ECONOMY MCQS SET 113

ECONOMY MCQS SET 113

1121) Which one the following was the chairman of the committee on pricing and taxation of petroleum products?
A) Raja J Chelliah
B) C Rangarajan
C) Y V Reddy
D) Abid Hussein
Correct Answer: C Rangarajan
   
1122) Which of the following Mahatama Gandhi series of currency note issued by the RBI has 'ecology' depicted on it?
A) rs.500
B) rs.100
C) rs.50
D) rs.5
Correct Answer: rs.100
   
1123) Consider the following taxes
1. Wealth tax
2. Estate duty
3. Gift tax
Which of the taxes given above is/are imposed on the property?
A) 1 and 2
B) Only 1
C) 2 and 3
D) All of these
Correct Answer: All of these
   
1124) Consider the following statements
1. Central Excise duty is imposed on the goods produced in the country.
2. The commodities on which State Government impose excise duties are exempted from the Central Excise duties.
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    

1125) Which one of the following taxes is posed on the commodities in the Indian economy?
A) Taxes on Vehicles
B) Foreign Travel Tax
C) Inland Air Travel tax
D) All of the above
Correct Answer: All of the above

1126) Consider the following statements
1. The General Sale Tax is imposed on all the goods passing through the hands of dealer on his total turnover.
2. Selective Sales tax is imposed on the some selective article in the some states.
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
   
1127) The basis of determining dearness allowance (DA) to Government employees in India is
A) National Income
B) Consumer Price Index
C) Standard for living
D) Per Capita Income
Correct Answer: Consumer Price Index
  
1128) Which of the following taxes are levied and collected by the union, but assigned by the state ?
1. Taxes on railway taxes and freights
2. Stamp Duties and Duties of Excise on medicinal and toilet preparations
3. Duties in respect of succession to property other than agricultural land
4. Taxes other than Stamp Duties on transactions in stock exchanges and future markets.
Choose the right answer using the codes given below
A) 1, 3 and 4
B) 2 and 3
C) 1, 2 and 4
D) All of these
Correct Answer: 1, 3 and 4   
 
1129) Which from the followings is NOT true when the interest rate in the economy goes up?
A) Saving increases
B) Lending decreases
C) Cost of production increases
D) Return on capital increases
Correct Answer: Cost of production increases   
 
1130) Consider the following statements
1. The basic defect of the Sale Tax is that it is regressive in nature.
2. The basic defect of the sales tax is that it is easily evade in the high priced goods.
Which of the statements given above is/are the main defect/defects of the Sales Tax in India?
A) Only 1
B) Only 2
C) Both 1 and 2
D) Neither 1 nor 2
Correct Answer: Both 1 and 2