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

Personal Disposable Income is obtained by subtracting from personal income:
A. customs duty
B. direct personal taxes
C. corporate tax
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.

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Practice More Economy Set 1 Questions

Question #1
In the context of production, the stage of diminishing returns begins when:
A. Total product is maximum
B. Marginal product is negative
C. Marginal product starts declining
D. Average product is zero

Correct Answer: Option C


Explanation:
The stage of diminishing returns starts when the marginal product of the variable factor begins to decline, although it may still be positive.

This question belongs to: Economy GK Economy Set 1
Question #2
In the context of national income accounting, which of the following is a transfer payment and not included in national income?
A. Wages and salaries
B. Profits
C. Rent
D. Interest on public debt

Correct Answer: Option D


Explanation:
Interest on public debt is a transfer payment and is not included in national income as it does not correspond to any current production of goods or services.

This question belongs to: Economy GK Economy Set 1
Question #3
Unified Payments Interface enables:
A. only credit card payments
B. instant interbank transfer using a virtual payment address
C. only government payments
D. only cheque clearing

Correct Answer: Option B


Explanation:
UPI enables instant interbank transfers through virtual payment addresses using mobile devices.

This question belongs to: Economy GK Economy Set 1