A progressive income tax is one where: MCQ with Answer and Explanation

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A progressive income tax is one where:

A. the tax rate increases as income rises

B. the tax rate decreases as income rises

C. the tax rate is constant at all incomes

D. only the poor pay tax

Answer: Option A

Solution (By JKSSB Mock Tests)

Under a progressive tax, the average tax rate rises as income increases.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'break-even point' in consumption occurs when:

A. consumption equals saving

B. MPC equals zero

C. saving equals investment

D. consumption equals income

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Correct Answer: Option D

Explanation:
At break-even point, consumption equals income, so saving is zero.

This question belongs to: Economy GK Economy Set 1

Question #2

A carbon tax is a tax on:

A. renewable energy

B. emissions of carbon dioxide or carbon content of fuels

C. all imports

D. electricity consumption only

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Correct Answer: Option B

Explanation:
A carbon tax is levied on carbon emissions or the carbon content of fossil fuels.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Belt and Road Initiative' was announced by China in which year?

A. 2015

B. 2008

C. 2017

D. 2013

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Correct Answer: Option D

Explanation:
Belt and Road Initiative was announced in 2013.

This question belongs to: Economy GK Economy Set 1

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