McqMate
These multiple-choice questions (MCQs) are designed to enhance your knowledge and understanding in the following areas: Master of Arts in Economics (MA Economics) .
| 151. |
The economic incidence of a unit tax is |
| A. | generally borne by the buyers. |
| B. | generally borne by sellers. |
| C. | generally borne by the government. |
| D. | independent of the statutory incidence for the tax. |
| Answer» D. independent of the statutory incidence for the tax. | |
| 152. |
A public good is |
| A. | a good that the public must pay for |
| B. | non-rival in consumption. |
| C. | more costly than a private good. |
| D. | paid for by the government. |
| Answer» B. non-rival in consumption. | |
| 153. |
It is difficult to evade: |
| A. | direct tax |
| B. | indirect |
| C. | proportional |
| D. | progressive tax |
| Answer» A. direct tax | |
| 154. |
The main source of revenue of federal government is: |
| A. | property taxes |
| B. | token taxes |
| C. | customs duties |
| D. | sales tax |
| Answer» D. sales tax | |
| 155. |
Who establishes the Finance Commission in India? |
| A. | president |
| B. | finance minister |
| C. | parliament |
| D. | governor of reserve bank of india |
| Answer» A. president | |
| 156. |
How many Finance Commissions have been constituted so far? |
| A. | 12 |
| B. | 13 |
| C. | 14 |
| D. | 15 |
| Answer» C. 14 | |
| 157. |
Which of the following statements is not correct? |
| A. | the first finance commission was constituted in 1951 |
| B. | chairman of the first finance commission was mr. santhanam |
| C. | the chairman of the 12th finance commission was c. rangarajan |
| D. | b and c |
| Answer» B. chairman of the first finance commission was mr. santhanam | |
| 158. |
Recommendations of first Finance Commission covered which of the following periods? |
| A. | 1951-56 |
| B. | 952-57 |
| C. | 1953-58 |
| D. | 1954-59 |
| Answer» B. 952-57 | |
| 159. |
Who was the Chairman of the Seventh Finance Commission of India? |
| A. | j. m. shelat |
| B. | n. k. singh |
| C. | n. k. singh |
| D. | n. k. singh |
| Answer» A. j. m. shelat | |
| 160. |
Horizontal equity incorporates the notion that |
| A. | those earnings higher incomes should pay more in taxes |
| B. | those earnings equal incomes should pay same in taxes |
| C. | taxes paid should be unassociated with income levels |
| D. | there should be no excess burden created by a tax |
| Answer» B. those earnings equal incomes should pay same in taxes | |
| 161. |
Interim budget is also known as.... |
| A. | mini budget |
| B. | vote on account |
| C. | both a and b |
| D. | none of these |
| Answer» C. both a and b | |
| 162. |
What is the biggest source of Income for the Central Government in the Union Budget 2020-21? |
| A. | goods and services tax |
| B. | corporation tax |
| C. | income tax |
| D. | borrowings and other liabilities |
| Answer» D. borrowings and other liabilities | |
| 163. |
Which of the following is not the rate of tax slab in the Union Budget 2020-21? |
| A. | 10% |
| B. | 15% |
| C. | 25% |
| D. | 40% |
| Answer» D. 40% | |
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