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1

List the functions of a government in an economy.

Allocation, Distribution and Stabilization

2

Which type of goods cannot be provided by the market mechanism?

Public Goods

3

The benefits of which type of goods are available to all?

Public Goods

4

In which type of goods can a person be excluded from the benefits if he does not pay for the good?

Private Goods

5

Public Goods suffer from which problem?

Free Rider Problem

6

The government attempts to bring out a Distribution of income which is considered fair by the society. Which function of the government is this?

Distribution

7

The government affects the personal disposable income of households through?

Transfer payments and collecting taxes

8

Overall level of employment and prices in an economy depend upon the?

aggregate level of demand

9

Through the Stabilization function, the government tries to raise/reign in the level of?

Aggregate Demand

10

Which article of the Constitution mandates the presentation of an annual financial statement before the Parliament?

Art 112

11

Which article of the Constitution mandates the presentation of an annual financial statement before the Legislature by the State Government?

Art 202

12

The budget is a statement of?

The account of the government

13

Railway budget was separated from the general budget in _____ on the recommendations of ______.

1921, Acworth Committee

14

What are the two major components of the General Budget?

Revenue budget and capital budget

15

List the 3 sets of figures contained in the General Budget.

Actual Figure of previous year. Budget and revised figure for the current year. Budget estimate for the upcoming year.

16

Budget estimate for the upcoming year is based on?

previous two year estimates

17

List the funds into which the estimated receipts and expenditures of the government are made?

Consolidated Fund of India, Public Accounts of India, Contingency Fund of India

18

Which article of the Constitution defines the Consolidated Fund of India?

Art 266(1)

19

All receipts received by the GOI are put into the?

Consolidated Fund of India

20

All loans raised by the GOI by issue of Treasury bills, loans or ways and means advances are put into?

Consolidated Fund of India

21

All moneys received by the GOI in repayment of loans are put into?

Consolidated Fund of India

22

All expenses incurred by the GOI in repayment of loans given to the State Government/UT is spent from which Fund?

Consolidated Fund of India

23

The Public Account of India is defined in which article of the Constitution?

Art 266(2)

24

All public money received other than those included in the Consolidated Fund of India are held in?

Public Account of India

25

Money raised by the GOI through small saving schemes, provident fund schemes is put into the?

Public Account of India

26

The Public Account of India contains both receipts and liabilities. True or False?

True

27

Which article of the Constitution defines the Contingency Fund of India?

Art 267

28

The Contingency Fund of India is held at the disposal of?

The President

29

The Contingency Fund of India is used to meet?

unforeseen expenditure

30

The President can meet unforeseen expenditure from the Contingency Fund of India without the approval of the Parliament. True or False.

True. The Parliament can approve the expenditure at a later date.