1..Consider the following statements:

  1. The revenue deficit of the government denotes the borrowing of the government for the day to day activities.
  2. The earnings from the spectrum sales are included in the revenue account of the government.
  3. The earnings from disinvestment are included in the capital account.

Which of the above is/are correct?

(a) 1 and 3 only
(b) 2 only
(c) 3 only
(d) All of the above

2..Consider the following statements about Insolvency and Bankruptcy Code Bill, 2016:

  1. It sets up Insolvency and Bankruptcy Board of India.
  2. It creates time-bound processes for insolvency resolution of companies and individuals.
  3. The Debt Recovery Tribunal (DRT) will adjudicate insolvency resolution for individuals.

Which of the statements given above is/are correct?
(a) 1 only
(b) 2 and 3 only
(c) 1 and 3 only
(d) 1, 2 and 3

3..Which of the following is an example of ‘Pigovian Tax’?

(a) Tax on Diesel
(b) Education Cess
(c ) Value Added Tax (VAT)
(d) Compulsory contribution for disaster relief

4..The decrease in official reserves of a country equals its:

(a) Trade deficit
(b) Current Account deficit
(c) Capital Account deficit
(d) Balance of payments deficit

5..The sales tax you pay while purchasing a newspaper is a

(a)  tax levied, collected and retained by the centre.

(b)  tax levied by the centre but collected and appropriated by the states.

(c)  tax levied and collected by the centre but assigned to the states.

(d)  tax levied and collected and retained by States.

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