ECONOMY MCQS SET 111

ECONOMY MCQS SET 111

1101) Which one of the following duties/ taxes is the major component of the customs duties in the Indian Economy?
A) Import duties
B) Export duties
C) Both 'a' and 'b'
D) None of these
Correct Answer: Import duties
   
1102) The composting plant of South Delhi Municipal Corporation in Okhla, New Delhi, became the first in India to receive the carbon credits worth rs.25 lakh from which of the following organisations?
A) The World Bank
B) International Monetary Fund
C) Asian Development Bank
D) United Nations Framework on Climate Change
Correct Answer: United Nations Framework on Climate Change
   
1103) The Union Government and RBI decided to introduce one billion pieces of rs.10 Bank notes made of plastic on a field trial basis in which of the following Cities?
1. Mumbai
2. Mysore
3. Shimla
4. Jaipur
Select the answer from codes given below
A) 1 and 4
B) 2 and 4
C) 2, 3 and 4
D) 1, 2 and 3
Correct Answer: 2, 3 and 4
   
1104) Consider the following acts
1. Banking Cash Transaction Tax Act 2005.
2. Securities Transaction Tax Act 2004.
3. Interest Tax Act 1974.
4. Fringe Benefit Tax Act 2004.
Which of the Acts given above are Direct Tax Acts?
A) 1, 2, 3 and 4
B) 1, 2 and 3
C) 2 and 3
D) 3 and 4
Correct Answer: 1, 2, 3 and 4
   
1105) With reference to Union Budget, which of the following is/are covered under Non plan Expenditure ?
1. Defence expenditure
2. Interest payments
3. Salaries and pensions
4. Subsidies
Select the correct answer using the codes given below
A) Only 1
B) 2 and 3
C) 1, 2, 3 and 4
D) None of the above
Correct Answer: 1, 2, 3 and 4

1106) Which of the following statements are correct?
1. Ability to pay principle of taxation holds that the amount of taxes people pay should relate to their income or wealth.
2. The benefit principle of taxation states that individuals should be taxed in proportion to the benefit they receive from government programmes.
3. A progressive tax takes a larger share of tax from poor families that it does from rich families.
4. Indirect taxes have the advantage of being cheaper and easier to collect.
Select the correct answer using the codes given below
A) 1 and 3
B) 2 and 4
C) 1, 2 and 4
D) 1, 2, 3 and 4
Correct Answer: 1, 2 and 4   
 
1107) Consider the following statements
1. Introduction of service tax in India ushers a major structural change in indirect taxes in the form of a wider tax base.
2. Over the years, there has been an increase in the number of services and the rate of service tax leviable by the Central Government.
Which of the statements given above is/are correct?
A) Only 1
B) Only 2
C) Both 1 and 2
D) Neither 1 nor 2
Correct Answer: Both 1 and 2   
 
1108) Which one of the following is not correct in the current Indian scenario ?
A) Life expectancy is on the increase and is about 67 years as of now.
B) Infant mortality rate is on the decline and has reached 47 per thousand.
C) Maternal mortality rate, is on the rise due to lack of medical facilities.
D) Percentage of women giving birth in health institutions is on the rise.
Correct Answer: Percentage of women giving birth in health institutions is on the rise.
   
1109) Human Development Report for each year at global level is published by
A) WTO
B) World Bank
C) UNDP
D) IMF
Correct Answer: UNDP  
 
1110) Consider the following taxes
1. Personal income tax
2. Import duty
3. Service tax
Which of the taxes given above is/are Indirect Tax/Taxes?
A) 1 and 2
B) 1 and 3
C) 2 and 3
D) Only 2
Correct Answer: 2 and 3