Test 2 - Indian Economy
(5).webp "Test 2 - Indian Economy - Quiz")
Explore key aspects of Indian Economy with 'Test 2 - Indian Economy'. Dive into concepts like CENVAT, consumer surplus in tax policy, and notable economic reforms including VDIS and KVS. Assess your understanding of economic contributions by Nobel Laureate Amartya Sen.
- 1.
Which of the following is associated with CENVAT?
- A.
Gift tax
- B.
Wealth Tax
- C.
Income Tax
- D.
Indirect Tax
Correct Answer
D. Indirect TaxExplanation
CENVAT (Central Value Added Tax) is an indirect tax system in India that is levied on the production and sale of goods and services. It is a form of value-added tax that is charged at each stage of the supply chain, from the manufacturer to the consumer. Therefore, the correct answer is "Indirect Tax" as CENVAT is specifically associated with this type of tax.Rate this question:
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- 2.
The concept of consumer surplus is useful in which policy?
- A.
Monetary Policy
- B.
Tax Policy
- C.
Investment Policy
- D.
Fixing remuneration factors
Correct Answer
B. Tax PolicyExplanation
Consumer surplus refers to the difference between what consumers are willing to pay for a product or service and what they actually pay. In the context of tax policy, consumer surplus is useful in determining the impact of taxes on consumer welfare. By analyzing consumer surplus, policymakers can assess the burden of taxation on consumers and make informed decisions about tax rates and structures. Therefore, the correct answer is Tax Policy.Rate this question:
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- 3.
Voluntary Disclosure of Income Scheme was started from
- A.
1st July 1997
- B.
21st July 1999
- C.
3rd May 1991
- D.
8th June 1995
Correct Answer
A. 1st July 1997Explanation
The correct answer is 1st July 1997. This is the date when the Voluntary Disclosure of Income Scheme was started.Rate this question:
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- 4.
Kar Vivad Samadhan Scheme introduced for voluntary settlement of
- A.
Central Sales Tax
- B.
Income Tax
- C.
Custom and Excise Tax
- D.
Wealth
Correct Answer
C. Custom and Excise TaxExplanation
The Kar Vivad Samadhan Scheme was introduced for the voluntary settlement of Custom and Excise Tax. This scheme allows taxpayers to resolve their disputes related to these taxes by paying the disputed amount along with reduced interest and penalty. It aims to reduce litigation and provide a quick and fair resolution to taxpayers.Rate this question:
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- 5.
Who among the following got Noble Prize for Economics
- A.
Mother Teressa
- B.
C.V Raman
- C.
Amarthya Sen
- D.
Manmohan Singh
Correct Answer
C. Amarthya SenExplanation
Amarthya Sen is the correct answer because he was awarded the Nobel Prize in Economics in 1998 for his contributions to welfare economics and his research on poverty, famine, and development economics. Mother Teresa, C.V. Raman, and Manmohan Singh have not received the Nobel Prize for Economics.Rate this question:
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Apr 20, 2023Quiz Edited by
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May 12, 2016Quiz Created by
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