Important One Liner Economics 500 Question – Gk By Mr. DJ
201.Who first imagined the relation between the rate of interest and the level of consumption – Milton Friedman
202.The most important source of tax revenue of the Union Government is –the corporation tax.
203.The common currency introduced in eleven European nations is called- Euro
204.Which phenomena are virtual rents – short term
205.Value-added tax was first applied in- France.
206.VAT is levied on all stages of- production and sale
207.What is GST – an indirect tax
208.What is the difference between the value of visual exports and visual imports – Trade balance
209.Real estate belongs to which sector – Third
210.Which sector is also called service sector – Tertiary sector
211.Transfer Income – Unearned Income
212.Differentiation can be made between value of production and value added, if known – value of intermediate consumption
213.Monopolies have a marginal income – less than the price
214.The equilibrium level point is where the total income is- equal to the total cost
215.Explicit + implicit cost = economic cost
216.In the 2011-12 budget, the fiscal deficit (% of GDP) for 2011-12 was projected at- 4.6 %
217.In the Budget Estimates for the year 2011-12, in order to bring a green revolution in the rice based cropping system in the past, Rs. 400 crore has been allocated – Assam, West Bengal, Orissa, Bihar, Jharkhand, Eastern Uttar Pradesh and Chhattisgarh
218.Which agency is responsible for estimation of national income in India- CSO.
219.Who developed the Human Development Index- Mahbub-ul-Haq
220.In which budget the fringe benefit was presented – 2005-06
221.In which year the Minimum Wages Act was first approved in India – 1948
222.What is the opportunity cost of the component of production – which she can earn in any other use.
223.What is the opportunity cost of production of produce – which can be earned in any other use-
224.When the price of the commodity of x decreases- the demand for x decreases.
225.Pratibha is an exodus – the emigration of skilled personnel.
Polity 500 One Liner Questions And Answers
