Subject: Economics
Book: Comprehensive Indian Economy
Every year, the Union Budget reveals the government’s revenue and expenditure estimates. The process includes preparation by the Ministry of Finance, parliamentary debates, and vote on demands. Key terms—like revenue deficit (difference between revenue expenditure and revenue receipts), fiscal deficit (total borrowings), and primary deficit (fiscal deficit minus interest payments)—often appear in exams. Understanding the distinction between plan vs. non-plan expenditure (older classification) or capital vs. revenue expenditure clarifies how funds are allocated. Focus also on FRBM targets and how budgetary announcements align with macroeconomic objectives such as growth and equity.
What does the term “elasticity of demand” measure?
View QuestionWhat is the main purpose of monetary policy?
View QuestionWhich of the following is an example of a renewable resource?
View QuestionWhat does “primary sector” of the economy include?
View QuestionWhich of the following statements best defines Gross Domestic Product (GDP)?
View QuestionWhat is the meaning of “supply-side economics”?
View QuestionWhat is the main function of the Reserve Bank of India (RBI)?
View QuestionWhich term refers to the decrease in the value of a currency relative to foreign currencies?
View QuestionWhich economic concept is described as “the next best alternative foregone”?
View QuestionWhat is meant by “stagflation”?
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