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The Government : Budget And The Economy

Question

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Give the meaning of involuntary unemployment.

Solution

Involuntary unemployment means an unemployment situation where a person who is able to and willing to work at the existing wage rate but is not able to get work.

Some More Questions From The Government : Budget And The Economy Chapter

Explain the two components (revenue budget and capital budget) of government budget.

What do you understand by Budget Receipts (Govt. Receipts)? Describe its two types.

Differentiate between Revenue Receipts and Capital Receipts.

Describe components of Revenue Receipts (Receipts from tax revenue and non tax revenue).
or
Distinguish between Tax and non-tax revenue. Name two sources of non-tax revenue receipts.

Explain components of Capital Receipts.
or
Name two sources of Capital Receipts.
or
Why is recovery of loan treated as a capital receipt?

Giving reasons categorise the following into revenue receipts and capital receipts.
(i) Recovery of loans, (ii) Corporation tax, (iii) Dividend on investment made by govt. (iv) Sale of public sector undertaking.

Define a tax.

Distinguish between Direct and Indirect taxes.
or
What is the basis of classifying taxes into direct tax and indirect tax? Give an example of each.

Classify the following into direct and indirect tax. Give reasons.
(i) Wealth tax, (ii) Entertainment tax, and (iii) Income tax.

What is meant by Budget (Government) Expenditure? Describe its components (items).

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