In a free market economy, self-interested individuals operate through a system of mutual interdependence to promote the general benefit of society at large. Adam Smith referred this as:

Related MCQs

• Which of the following canon of taxation is given by Adam Smith
• A multilevel decentralized fiscal system involving sharing of fiscal responsibilities between central, state and local governments is referred to as:
• The system of assigning the source of revenue to the Central as well as State Governments is generally referred to as
• The Benefit Principle of taxation states that tax should be paid in proportion to:
• The tax levied by the union government on income of individuals is known as
• Public debt in Indian Economy is .................... in nature.
• _________ is a broad based and a single comprehensive tax levied on goods and services consumed in an economy
• In which of the following type of economy, the revenue from taxation is likely to be the least?
• According to Peackock Wiseman hypothesis, A discontinuity in the growth pattern which produces expenditure peak during social disturbances is referred to as:
• The ratio of change in the national income in relation to the change in government spending that causes it is referred to as: