When was the Fiscal Responsibility and Budget Management Act passed to help keep deficits under control ?

When a government spends more than it collections by way of revenue, it incurs a budget deficit. There are various measures that capture government deficit and they have their own implications for the economy. Figure out the statements which describe the nature of fiscal deficit in the economy.

A. Large portion of revenue deficit in fiscal deficit indicates larger investment in the economy.

B. It indicates the total borrowing requirements of the government from all sources.

C. It is calculated to obtain an estimate of borrowing on account of current expenditures exceeding revenues.

D. It is the difference between the government's total expenditure and its total receipts excluding borrowing.

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Which of the following statements is true about public goods?

(A) Public goods are non rival in nature.

(B) Public goods are non-excludable in nature.

(C) Public goods may be produced by the government or the private sector.

(D) Public goods and public production can be used interchangeably.

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Wealth tax and gift tax have never bought in large amount of revenue for the government and thus are referred to as _______.

Which of the following is not a component of Capital Receipts?

Arrange the following events in chronological order as per the time period.

(A) Gender Budgeting.

(B) Fiscal Responsibility and Budget Management Act.

(C) 101th Constitution Amendment Act.

(D) Goods and Service Tax.

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Identify the objectives of government budget from the following.

(A) Opening bank accounts of people.

(B) Economic Stability.

(C) Increase the employment rate in the economy.

(D) Redistribution of income

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