sy bcom sem iv economics

Public finance is_________

• social science

• fiscal science

• political science

• pure science

In economics, a difference in access to relevant knowledge is called___.

• an information gap

• a frontier gap

• information asymmetry

• access imperfection

Public debt includes_____________.

• currency and money deposits

• external loans and foreign securities

• external loans incurred by IMF

• external loans incurred by the bank

Social security schemes cover______________

• pension and health insurance

• disability benefits

• medical benefits

• all of the above

Total surplus=

• Value to buyers - Cost to sellers

• Value to sellers - Cost to buyers

• Value to bankers - Cost to sellers

• Value to buyers - Cost to investors

The origin of the term functional finance is attributed to____________.

• J.M. Keynes

• A.C. Pigou

• A.B. Lerner

• Richard Musgrave

After war, people's tax tolerance level

• Reduces

• Remains the same

• Becomes zero

• Increases

Which of the following deficit is a more comprehensive measure of budgetary imbalance?

• Revenue deficit

• Budgetary deficit

• Fiscal deficit

• Primary deficit

Fiscal deficit equals to_______________

• Total expenditure - Total receipts

• Total expenditure - (Revenue receipts + Non-borrowing capital receipt)

• Total expenditure - Revenue receipts

• Total expenditure - Capital receipts

What is the appropriate budget policy during recession?

• Balanced budget

• Neutral budget

• Surplus budget

• Deficit budget