SECTION-5

Economics Multiple Choice Questions

 

Q31. According to the Tenth Finance Commission the share of resources to be transferred to states from the divisible pool will be   [UPPCS (Pre) 1995]

(A) 29%
(B) 42%
(C) 47.5%
(D) 25%

Ans:(A) 29%

 

Q32. The Finance Commission is primarily concerned with recommending to the President about    [UPPCS (Pre) 2006]

(A) the principle government grants-in-aid to be given to the states
(B) distributing the net proceeds of the taxes between the centre and the states
(C) Neither (A) nor (B)
(D) Both (A) and (B)

Ans:(D) Both (A) and (B)

 

Q33. The distribution of finance between centre and states is done on the recommendation of     [UPPCS (Pre) 2007]

(A) Finance Ministry
(B) Finance Commission
(C) Reserve Bank of India
(D) NABARD

Ans:(B) Finance Commission

 

Q34. According to the 14th Finance Commission, the percentage share of States in the net proceeds of the shareable Central tax revenue should be     [UKPCS (Pre) 2016]

(A) 32%
(B) 35%
(C) 40%
(D) 42%

Ans:(D) 42%

 

Q35. As per 13th Finance Commission Recommendations during 2010-15 transfer to the states in the form of ‘grant-in-aid’ are expected to be    [HPPSC (Pre) 2011]

(A) ` 44,000 crore
(B) ` 1,64,892 crore
(C) ` 3,18,581 crore
(D) ` 1,07,552 crore

Ans:(C) ` 3,18,581 crore

 

Q36. Consider the following actions by the government.
1. Cutting the tax rates
2. Increasing the government spending
3. Abolishing the subsidies In the context of economic recession,
which of the above actions can be considered a part of the ‘fiscal stimulus’ package?
[UPSC (Pre) 2010]

(A) 1 and 2
(B) Only 2
(C) 1 and 3
(D) 1, 2 and 3

Ans:(A) 1 and 2

 

Q37. What has been kept under the purview of Goods and Services Tax (GST)?
[RAS/RTS (Pre) 2018]

(A) Alcohol for human consumption
(B) Electricity
(C) Petroleum products
(D) Ghee

Ans:(D) Ghee

 

Q38. Direct Tax Code in India is related to which of the following?
[UPPCS (Pre) 2018]

(A) Sales Tax
(B) Income Tax
(C) Excise Tax
(D) Service Tax

Ans:(B) Income Tax

 

Q39. Which of the following taxes is levied by the Gram Panchayats?   [UPPCS (Pre) 2018]

(A) Sales Tax
(B) Land Revenue Tax
(C) Tax on local fairs
(D) None of the above

Ans:(C) Tax on local fairs

 

Q40. Consider the following items.
1. Cereal grains hulled
2. Chicken eggs cooked
3. Fish processed and canned
4. Newspapers containing advertising material Which of the above item is/are exempted under GST (Goods and Service Tax)?      [UPSC (Pre) 2018]

(A) Only 1
(B) Only 2 and 3
(C) Only 1, 2 and 4
(D) 1, 2, 3 and 4

Ans:(A) Only 1

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Read More Sections of Indian Economy Objective Questions

Each section contains maximum 80 Questions. To practice more questions visit other sections.
 

 Indian Economy Objective Questions – Section-1

 

 Indian Economy Objective Questions – Section-2

 

 Indian Economy Objective Questions – Section-3

 

 Indian Economy Objective Questions – Section-4

 

 Indian Economy Objective Questions – Section-5

 

 Indian Economy Objective Questions – Section-6

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