Public Economics MCQ Questions and Answers Quiz

61. Marginal cost of providing the public goods to additional consumers is

  1. 1
  2. 2
  3. 3

62. Market failure refers to a situation when

  1. Market does not function
  2. market solution occurs if government intervenes
  3. Social efficiency is not achieved
  4. perfectly competitive firm experiences P is greater than MC

63. Merit goods means

  1. Public good
  2. Free good
  3. Rare good
  4. White good

64. Mixed goods are those goods having benefits which are

  1. rival
  2. Non-rival
  3. both a &b
  4. none of these

65. Modern Canons of taxation are propounded by

  1. Bastable
  2. Adam Smith
  3. Seligmon
  4. Pigou

66. Modified Value Added Tax was introduced in India in

  1. 1951
  2. 1986
  3. 1991
  4. 1976

67. Modvat means

  1. Modified value added tax
  2. moderate value added tax
  3. Modest value added tax
  4. modern value added tax

68. Non-exclusion principle is related to

  1. Private goods
  2. Public goods
  3. Merit goods
  4. Mixed goods

69. Non-Plan Grants are determined by

  1. Planning Commission
  2. Finance Commission
  3. Central Government
  4. State Government

70. Non-rivalray and non-excludability are the characteristics of

  1. Normal goods
  2. Demerit goods
  3. Inferior goods
  4. Public goods
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