Economics Important Questions Set-8 for SSC CGL and SSC CHSL Exam

By | January 13, 2018

Economics Important Questions Set-8 for SSC CGL and SSC CHSL Exam

Economics Important Questions Set-8 for SSC CGL and CHSL Exam. This is Set-8 containing 20 Multiple Choice Questions with answer on Economics important for SSC CGL, SSC CHSL or 10+2 and other competitive exams.  We hope this will helpful for your comp. exams preparation.

Economics Important Questions for SSC CGL and SSC CHSL Exam

If you want to receive regular updates on competitive exams and free study materials for SSC CGL, CHSL, CPO, RRB and MTS Exams from us, you can join our Facebook group here or like our Facebook page here.

1. Which among of the following is direct tax?

(a)Sales Tax
(b)Excise Tax
(c)Wealth Tax
(d)Entertainment Tax
Ans. (c)
 
2. Which among of the following is largest source of income for central govt.?
(a)Direct Taxes
(b)Custom Duty
(c)Excise Duty
(d)Entertainment Tax
Ans.(a)
 
3.Which among of the following is not direct tax?
(a)Income Tax
(b)Property Tax
(c)Gift Tax
(d)Sales Tax
Ans.(d)
 
4. The Example of Sales tax is-
(a) Coorporate Tax
(b)Direct Tax
(c)Indirect Tax
(d)Welfare Tax
Ans.(c)
 
5.Which of the following tax is imposed by state govt.?
(a)Entertainment Tax
(b)Property Tax
(c)Income Tax
(d)Corporate Tax
Ans.(a)
 
6.Taxes are called as Regressive when-
(a)None of these
(b)It causes same burden on rich and poor
(c)Less burden on poor as compared to rich
(d)More burden on poor as compared to rich
Ans. (c)
 
7. In case of direct tax, impact of tax & incidence of tax is–
(a)On two different person
(b)On same person
(c)Any other person
(d)On that department which called tax.
Ans.(b)
 
8.Who was the Chairman of tenth Finance Commission?
(a)Manmohan Singh
(b)Vasant Sathe
(c)Shiv Shankar
(d)K.C. Pant
Ans.(d)
9.Who was the Chairman of 3th Finance Commission?
(a)Dr. Vijay L Kelkar
(b)Dr. C Rangrajan
(c)Dr. A.M. Khusro
(d)Dr. C. Subbarao
Ans.(a)
 
10. For becoming chairman of finance commission which one is necessary?
(a)He should be from Finance and Banking sector
(b)He should be high level economist
(c)He should be specialist of Jurisdiction matters
(d)In case of public matters, he should be a man of perfection
Ans. (d)

Economics Important Questions Set-8 for SSC CGL and SSC CHSL Exam

11. Which among of the following is not a ‘canon of taxation’ according to Adam Smith?
(a)Canon of certainty
(b)Canon of simplicity
(c)Canon of convenience
(d)Canon of economy inefficiency
Ans.(b)
 
12.VAT was firstly implemented in–
(a)Germany
(b)Spain
(c)France
(d)Russia
Ans.(c)
 
13.CENVAT is related with–
(a)Service Tax
(b)Wealth Tax
(c)Excise duty
(d)Selling Tax
Ans. (c)
 
14. ‘Value - added’ is equal to–
(a)Output Minus the Inputs
(b)Reconstruction profit
(c)Gross profit
(d)Investment profit
Ans.(a)
 
15.Finance Commission is organised.
(a) Every year.
(b)After every four year
(c)After every two year
(d)After every five year
Ans.(d)
 
16.Which of the statements is correct about India’s National Income?
(a)Percentage share of agriculture is higher than services.
(b)Percentage share of industry is higher than agriculture.
(c)Percentage share of services is higher than industry.
(d)Percentage share of services is higher than agriculture and industry put together.
Ans. (d)
 
17. In Centre – State financial relation in India, Gadgil formula is used in–
(a) Division of tax revenue
(b) Formulation of the policy for fresh borrowings
(c) Writing off state’s indebtedness to the centre
(d) Allocating Central Plan assistance between States
Ans.(a)
 
18. Which authority decides about the states’ share in central taxes?
(a)Finance Commission
(b)Planning Commission
(c)Election Commission
(d)Finance Ministry
Ans. (a)
 
19.The practice of selling goods in a foreign country at a price below their domestic selling price is called–
(a)‘Diplomacy’
(b)‘Discrimination’
(c)‘Dumping’
(d)‘Double pricing’
Ans. (c)
 
20. Indirect taxes by nature are–
(a)Degressive
(b)Regressive
(c)Progressive
(d)Proportional
Ans. (b)

Economics Important Questions Set-8 for SSC CGL and SSC CHSL Exam

Leave a Reply