Public Economics Quizzes | Trivia Quiz for Practice

76. ............ refers to refusal to repay the debt

1. Repudiation
2. Capital levy
3. Sinking fund
4. none of the above

77. ................ is the debt which is paid any legal enforcement

1. Voluntary debt
2. compulsory Debt
3. internal debt
4. external debt

78. .................... is a broad based and a single comprehensive tax levied on goods and services consumed in an economy

1. VAT
2. CENVAT
3. GST
4. None of these

79. .................... is the first country to implement GST

1. USA
2. U K
3. Canada
4. France

80. A budget where there is excess of expenditure over revenue is called

1. Surplus
2. Deficit
3. Balanced
4. Zero-based

81. A criterion by which public goods are distinguished from private goods

1. Exclusion principle
2. Externality principle
3. Public choice principle
4. None of the above

82. A duty levied on goods when they entering a town

1. Income tax
2. Octroi
3. Agricultural tax
4. Professional tax

83. A proportional tax is one in which the rate of tax remains ....... irrespective of the level of income

1. Zero
2. One
3. Two
4. Constant

84. 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

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

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

86. A tax that can be shifted is called

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

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

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

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

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

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

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

90. Adolph Wagner was a.................Economist

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