Important Economics Questions for SSC Exam 2018: 24th January

Dear Readers, GA section is taken on the light note but plays a vital role in achieving the score required to cross the cut off marks.We are providing important Economics Questions for this, it will help you to score good in GA section if you regularly follow the contents provided on scaffold website and adda247 app regarding general knowledge important questions.We wish you the best wishes for all the upcoming exams.

Q1. Which among of the following is direct tax?
निम्नलिखित में से कौन सा प्रत्यक्ष कर है?
(a) Wealth Tax / धन कर
(b) Excise Tax/ उत्पाद कर
(c) Sales Tax/ बिक्री कर
(d) Entertainment Tax/ मनोरंजन कर

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Ans.(a)
Sol. A direct tax is borne entirely by the entity that pays it, and cannot be passed on to another entity. Examples include corporation tax, income tax, and social security contributions.

Q2. The Sales tax is Example of –
बिक्री कर किस का उदाहरण है-
(a) Coorporate Tax / कॉर्पोरेट कर
(b) Direct Tax/ प्रत्यक्ष कर
(c) Indirect Tax / अप्रत्यक्ष कर
(d) Welfare Tax/ कल्याण कर

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Ans.(c)
Sol. A sales tax is a consumption tax imposed by the government on the sale of goods and services. 

Q3. Who is the Chairman of Fifteenth Finance Commission?
पंद्रहवें वित्त आयोग के अध्यक्ष कौन  है?
(a) Shaktikanta Das/ शक्तिकांत दास
(b) Ashok Lahiri/ अशोक लाहिड़ी
(c) Anoop Singh/ अनूप सिंह
(d) N. K. Singh/ एन के सिंह

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Ans.(d)
Sol. The Fifteenth Finance Commission of India (XV-FC) is an Indian Finance Commission constituted in November 2017 and is to give recommendations for devolution of taxes and other fiscal matters for five fiscal years, commencing 1 April 2020. The commission’s chairman is N. K. Singh, with its full-time members being Shaktikanta Das, Ashok Lahiri and Anoop Singh. In addition, the commission also has a part-time member in Ramesh Chand.

Q4. In which of the following tax, impact of tax & incidence of tax is on same person –
निम्नलिखित में से किस कर में, कर का प्रभाव और कर भार का एक ही व्यक्ति पर पड़ता है-
(a) Sales Tax / बिक्री कर
(b) Excise Tax/ उत्पाद कर
(c) Corporation tax/ निगम कर
(d) Entertainment Tax/ मनोरंजन कर

Show Answer
Ans.(c)
Sol. A direct tax is borne entirely by the entity that pays it, and cannot be passed on to another entity. Examples include corporation tax, income tax, and social security contributions.

Q5. Value added tax (VAT) was introduced into the Indian taxation system in year–
मूल्य वर्धित कर (VAT) को किस वर्ष में भारतीय कराधान प्रणाली में पेश किया गया था?
(a) 2000
(b) 2004
(c) 2005
(d) None of these/ इनमें से कोई नहीं

Show Answer
Ans.(c)
Sol. Value added tax (VAT) was introduced  into the Indian taxation system from 1 April 2005.

Q6. Taxes are called as Regressive when-
कर को प्रतिगामी कब कहा जाता है?
(a) More burden on poor as compared to rich/ अमीरों की तुलना में गरीबों पर अधिक बोझ
(b) It causes same burden on rich and poor/ यह अमीर और गरीब पर एक ही बोझ का कारण बनता है
(c) Less burden on poor as compared to rich/ अमीरों की तुलना में गरीबों पर कम बोझ
(d) None of these/इनमें से कोई नहीं

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Ans.(a)


Sol. The regressive tax imposes a higher percentage rate of taxation on low incomes than on high incomes.






































Q7. ‘Value-added’ is equal to–
’मूल्य वर्धित’ किस के बराबर है
(a) Investment profit/ निवेश लाभ
(b) Reconstruction profit/ पुनर्निर्माण लाभ
(c) Gross profit / सकल लाभ
(d) Output Minus the Inputs/ आउटपुट माइनस इनपुट्स…

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Ans.(d)
Sol. Value added is the difference between the price of product or service and the cost of producing it. It is calculated as
VAT Payable = Output VAT – Input VAT

Q8. The recommendations of the task force headed by Dr Vijay Kelkar was related to–
डॉ विजय केलकर की अध्यक्षता में टास्क फोर्स की सिफारिशें किस से संबंधित थीं?
(a) Trade reforms/ व्यापार सुधार
(b) Centre-state financial relations/ केंद्र-राज्य वित्तीय संबंध
(c) Disinvestment in public sector enterprises/ सार्वजनिक क्षेत्र के उद्यमों में विनिवेश
(d) Tax reforms/ कर सुधार

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Ans.(d)


