Personal Disposable Income is obtained by subtracting from personal income: MCQ with Answer and Explanation

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Personal Disposable Income is obtained by subtracting from personal income:

A. corporate tax

B. direct personal taxes

C. customs duty

D. indirect taxes

Answer: Option B

Solution (By JKSSB Mock Tests)

Personal disposable income is personal income minus direct personal taxes and other non-tax payments.

This question belongs to: Economy GK Economy Set 1

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Question #1

The term 'Special Drawing Rights' (SDRs) is associated with:

A. International Monetary Fund

B. World Bank

C. World Trade Organisation

D. Asian Development Bank

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Correct Answer: Option A

Explanation:
Special Drawing Rights are an international reserve asset created by the International Monetary Fund to supplement member countries' official reserves.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' is collected by:

A. local bodies

B. both central and state governments

C. only central government

D. only state governments

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Correct Answer: Option B

Explanation:
GST is collected by both central and state governments depending on the component.

This question belongs to: Economy GK Economy Set 1

Question #3

An 'export subsidy' is a payment to domestic producers that:

A. reduces their exports

B. increases their exports

C. raises domestic prices only

D. increases imports

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Correct Answer: Option B

Explanation:
Export subsidies lower costs for exporters, enabling them to sell abroad at competitive prices.

This question belongs to: Economy GK Economy Set 1

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