Answer: Option [C]The correct answer is direct tax. Direct taxes include income tax, inheritance tax, national insurance contributions, capital gains tax, and corporation tax (a tax on company profits). The burden of a direct tax cannot be passed on.
Answer: Option [D]The correct answer is national income. National Income refers to the income of the whole economy including all the sectors at a given point of time. It only estimates the income of all the sectors and does not say the exact figure as it is impossible to tell the exact income figure of an economy. Economic growth of any nation is measured in national income aggregates of that nation.
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Answer: Option [B]The correct answer is Per capita income. Per capita income is a measure of the amount of money earned per person in a nation or geographic region. 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.
Answer: Option [B]The correct answer is GDP. Economists use many different methods to measure how fast the economy is growing. The most common way to measure the economy is real gross domestic product, or real GDP. GDP is the total value of everything - goods and services - produced in our economy.
Answer: Option [B]The correct answer is Finance Bill. The Finance Bill is accompanied by a Memorandum containing explanations of the provisions included in it. The Finance Bill can be introduced only in Lok Sabha. However, the Rajya Sabha can recommend amendments in the Bill. The bill has to be passed by the Parliament within 75 days of its introduction.
Answer: Option [C]National income of a country is determind on the basis of Production of goods and services. National income means the value of goods and services produced by a country during a financial year. Thus, it is the net result of all economic activities of any country during a period of one year and is valued in terms of money.
Answer: Option [D]The correct answer is Export-import method.
Answer: Option [D]The national income of India is calculated mainly through production and income method.
Answer: Option [A]An ad valorem duty is a tax on the basis of the price of a commodity. An ad valorem tax is a tax whose amount is based on the value of a transaction or of property. It is typically imposed at the time of a transaction, as in the case of a sales tax or value-added tax (VAT).
Answer: Option [A]The system of the budget was introduced in india during the viceroyalty of Canning. India's First budget was introduced in February, 1860 by James Wilson. It was introduced during the Viceroyalty of Lord Canning.
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