Practice Quiz :- 29


1. Which of the following taxes is a progressive tax?
a) income tax
b) custom tax
c) sales tax
d) excise duty

Ans.a) income tax

2. In which year was the policy of population planning adopted by the government of India?
a) 1947
b) 1956
c) 1952
d) 1962
3. Which of the following taxes is/are levied by the Union and collected and appropriated by the states?
a) stamp duties
b) passenger and good tax
c) estate duty
d) taxes on newspapers

Ans.a) stamp duties

4. The terms TRIPS and TRIMS are related to
a) NAFTA
b) SAPTA
c) EFTA
d) GATT
5. In which year was the new liberalized industrial policy announced in India?
a) 1989
b) 1990
c) 1991
d) 1992
6. During which Five Year Plan was the annual growth rate of National Income the lowest?
a) second plan
b) third plan
c) fifth plan
d) sixth plan

Ans.b) third plan

7. Chelliah Committee of 1992 deals with the overhauling of our
a) public sector undertakings
b) financial system
c) tax system
d) patents and copyrights

Ans.c) tax system

8. Economic planning is an essential feature of
a) capitalist economy
b) socialist economy
c) mixed economy
d) dual economy

Ans.b) socialist economy

9. Which among the following is an essential characteristic of mixed economy?
a) co-existence of small scale and large scale industries
b) co-existence of private and public sectors
c) assigning equal importance to both agriculture and heavy industries
d) co-existence of the rich and the poor

Ans.b) co-existence of private and public sectors

10. What is the value of goods and services produced in a country within a year called?
a) National income at factor cost
b) net national output
c) net national product at market prices
d) gross national product at market prices

Ans.d) gross national product at market prices