SYBCOM
Business Economics
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Q. 1 Public finance is the _________________
a) Social Science
b) Fiscal Science
c) Government Science
d) Political Science
ANS: B
Q.2 ________ is the study of the role of the government
in the economy.
a) Public Revenue
b) Public
Expenditure
c) Public Finance
d) Public Investment
ANS: C
Q.3 Public Finance does not include__________
a) Public Revenue
b) Public debt
c) Public
expenditure
d) Private savings
ANS: D
Q.4 Who deals with income and expenditure of
public authorities?
a) Public finance
b) Private finance
c) Local government
d) Entrepreneurs
ANS: A
Q.5 Public finance deals with which of the
following aspect of government?
a) Social
b) Political
c) Financial
d) Human
ANS: C
Q.6 _____ is concerned with the division of
income and wealth among its people in a society.
a) Allocation
function
b) Growth function
c) Stabilization
function
d) Distribution
function
ANS: D
Q.7 Social advantage is maximum
when_______________
a) Total social
benefits are equal to total social sacrifice
b) Total social
benefits equal to marginal social sacrifice
c) Marginal social
benefits equals to marginal social sacrifice
d) Marginal social
benefits minus marginal social sacrifice
ANS: C
Q.8 The principle of maximum social advantage
is associated with_________
a) Prof. Dalton
b) Hicks
c) Pigou
d) Keynes
ANS: A
Q.9 Who has used the term ‘the maximum welfare’
instead of “maximum social advantage”.
a) Prof. Dalton
b) Prof. Keynes
c) David Ricardo
d) Prof. Musgrave
ANS: D
Q.10 Which is the measurement of social
advantage?
a) Provision for
posterity
b) Improvement of
labour productivity
c) Economic
stability
d) Public
expenditure
ANS: D
Q.11 The size of the budget is less than the
optimum, when__________
a) Marginal Social
Benefit > Marginal Social Sacrifice
b) Marginal Social
Benefit < Marginal Social Sacrifice
c) Marginal Social
Benefit = Marginal Social Sacrifice
d) Marginal Social
Benefit ≠ Marginal Social Sacrifice
ANS: B
Q.12 Public expenditure is subject to
diminishing ________
a) Marginal Social Sacrifice
b) Marginal Social Benefit
c) Marginal Social
Investment
d) Marginal Social
Savings
ANS: B
Q.13 Taxes are subject to increasing __________
a) Marginal Social
Sacrifice
b) Marginal Social
Benefit
c) Marginal Social
Revenue
d) Marginal Social
Expenditure
ANS: A
Q.14 Tests of maximum social advantage have
been suggested by ________
a) Pigou
b) Musgrave
c) Dalton
d) Adam Smith
ANS: C
Q.15 According to the Principle of Maximum
Social Advantage, Public Expenditure is subject to __________
a) Diminishing
Marginal Returns
b) Diminishing
Marginal Productivity
c) Diminishing
Marginal Utility
d) Increasing
Marginal Utility
ANS: C
Q.16 PPP- curve is illustrated to
explain_____________
a) Economic
efficiency
b) Government role
c) Government policy
d) Government
Revenue
ANS: A
Q. 17 Public goods are _________ in consumption
a) Exclusionary
b) Non-exclusionary
c) Rivalry
d) Monopoly goods
ANS: B
Q.18 Following is not the cause of market
failure__________
a) Public goods
b) Natural monopoly
c) Externalities
d) Profit ratio
ANS: D
Q.19 Production possibility curve is also
referred as ___________
a) Production-
possibility frontier
b) Consumer curve
c) Producer curve
d) Demand curve
ANS: A
Q.20 ________ introduced the concept of
production possibility curve
a) Prof. Alfred
Marshall
b) Prof. Paul
Samuelson
c) Prof. Baumol
d) Prof. Peter
Drucker
ANS: B
Q.21 Which of the following is a characteristic
of a direct tax?
a) The impact and incidence are on the same person
b) Incidence may be shifted
c) Greater burden on the poor than the rich
d) Major source of revenue in a developing country
ANS: A
Q.22 Which of the following is not a part of
administrative revenues?
a) Fees
b) Fines and penalties
c) Special assessment
d) Surpluses of public enterprises
ANS: D
Q.23 _______ is not the characteristic of tax
a) Compulsory payment
b) Levied on commodity/income
c) Involves sacrifice
d) Quid-pro-quo
ANS: D
Q.24 ________ is an example of administrative
non-tax revenue.
a) Grants
b) Gifts
c) Fees
d) Profits from public enterprises
ANS: C
Q.25 Special assessment is also known
as___________
a) VAT
b) Tax revenue
c) Betterment levy
d) Indirect burden
ANS: C
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