NCERT Solutions for Class 12 Macro Economics Government Budget and the Economy

NCERT Solutions for Class 12 Macro Economics Government Budget and the Economy

NCERT Solutions for Class 12 Macro Economics Government Budget and the Economy is designed and prepared by the best teachers across India. All the important topics are covered in the exercises and each answer comes with a detailed explanation to help students understand concepts better. These NCERT solutions play a crucial role in your preparation for all exams conducted by the CBSE, including the JEE.

NCERT TEXTBOOK QUESTIONS SOLVED

Ans. A government budget is an annual financial statement showing itemwise estimates of expected revenue and anticipated expenditure during a fiscal year.

Ans. Activities to secure a reallocation of resources

Ans. A tax is a legally compulsory payment imposed by the government on income and profit of persons and companies without reference to any benefit. Tax is of two types: Direct tax and Indirect tax.

Ans. Its impact and incidence lie on different persons.

Ans. Commercial revenue (profit and interest)
Administrative revenueffees, fines and penalties, escheats etc)

Ans. No, it is not so because it creates a liability (for the government) of repayment.

Ans. Tax is not a capital receipt because it leads neither to creation of liability nor to reduction in assets.

Ans. Interest is a revenue receipt because it creates neither any liability nor causes a reduction in the assets of the government.

Ans. They create a liability (in terms of repayment).

Ans. Subsidies are treated as revenue expenditure because they create neither any asset nor cause a reduction in any liability of the government.

Ans. It reduces the liabilities of the government.

Ans. Recovery of loans is treated as a capital receipt because it reduces assets of the government.

Ans. Receipts from taxes are categorised as revenue receipts because they create neither any liability nor cause a reduction in the assets of the government.

Ans. Revenue deficit refers to the excess of revenue expenditure of the government over its revenue receipts. Revenue Deficit = Revenue Expenditure- Revenue Receipts

Ans. Revenue Deficit = Revenue Expenditure – Revenue Receipts = 1,200 – 1,000 = Rs. 200 crore.

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