Economics (Part – VIII)

11. What is the income of all the residents of the country called? [S.S.C. Online MTS (T-I) 9.10.2017 (Shift-I)]

(a) Per capita income
(b) Average income
(c) Total income
(d) None of these

Correct Answer: (c) Total income

Solution:Total income is the sum of the incomes of people who form the workforce of the country. However, per capita income or average income is the total income of the country divided by the number of people in that country.

12. How is per capita income calculated? [S.S.C. Online MTS (T-I) 5.10.2017 (Shift-II)]

(a) Net Income Population
(b) Wealth Tax Population
(c) Income Tax Population
(d) National Income Population

Correct Answer: (d) National Income Population

Solution:

Per capita income for a nation is calculated by dividing the country's national income by its population.

13. Which of the following are required to get more income by the people? [S.S.C. Online MTS (T-I) 5.10.2017 (Shift-II)]

(a) Better price their produce
(b) Continous job
(c) Better wages
(d) All options are correct

Correct Answer: (d) All options are correct

Solution:

In the given question, better prices, continuous jobs and better salaries are all desired for the goods produced by the people to get more income.

14. Who estimated the National Income for the first time in India? [S.S.C. Online C.P.O.S.I. (T-I) 1.07.2017 (Shift-II)]

(a) Professor P.C. Mahalanobis
(b) Dr. V.K.R.V. Rao
(c) Dadabhai Naoroji
(d) M. G. Ranade

Correct Answer: (c) Dadabhai Naoroji

Solution:Dadabhai Naoroji first estimated the national income in India. He estimated the per capita income of India to be Rs 20 in the year 1868, while its first scientific calculation was done by Dr. V.K.R.V. Rao.

15. Which of the following tax gives maximum revenue to the government of India? [S.S.C. Online Stenographer, 13.09.2017 (Shift-I)]

(a) income tax
(b) Custom duty
(c) Excise duty
(d) Corporate tax

Correct Answer: (d) Corporate tax

Solution:Option (d) was the correct answer in the question period. According to the Budget Estimates 2023-24, the maximum tax income of the Government of India is received from the Goods and Services Tax (Rs 956600 crore). After that it is received from corporation tax (Rs 922675 crore) and income tax (Rs 900575 crore) respectively..

16. On which of the below can an excise duty be charged? [S.S.C. Online Constable GD 18.02.2019 (Shift-I)]

(a) A company's revenue
(b) Export of goods and services
(c) Import of goods and services
(d) Goods manufactured

Correct Answer: (d) Goods manufactured

Solution:Excise duty was levied on manufactured goods and levied at the time of removal of goods, while GST is levied on the supply of goods and services.

17. As per the government rules, how much percentage of advance tax needs to be paid by 10-15 June by an individual who is liable to pay advance tax? [S.S.C. Online C.G.L. (T-I) 5.03.2020 (Shift-I)]

(a) 25%
(b) 30%
(c) 10%
(d) 15%

Correct Answer: (d) 15%

Solution:As per the government rules, 15% of advance tax needs to be paid by 15th June by an individual who is liable to pay advance tax. Advance tax means earnings tax will be charged in advance, rather than a lump-sum payment at year-end. The way you collect tax is also known as earning tax.

18. Which State Government has recently abolished "agriculture income tax"? [S.S.C. Online C.G.L.(T-I) 3.09.2016 (Shift-III)]

(a) Karnataka
(b) Rajasthan
(c) Bihar
(d) Assam

Correct Answer: (a) Karnataka

Solution:Karnataka's Chief Minister Siddaramaiah made the announcement to abolish the tax on agricultural income while presenting the State Budget for 2016-17. This in turn will provide relief to many tea and coffee companies besides thousands of individual coffee growers. Plantation companies had to pay a 35 per cent tax on their net income.

19. In India all of the following are sources for government revenue, except__________. [S.S.C. Online CHSL (T-I) 27.01.2017 (Shift-II)]

(a) Agricultural income tax
(b) Anti dumping duty
(c) Perquisite tax
(d) Toll tax

Correct Answer: (a) Agricultural income tax

Solution:In India all of the following are sources of government revenue, except Agricultural income tax.

20. Which method is used to measure agricultural income in India? [S.S.C. Online C.P.O.S.I. (T-I) 1.07.2017 (Shift-II)]

(a) Expenditure Method
(b) Output method
(c) commodity flow method
(d) Input method

Correct Answer: (b) Output method

Solution:Output method is used to measure agricultural income in India. This method is also called a production method and consists of three stages.