(IGP) GS Paper 1 - Economic & Social Development - "Fiscal System : MCQ"

Subject - Economic and Social Development
Chapter - Fiscal System

1. Consider the following statements.

1. A depression is an economic down turn that is less severe.
    
2. A recession is any economic down turn where real GDP declines by more than 10 percent.

        Which of the above statements is / are true.

1. Both 1 & 2
2. 1 only
3. Neither 1 nor 2
4. 2 only

2. Consider the following statements.

1. Difference between fiscal deficit & the interest payments are called primary deficit.
    
2. Revenue deficit is the difference between the Revenue receipts on tax & non tax sides & the revenue expenditure.

        Which of the above statements is / are true.

1. Both 1 & 2
2. 2 only
3. 1 only
4. Neither 1 nor 2

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