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Indian Economy Question and Answer – Economic and commercial developments for competitive examinations are an important subject, especially for examinations like banks, UPSC and IAS. There are a number of questions based on Indian Economy, Monetary Policy, Agriculture, Five Year Plan, Mixed Economy, Latest Economy Current Affairs, which are here to keep you updated and get success in the interview.

1. Indirect taxes by nature are
Question Asked : SSC Stenographer (Grade ‘C’ & ‘D’) Exam 2011

(A) degressive
(B) regressive
(C) progressive
(D) proportional

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2. Which one of the following is not a ‘canon of taxation’ according to Adam Smith?
Question Asked : SSC Higher Secondary Level Data Entry Operator & LDC Exam 2010

(A) Canon of certainty
(B) Canon of simplicity
(C) Canon of convenience
(D) Canon of economy

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3. The incidence of Tax refers to
Question Asked : SSC Combined Matric Level (Pre) Exam 2002 (Re-Exam)

(A) Who pays the Tax?
(B) Who bears the burden of Tax.?
(C) How Taxes can be shifted?
(D) Who transfers the Tax burden?

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4. In public budgets, zero based budgeting was first introduced in
Question Asked : SSC Combined Matric Level (Pre) Exam 2001

(A) USA
(B) UK
(C) France
(D) Sweden

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5. The ‘Canons of Taxation’ were propounded by
Question Asked : SSC Combined Matric Level (Pre) Exam 2001

(A) Edwin Canon
(B) Adam Smith
(C) J.M. Keynes
(D) Dalton

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6. Excise duty on a commodity is payable with reference to Its
Question Asked : SSC Section Officer (Commercial Audit) Exam 2007

(A) production
(B) production and sale
(C) production and transportation
(D) production, transportation and sale

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7. If the tax rate increases with the higher level of income, It shall be called
Question Asked : SSC Section Officer (Audit) Exam 2006

(A) Proportional tax
(B) Progressive tax
(C) Lump sum tax
(D) Regressive tax

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8. Capital formation in an economy depends on
Question Asked : SSC Section Officer (Audit) Exam 2006

(A) Total Income
(B) Total demand
(C) Total savings
(D) Total production

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9. When a large number of investors in a country transfer investments elsewhere because of disturbed economic conditions, it is called
Question Asked : SSC Section Officer (Commercial Audit) Exam 2006

(A) Transfer of Capital
(B) Escape of Capital
(C) Outflow of Capital
(D) Flight of Capital

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10. Who among the following has suggested tax on expenditure?
Question Asked : SSC Tax Assistant (Income Tax & Central Excise) Exam 2005

(A) Dalton
(B) Kaldor
(C) Musgrave
(D) Gautam Mathur

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