Answer: Option [D]The term ‘Balanced Growth’ refers to growth pattern on which simultaneous investments are made in all the sectors of the economy, viz. Agriculture, Industry, Transport, Communication, etc.
Answer: Option [A]The correct answer is Growth of GNP.
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Answer: Option [C]The correct answer is of the non-tangible services like the customer service, bank, marine companies and shipping companies. An invisible trade is an international transaction that does not include an exchange of tangible goods. Customer service outsourcing, overseas banking transactions, and the medical tourism industry all are examples of invisible trade.
Answer: Option [B]Reduction of Gross Domestic Product(GDP) lasts hardly for few months.
Answer: Option [A]Buyer’s market is a situation where the supply exceeds the demand. Buyer’s market denotes the place where the supply exceeds the demand. In this type of market, the buyers have the advantage of price negotiation. If the demand exceeds the supply then such type of market situation is called Seller’s market.
Answer: Option [B]The rate of growth of per capita income is equal to rate of growth of national income minus the rate of demographic inflation.
Answer: Option [B]The per capita income is obtained by dividing national income by the population. Per capita income is used to determine the average per-person income for an area and to evaluate the standard of living and quality of life of the population. Per capita income for a nation is calculated by dividing the country's national income by its population.
Answer: Option [D]The correct answer is Wealth Tax. Wealth tax is levied on the net wealth owned by a person on the valuation date, i.e., 31st March of every year. Wealth-tax is levied at 1% on the net wealth in excess of Rs. 30,00,000.
Answer: Option [C]The correct answer is Sales and purchase of newspapers. In accounting for non profit organisation, the sale of old newspapers is generally considered as an income.
Answer: Option [D]The correct answer is Tax on entertainment. Entertainment tax is an indirect tax because it is borne by one person who is availing the services; but a liability to deposit is of the other person who is providing entertainment services.