Sol. The task force headed by Dr Vijay Kelkar has submitted its recommendations on the taxation reforms that need to be introduced for the smooth and proper administration of the tax law, and also improve the tax collections.













































Q9. Parallel economy emerges due to–
समानांतर अर्थव्यवस्था किस कारण उभरती है?
(a) Tax Evasion/ कर की चोरी
(b) Tax Avoidance/ कर टालना
(c) Tax Compliance / कर अनुपालन
(d) Tax Estimation/ कर अनुमान

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Ans.(a)


Sol. When economic activities goes unreported or not measured by societies current techniques to monitor economic activity it falls under parallel economy. Money that have neither been reported to the public authorities at the time of their generation or at any time of possession; no taxes have been paid on it. Also known as Phantom trades or Shadow economy.










































Q10. Who among the following has suggested tax on expenditure?
निम्नलिखित में से किसने व्यय पर कर का सुझाव दिया था?
(a) Dalton / डाल्टन
(b) Amartya sen/ अमर्त्य सेन
(c) Musgrave / मुस्ग्रेव
(d) Nicholas Kaldor / निकोलस कलडोर

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Ans.(d)


Sol. Nicholas Kaldor was British Economist who gave a report on tax reforms in eight developing countries of Asia. He had suggested an imposition of expenditure tax in india for the first time to increase the tax revenues of the government. Apart from expenditure tax, he also proposed gift tax, wealth tax and property tax.










































Q11. Which authority recommends the principles governing the grants in aid of the revenues of the states out of the Consolidated Fund of India?
भारत के समेकित निधि के बाहर राज्यों के राजस्व में अनुदान की व्यवस्था करने वाले सिद्धांतों का कौन-सा प्राधिकरण अनुशंसा करता है?
(a) Public Accounts Committee/लोक लेखा समिति
(b) Union Ministry of Finance/केंद्रीय वित्त मंत्रालय
(c) Finance Commission/वित्त आयोग
(d) Inter-State Council/अंतरराज्यीय परिषद

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Ans.(c)
Sol. The Finance Commission get constituted by the President of India under Article 280 of the Indian Constitution. It was formed to define the financial relations between the central government of India and the individual state governments. 
Q12. Corporation tax is a tax imposed on–
कॉर्पोरेशन टैक्स किस कर लगाया जाता है?
(a) The corporate properties/ कॉर्पोरेट संपत्ति
(b) The net incomes of the companies / कंपनियों की शुद्ध आय
(c) The utilities provided by the corporation/ निगम द्वारा उपलब्ध कराई गई उपयोगिताओं
(d) None of these/इनमें से कोई नहीं
Show Answer
Ans.(b)
Sol. Corporation tax is a tax imposed on the net income of the company. 
Q13. Buoyancy of a tax is defined as–
टैक्स की प्रयाप्तता को किस रूप में परिभाषित किया जाता है?
(a) Percentage increase in tax revenue/percentage increase in tax base
(कर राजस्व में प्रतिशत वृद्धि / कर आधार में प्रतिशत वृद्धि)
(b) Increase in tax revenue/percentage increase in tax coverage (कर राजस्व में वृद्धि / कर कवरेज में प्रतिशत वृद्धि)
(c) Increase in tax revenue/increase in GDP (कर राजस्व में वृद्धि / GDP में वृद्धि)
(d) Percentage increase in tax revenue/increase in tax coverage (कर राजस्व में प्रतिशत वृद्धि / कर कवरेज में वृद्धि)
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Ans.(c)
Sol. Tax buoyancy explains this relationship between the changes in government’s tax revenue growth and the changes in GDP. Tax buoyancy measured by dividing the growth in tax collections for each year by the nominal GDP growth. 
Q14. Among the tax revenues of the Union Government, what is the largest source?
केंद्र सरकार के कर राजस्व में, सबसे बड़ा स्रोत क्या है?
(a) Income tax / आयकर
(b) Corporation tax/ निगम कर
(c) Central Excise / केन्द्रीय उत्पाद शुल्क
(d) Customs Duty/ सीमा शुल्क
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Ans.(b)
Sol. Corporation tax is an especially precious part of any tax system, particularly for developing countries where alternative revenue sources are thin. Corporation taxes are very progressive, and they raise significant sums of money for public services.
Q15. Ad Valorem tax is levied–
एड वैलोरॉम कर किस प्रकार लगाया जाता है?
(a) According to value given by producers/ उत्पादकों द्वारा दिए गए मूल्य के अनुसार
(b) According to value addition to a commodity/ एक कमोडिटी के मूल्य संवर्धन के अनुसार
(c) According to value added by the government/ सरकार द्वारा जोड़े गए मूल्य के अनुसार
(d) According to value added by the Finance ministry/ वित्त मंत्रालय द्वारा जोड़े गए मूल्य के अनुसार
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Ans.(a)


Sol. An ad valorem tax is a tax whose amount is based on the value of a transaction or of property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT).