Answer: C

Explanation:

GST (Goods and Services Tax) is an indirect tax, which is levied on the consumption of goods and services while direct taxes are levied directly on the income of an individual or company. GST is applicable across India from 1st July 2017. GST is a significant tax reform in India that has integrated several indirect taxes. It is a multi-stage, comprehensive tax system that shares tax revenue between both the central and state governments. The aim of GST is to make the Indian economy more efficient and competitive. Hence, option (c) is correct.

Answer: B

Explanation:

The Philip curve shows the relationship between inflation and unemployment rates. This curve shows that there is an inverse relationship between inflation and the unemployment rate. This means that when the inflation rate increases, the unemployment rate decreases and when the inflation rate decreases, the unemployment rate increases. Hence, option (b) is correct.

Answer: D

Explanation:

Stagflation is a situation when the inflation rate in the economy is high and the economic growth rate is stagnant or negative. This situation occurs when demand in the economy is low and supply is high. In this situation, companies increase the prices of goods and services to meet their production costs, but due to low demand they are not able to produce at their full capacity. Stagflation is a serious economic problem because it weakens the economy and lowers the standard of living of the people. Hence, option (d) is correct.

Answer: C

Explanation:

Article 112 of the Constitution of India deals with the budget of the government. This article says that the Government of India must prepare an annual financial statement for each financial year. This statement should contain details of the estimated revenue and expenditure of the government. Hence, option (c) is correct.

Answer: B

Explanation:

The government's expenditure on pension, subsidy distribution comes under the category of revenue expenditure. Revenue expenditure is the expenditure incurred by the government on the works and services done in the current financial year. This expenditure is financed from the government's revenue. Pension and subsidy distribution are part of the social security programs undertaken by the government. Hence, option (b) is correct.