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 Indian Economy Questions

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Q:

Which of the following statements about taxes is false?

A) Some states don’t collect income tax B) Taxes at the local, state and federal level are all equal
C) Taxes are collected at the local, state and federal level D) Some states don’t collect sales tax
 
Answer & Explanation Answer: A) Some states don’t collect income tax

Explanation:
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4 2094
Q:

A sales tax is a type of

A) aggressive B) regressive
C) both A & B D) None of the above
 
Answer & Explanation Answer: B) regressive

Explanation:

Sales tax is an additional amount of money you pay based on a percentage of the selling price of goods and services that are purchased.

 

For example, if you purchase a new laptop Rs. 40000 and live in an area where the sales tax is 6%, you would pay Rs.2400 in sales tax.

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0 2088
Q:

National income accountants can avoid multiple counting by

A) subtracting NDP from GDP B) add exports, but subtract imports
C) only counting final goods D) None of the above
 
Answer & Explanation Answer: C) only counting final goods

Explanation:
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2 2087
Q:

The demand curve shows the relationship between

A) good price and the service B) quantity demanded and the price of the good
C) quality and quantity of the good D) quality and price of the good
 
Answer & Explanation Answer: B) quantity demanded and the price of the good

Explanation:
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0 2075
Q:

Increasing marginal cost of production explains

A) the income effect. B) why the supply curve is upsloping.
C) why the demand curve is downsloping D) the law of demand.
 
Answer & Explanation Answer: B) why the supply curve is upsloping.

Explanation:
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0 2071
Q:

The largest component of GDP is

A) income B) wages
C) consumption D) imports
 
Answer & Explanation Answer: C) consumption

Explanation:

Consumption is the largest component of GDP.

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1 2069
Q:

Tennis rackets and ballpoint pens are

A) complementary goods B) independent goods
C) inferior goods D) substitute goods
 
Answer & Explanation Answer: B) independent goods

Explanation:

Tennis rackets and ballpoint pens are two independent goods. Since, one doesn't depend on the other.

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0 2067
Q:

Trade blocs help countries by

A) competition B) economic integration
C) Increase in trade D) All of the above
 
Answer & Explanation Answer: D) All of the above

Explanation:

A trade bloc is a type of intergovernmental agreement for a group of countries where barriers to trade are reduced or eliminated among the participating states and less competition and for economic integration.

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0 2058