Test 2 - Indian Economy

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| By Shiningstars
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Shiningstars
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Quizzes Created: 4 | Total Attempts: 3,097
| Attempts: 44
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  • 1/5 Questions

    Which of the following is associated with CENVAT?

    • Gift tax
    • Wealth Tax
    • Income Tax
    • Indirect Tax
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About This 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.

Test 2 - Indian Economy - Quiz

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  • 2. 

    Who among the following got Noble Prize for Economics

    • Mother Teressa

    • C.V Raman

    • Amarthya Sen

    • Manmohan Singh

    Correct Answer
    A. Amarthya Sen
    Explanation
    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.

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  • 3. 

    Voluntary Disclosure of Income Scheme was started from

    • 1st July 1997

    • 21st July 1999

    • 3rd May 1991

    • 8th June 1995

    Correct Answer
    A. 1st July 1997
    Explanation
    The correct answer is 1st July 1997. This is the date when the Voluntary Disclosure of Income Scheme was started.

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  • 4. 

    Kar Vivad Samadhan Scheme introduced for voluntary settlement of 

    • Central Sales Tax

    • Income Tax

    • Custom and Excise Tax

    • Wealth

    Correct Answer
    A. Custom and Excise Tax
    Explanation
    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.

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  • 5. 

    The concept of consumer surplus is useful in which policy?

    • Monetary Policy

    • Tax Policy

    • Investment Policy

    • Fixing remuneration factors

    Correct Answer
    A. Tax Policy
    Explanation
    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.

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  • Apr 20, 2023
    Quiz Edited by
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  • May 12, 2016
    Quiz Created by
    Shiningstars
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