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![Balbharati solutions for Economics [English] 12 Standard HSC chapter 8 - Public Finance in India - Shaalaa.com](/images/economics-english-12-standard-hsc_6:241bfd6f9011433b9b44c9de23ef18a7.JPG "Balbharati solutions for Economics [English] 12 Standard HSC chapter 8 - Public Finance in India")
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Solutions for Chapter 8: Public Finance in India
Below listed, you can find solutions for Chapter 8 of Maharashtra State Board Balbharati for Economics [English] 12 Standard HSC.
Balbharati solutions for Economics [English] 12 Standard HSC 8 Public Finance in India EXERCISE [Pages 79 - 80]
Optional functions of government:
- Protection from external attack
- Provision of education and health services
- Provision of social security measures
- Collection of tax
b and c
a, b and c
b, c and d
All of the above
Obligatory functions of the Government:
- Provision of employment
- Maintaining internal law and order
- Welfare measures
- Exporting goods and services
c and d
a and b
only b
a, c and d
"Definition - Public finance is one of those subjects which are on the borderline between economics and politics." given by:
- Adam Smith
- Alfred Marshall
- Prof. Hugh Dalton
- Prof. Findlay Shirras
only a
only b
only c
only d
Choose the correct option:
Non-tax sources of revenue:
a) Direct and Indirect Tax
b) Direct Tax and Fees
c) Fees
d) Special Levy
b and c
a and c
a, b, c and d
c and d
Trends shown by the Public expenditure of any Government show the following trend.
- Constant
- Increasing
- Decreasing
- Fluctuating
only a
only b
only c
only d
Identify the right group of pairs from the given options.
| Group A | Group B |
| i) Direct tax | a) Non-tax revenue |
| ii) Indirect tax | b) Inflation |
| iii) Fees and Fines | c) GST |
| iv) Surplus budget | d) Personal income tax |
i - d, ii - c, iii - b, iv - a
i - c, ii - d, iii - a, iv - b
i - d, ii - c, iii - a, iv - b
i - a, ii - b, iii - c, iv - d
Distinguish between the following concepts:
Public finance and Private Finance
Distinguish between internal debt and external debt.
Distinguish between the following concepts:
Developmental expenditure and Non-developmental expenditure.
Distinguish between the following concepts:
Special assessment and Special levy.
Distinguish between the following concept:
Direct tax and Indirect tax.
State with reason whether you agree or disagree with the following statement:
The obligatory function is the only function of the Government.
Agree
Disagree
State with reason whether you agree or disagree with the following statement:
Fines and penalties are a major source of revenue for the Government.
Agree
Disagree
State with reason whether you agree or disagree with the following statement:
The goods and services tax (GST) has replaced almost all indirect taxes in India.
Agree
Disagree
State with reason whether you agree or disagree with the following statement:
Democratic Governments do not lead to increase in public expenditure.
Agree
Disagree
State with reason whether you agree or disagree with the following statement:
Public finance is more elastic than private finance.
Read the given passage and answer the questions:
|
The conventional notion of social security is that the government would make periodic payments to look after people in their old age, ill health, disability, and poverty. This idea should itself change from writing a cheque for the beneficiary to institutional arrangements to take care of beneficiaries, including by enabling them to look after themselves, to a large extent. The write-a-cheque model of social security is a legacy from the rich world at the optimal phase of its demographic transition when the working population was numeral enough and earning enough to generate the taxes to pay for the care of those not working. This model is ill-suited for less, well-off India with growing life expectancy, increasing urbanization, and resultant migration. Social security under urbanization will be different from social security in a static society. |
- State the conventional notion of social security.
- What kind of conceptual change is suggested in the given paragraph?
- What is the legacy of social security from the rich world?
- Which features of India make the traditional model of social security ill-suited for the economy?
Write the answers in ‘one’ or ‘two’ paras each:
Explain the types of Government budget.
State the importance of the Government budget.
Explain the principles of taxation.
Explain non-tax sources of revenue of the Government.
Answer in detail:
Explain various reasons for the growth of public expenditure.
Solutions for 8: Public Finance in India
Balbharati solutions for Economics [English] 12 Standard HSC chapter 8 - Public Finance in India
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Concepts covered in Economics [English] 12 Standard HSC chapter 8 Public Finance in India are Reasons for Growth in Public Expenditure, Tax Revenue, Non-tax Revenue, Government Budget, Types of Budget, Importance of Budget, Public Finance, Structure of Public Finance, Public Expenditure, Classification of Public Expenditure, Public Revenue, Public Debt, Fiscal Policy, Financial Administration.
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