Public Economics MCQ Questions and Answers Quiz

11. A tax levied at 5 percent on the first Rs. 10,000 of income, 10 percent on the next Rs20,000 and 12 percent on the next Rs 30,000 would be

  1. Progressive
  2. Degressive
  3. Regressive
  4. Proportional

12. A tax levied upon a firm as a percentage of its value added

  1. Merit tax
  2. VAT
  3. Turnover tax
  4. Sales tax

13. A tax that can be shifted is called

  1. Direct tax
  2. Progressive tax
  3. Indirect tax
  4. None

14. According to Colin Clark maximum limit of the tolerance level is ...... of GNP

  1. 24%
  2. 25%
  3. 26%
  4. 27%

15. According to Laffer, when the tax rate is 100 per cent , the tax revenue will be

  1. 100%
  2. 50%
  3. Zero
  4. 10%

16. According to Musgrave the major functions of public finance is

  1. Allocative function
  2. Distributive function
  3. Stabilisation function
  4. All the above

17. Adolph Wagner was a.................Economist

  1. French
  2. German
  3. Indian
  4. American

18. Advolorum duties are levied on

  1. Length
  2. Weight
  3. Utilities
  4. Value

19. Agricultural Holding Tax was recommended by

  1. Adam Smith
  2. K.N. Raj
  3. Chelliah
  4. Marshall

20. Among the following canons of taxation which one has been given by Adam Smith

  1. Canon of Uniformity
  2. Canon of productivity
  3. canon of diversity
  4. canon of equity
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