Which of the following is most closely associated with Surcharge?
Correct answer: C
Economy
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In Indian economic terminology, Surcharge refers to:
Correct answer: A
Which statement about Surcharge is correct?
Correct answer: B
What is the correct description of Cess?
Correct answer: D
Which of the following is most closely associated with Cess?
Correct answer: C
In Indian economic terminology, Cess refers to:
Correct answer: A
Which statement about Cess is correct?
Correct answer: C
What is the correct description of a non-tax revenue receipt?
Correct answer: B
Which of the following is most closely associated with a primary surplus?
Correct answer: C
In Indian public finance, disinvestment proceeds are generally classified as:
Correct answer: B
Which statement about a Treasury Bill is correct?
Correct answer: C
What is the correct description of a bond yield?
Correct answer: A
Which of the following is most closely associated with tax incidence?
Correct answer: C
In public finance, a primary surplus means:
Correct answer: C
Which statement about public debt is correct?
Correct answer: B
Evaluate the two proposed answers. Which are supported? I. Higher income reducing demand for an inferior good — the economic interpretation: Elastic demand. II. Higher income increasing demand for a normal good — the economic interpretation: Rightward demand shift.
Correct answer: D
I is incorrect: Higher income reducing demand for an inferior good → Leftward demand shift. Demand for an inferior good falls as income rises. II is correct: Higher income increasing demand for a normal good → Rightward demand shift. At each given price consumers demand more.
For Tea and coffee used in place of one another, identify the economic interpretation.
Correct answer: A
A rise in one price can raise demand for the other.
Evaluate the two proposed answers. Which are supported? I. Price at which planned demand equals planned supply — the economic interpretation: Market equilibrium. II. A price rise reducing quantity demanded, other things equal — the economic interpretation: Movement along a demand curve.
Correct answer: C
I is correct: Price at which planned demand equals planned supply → Market equilibrium. There is no excess demand or supply at that price. II is correct: A price rise reducing quantity demanded, other things equal → Movement along a demand curve. The good's own price changes quantity demanded on the same curve.
For Falling extra satisfaction from successive units, identify the economic interpretation.
Correct answer: B
The total utility may still rise, but by smaller increments.
Evaluate the two proposed answers. Which are supported? I. Cars and fuel used together — the economic interpretation: Complementary goods. II. An effective maximum price below equilibrium — the economic interpretation: Binding price ceiling.
Correct answer: D
I is correct: Cars and fuel used together → Complementary goods. A rise in one price can reduce demand for the other. II is correct: An effective maximum price below equilibrium → Binding price ceiling. It can create excess demand in a simple competitive model.
For Quantity demanded exceeding quantity supplied, identify the economic interpretation.
Correct answer: A
At that price buyers want more than sellers offer.
Evaluate the two proposed answers. Which are supported? I. Tea and coffee used in place of one another — the economic interpretation: Inelastic demand. II. Higher income increasing demand for a normal good — the economic interpretation: Rightward demand shift.
Correct answer: C
I is incorrect: Tea and coffee used in place of one another → Substitute goods. A rise in one price can raise demand for the other. II is correct: Higher income increasing demand for a normal good → Rightward demand shift. At each given price consumers demand more.
Evaluate the two proposed answers. Which are supported? I. The next-best opportunity given up — the economic interpretation: Opportunity cost. II. Demand responding strongly to a percentage price change — the economic interpretation: Elastic demand.
Correct answer: A
I is correct: The next-best opportunity given up → Opportunity cost. Economic choice involves forgone alternatives. II is correct: Demand responding strongly to a percentage price change → Elastic demand. The absolute price elasticity exceeds one.
For Additional satisfaction from one more unit, identify the economic interpretation.
Correct answer: B
Marginal concepts refer to an incremental change.
Evaluate the two proposed answers. Which are supported? I. An effective minimum price above equilibrium — the economic interpretation: Binding price floor. II. Cars and fuel used together — the economic interpretation: Complementary goods.
Correct answer: A
I is correct: An effective minimum price above equilibrium → Binding price floor. It can create excess supply in a simple competitive model. II is correct: Cars and fuel used together → Complementary goods. A rise in one price can reduce demand for the other.