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Question 1 of 4
1. Question
1 pointsConsider the following statements
1. In a socialist society the government decides what goods are to be produced in accordance with the needs of society.
2. The desires of individual consumers are given much importance.
Which of the statements given above is/are incorrect?Correct
Statement 1 is correct while statement 2 is incorrect.
In a capitalist society the goods produced are distributed among people not on the basis of what people need but on the basis of Purchasing Power—the ability to buy goods and services.
In a socialist society the government decides what goods are to be produced in accordance with the needs of society. It is assumed that the government knows what is good for the people of the country and so the desires of individual consumers are not given much importance.Incorrect
Statement 1 is correct while statement 2 is incorrect.
In a capitalist society the goods produced are distributed among people not on the basis of what people need but on the basis of Purchasing Power—the ability to buy goods and services.
In a socialist society the government decides what goods are to be produced in accordance with the needs of society. It is assumed that the government knows what is good for the people of the country and so the desires of individual consumers are not given much importance. -
Question 2 of 4
2. Question
1 pointsWhich of the following given below refers to ‘Primary Deficit’?
Correct
Primary Deficit: The borrowing requirement of the government includes interest obligations on accumulated debt. To obtain an estimate of borrowing on account of current expenditures exceeding revenues, we need to calculate what has been called the primary deficit. It is simply the fiscal deficit minus the interest payments.
Incorrect
Primary Deficit: The borrowing requirement of the government includes interest obligations on accumulated debt. To obtain an estimate of borrowing on account of current expenditures exceeding revenues, we need to calculate what has been called the primary deficit. It is simply the fiscal deficit minus the interest payments.
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Question 3 of 4
3. Question
1 pointsWhich of the following steps will held the Government to reduce the deficit budget?
1. Reducing revenue expenditure
2. Introducing new welfare schemes
3. Rationalizing subsidies
Select the correct answer using the codes given belowCorrect
1 and 3 are correct.
Statement 1: Unnecessary revenue expenditure bloats the fiscal deficit, and since it forms the majority of government spending, its reduction has a very large effect on the fiscal deficit.
Statement 2: It will further increase the fiscal deficit.
Statement 3: Subsidies are a major component of government spending, and its reduction will cut down fiscal deficit.Incorrect
1 and 3 are correct.
Statement 1: Unnecessary revenue expenditure bloats the fiscal deficit, and since it forms the majority of government spending, its reduction has a very large effect on the fiscal deficit.
Statement 2: It will further increase the fiscal deficit.
Statement 3: Subsidies are a major component of government spending, and its reduction will cut down fiscal deficit. -
Question 4 of 4
4. Question
1 pointsBasic Exchange and Cooperation Agreement (BECA), seen in news was signed between India and which of the following countries?
Correct
India and the United States signed the Basic Exchange and Cooperation Agreement (BECA). This agreement would facilitate exchange of geospatial information between India and United States for both military and civilian use.
Incorrect
India and the United States signed the Basic Exchange and Cooperation Agreement (BECA). This agreement would facilitate exchange of geospatial information between India and United States for both military and civilian use.
Leaderboard: 11th February 2022 | Prelims Daily with Previous Year Questions
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