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( Best 30+ ) Public Finance MCQ

Public Finance MCQ

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Public Finance MCQ

Public Finance MCQ

1. Which of the following is a union tax?

A. Corporation tax

B. Taxes on agricultural income

C. Capitation taxes

D. Land revenues

2. Which of the following is not a union tax?

A. Taxes on railway freights and fares

B. Stamp duties on financial documents

C. Tolls

D. A and b only

3. The tax levied by the union government on income of individuals is known as

A. Personal income tax

B. Interest tax

C. Wealth tax

D. Corporation tax

4. The tax on net income of companies is

A. Personal income tax

B. Interest tax

C. Wealth tax

D. Corporate tax

5. The most important source of revenue to the states is

A. Sales tax

B. Service tax

C. Excise duty

D. None of the above

6. The difference between revenue expenditure and revenue receipts is

A. Revenue deficit

B. Fiscal deficit

C. Budget deficit

D. Primary deficit

7. The difference between total expenditure and total receipts is

A. Fiscal deficit

B. Budget deficit

C. Primary deficit

D. Revenue deficit

8. Maximum Social Advantage is achieved,

A. at the point where the marginal social benefit of public expenditure and the marginal social sacrifice of taxation are equated

B. at the point where the marginal social benefit of public expenditure is higher than the marginal social sacrifice of taxation

C. at the point where the marginal social benefit of public expenditure is lower than the marginal social sacrifice of taxation

D. at the point where the marginal social benefit of public expenditure and the marginal social sacrifice of taxation are zero

9. Which one of the following economists introduced the principle of “Maximum Social Advantage”?

A. Alfred Marshall

B. John Maynard Keynes

C. Karl Marx

D. Hugh Dalton

10. In a free market economy, self-interested individuals operate through a system of mutual interdependence
to promote the general benefit of society at large. Adam Smith referred this as:

A. Invisible hand

B. Direct Intervention

C. Collective Spirit

D. Private Spirit

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