41.
Non-rivalray and non-excludability are the characteristics of
A
Normal goods
B
Demerit goods
C
Inferior goods
D
Public goods
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Non-rivalray and non-excludability are the characteristics of
Normal goods
Demerit goods
Inferior goods
Public goods
Non-Plan Grants are determined by
Planning Commission
Finance Commission
Central Government
State Government
Non-exclusion principle is related to
Private goods
Public goods
Merit goods
Mixed goods
Modvat means
Modified value added tax
moderate value added tax
Modest value added tax
modern value added tax
Modified Value Added Tax was introduced in India in
1951
1986
1991
1976
Modern Canons of taxation are propounded by
Bastable
Adam Smith
Seligmon
Pigou
Mixed goods are those goods having benefits which are
rival
Non-rival
both a &b
none of these
Merit goods means
Public good
Free good
Rare good
White good
Market failure refers to a situation when
Market does not function
market solution occurs if government intervenes
Social efficiency is not achieved
perfectly competitive firm experiences P is greater than MC
Laffer curve suggest that the
Relationship between tax revenue and tax rates is U-shaped
Relationship between GDP growth rate and tax rates is U-shaped
Relationship between tax revenue and tax rates is inverted U-shaped
Relationship between savings rate and tax rate is inverted U-shaped
Indirect taxes have an element of
Equitable
certainity
economical
encourage honesty
Incidence of tax means
Direct money burden
indirect money burden
actual tax burden
none of these
Incidence of a tax refers to the........................burden of tax
Initial
Ultimate
Intermediate
None
In which year GST was first introduced
1952
1953
1954
1955
In the following which is the characterstic of a tax
Compulsory
optional
forced
nationality
In the case of regressive tax, the rate of tax.....................as income increases
increases
remains constant
Decreases
None
In the case of direct tax, impact and incidence are on
Different person
Same person
Sellers
None of these
In proportional tax system, the rates of tax remain
Constant
increasing
decreasing
zero
In India, personal income tax is levied on individuals by
Central Government
State Government
Local bodies
None of these
In India GST was introduced in the year
2016
2017
2018
2019