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Consider the following statements with reference to Laffer Curve:

1. It shows the relationship between tax rates and the amount of tax revenue collected by governments.

2. It is based on the economic idea that increasing tax rates will always lead to an increase in total tax revenue.

Which of the statements given above is/are correct?

Which of the following subsidies can be categorized as ‘Product Subsidies’?

1. Fertilizer subsidies

2. Interest subsidies to farmers

3. Subsidies to railways

4. Input subsidies to farmers

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With reference to the concept of tax incidence, consider the following statements:

1. Producers absorb most of the tax burden when the supply of a given good is more elastic than its demand.

2. Upon increase in taxes on inelastic goods like essential medicines the share of the tax burden on consumers goes up.

Which of the statements given above is/are correct?

The ‘reverse-charge mechanism’ under the Goods and Services Tax(GST) regime refers to

The term ‘Equalisation Levy 2.0’ was recently seen in the news. It is levied on

Consider the following statements with reference to Monetization of Deficit.

1. The Fiscal Responsibility and Budget Management Act of 2003 prohibits the RBI from monetizing the Central Government's deficit for any reason.

2. It leads to an increase in inflation in an economy.

Which of the statements given above is/are correct?

Which of the following is/are the objectives of the ‘Public Financial Management System (PFMS) portal?

1. Monitoring inflation levels by the RBI.

2. Reducing trade deficit with other countries.

3. Efficient targeting of Central Government schemes.

4. Rationalizing domestic borrowing by the Central and State Governments.

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With reference to the moderates in the Indian National Congress, consider the following statements:

1. Their focus was on constitutional reforms rather than revolutionary methods.

2. The slogan “No taxation without representation” was given by them in India.

3. Their vision also involved the equality of women in national life.

Which of the statements given above are correct?

Who among the following authored “The Arctic Home in the Vedas”, a debate over the
origins and the original homeland of the Aryans in the Arctic?

He did his schooling from England and had a brilliant academic career at Kings College, Cambridge. He authored the famous work ‘the life divine’. Rabindranath Tagore poetically described him as the ‘O voice incarnate, free, Of India’s soul’. He published a series of articles in the journal ‘Indu Prakash’. He was

Consider the following pairs:

Which of the pairs given above are correctly matched?

Consider the following statements with reference to the Evolution of Civil Services in India:

1. The Charter Act of 1853 opened civil services to the Indians.

2. The Floud Commission recommended reform in civil service

Which of the statements given above is/are not correct?

Consider the following pairs:

Which of the pairs given above is/are correctly matched?

Consider the following events:

1. Fort William College was set up by Wellesley.

2. Sanskrit College was established by Jonathan Duncan.

3. Calcutta Madrasah was established by Warren Hastings.

4. The Bethune School was founded by J.E.D. Bethune at Calcutta.

Which of the following is the correct chronological sequence of the above events?

Which of the following constitutes ‘home charges’ during colonial rule?

1. Salaries of European officials, European traders and planters remitted to England

2. Pensions to those who retired from civil and military services

3. The salaries of the ministers of the British government in London

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Consider the following statements:

1. The British colonial policies led to commercialization of Indian agriculture.

2. Gopal Krishna Gokhale put forward the theory of economic drain in his book, “The Economic History of India”.

3. The Welby Commission was established by the British government to prevent the drain of the Indian economy.

Which of the statements given above are correct?

Consider the following pairs:

Which of the statements given above is/are correct?

With reference to the development of education during British rule, consider the following statements:

1. Raja Ram Mohan Roy protested against the government’s proposal to establish more Oriental Colleges in Bengal.

2. Wood’s Dispatch discarded the importance of vernacular languages.

3. The Hunter Education Commission recommended that primary instruction should be through the vernacular language.

4. Macaulay’s Minute on Education favoured the revival of the indigenous educational system of Sanskrit.

Which of the statements given above are correct?

Consider the following statements with reference to the Moderate phase of the Indian National Movement:

1. Moderates tried to ignore and bypass all the caste and communal differences and focused the attention of educated classes on the questions of common interest.

2. They did not believe in the principle of laissez-faire.

3. They believed that the Indians were capable of managing their political and civil affairs.

Which of the statements given above is/are correct?

He was the Professor of Gujarati at University College London. He started a newspaper called ‘Voice of India’. He was the first Indian to become a member of the British Parliament. He was

With reference to the Moderate phase of the Indian National Congress, consider the following statements:

1. Congress was dominated by the affluent middle-class intelligentsia.

2. Congress demanded complete independence for India.

Which of the statements given above is/are correct?