Government Budget and the Economy-Government Budget [CBSE (Central Board of Secondary Education) Class-12 Economics]: Questions 11 - 16 of 16

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Question 11

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State any one objective of government budget.

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Question 12

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While calculating national income of India from its domestic factor income, how will you treat the following? Give reasons for your answer.

(i) Salaries received by Indians working in branches of foreign banks in India.

(ii) Profits earned by an Indian Bank from its branches abroad.

(iii) Rent paid by embassy of Japan in India to an Indian resident.

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Explanation

(i) Salaries received by Indians working in branches of foreign banks in India is part of net factor income from abroad because these employees are normal residents of India working in foreign establishments. So, this is added to domestic factor income to get national income.

(ii) Profits earned by an Indian bank from its branches abroad is a part o…

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Question 13

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Explain the circular flow of income.

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Explanation

Various sectors like households, firms, government and foreign sectors work. These sectors function with mutual understanding. There is flow of expen…

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Question 14

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How can a government budget help in reallocation of resource in an economy? Explain.

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Explanation

T he government of a country directs the allocation of resources in a manner…

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Question 15

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How can a government budget help in reducing inequalities of income? Explain.

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Explanation

Reducing inequalities of income is one type of objectives of government budget. The government is promoting right distribution o…

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Question 16

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Define government budget.

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