Multiple Choice Questions on Consider the following statements 1 External liabilities reported in the Union Budge........... for UPSC Civil Services Examination (General Studies) Preparation

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Multiple Choice Questions

Consider the following statements 1 External liabilities reported in the Union Budge...........

Economic Affairs Public Finance and Debt Management
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    Consider the following statements:

    1.    External liabilities reported in the Union Budget are based on current exchange rates

    2.    The upward trend in the ratio of Fiscal Deficit to GDP in recent year had adverse effect on private investment

    3.    Interest payment is the single largest component of the non-plan revenue expenditure of the Union Government

    Which of the statements given above are correct?

     2 and 3

    Correct Answer

     1 and 3

    Incorrect Answer

     3 only

    Incorrect Answer

     All of these

    Incorrect Answer
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    Explanation:
    1st statement is incorrect. 
    The total amount of debts payable by a business to the outsiders (other than the owners) are called external liabilities e.g., creditors, bills payable etc. 

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