The 'Finance Commission' recommends distribution of which tax proceeds between the Centre and states? MCQ with Answer and Explanation

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The 'Finance Commission' recommends distribution of which tax proceeds between the Centre and states?

A. net proceeds of divisible taxes

B. corporate tax only

C. central excise duties only

D. Customs duties only

Answer: Option A

Solution (By JKSSB Mock Tests)

The Finance Commission recommends distribution of net proceeds of divisible taxes between Centre and states.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'consumer price index' in India is released by which organization?

A. National Statistical Office

B. Labour Bureau

C. Ministry of Finance

D. RBI

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Correct Answer: Option A

Explanation:
CPI is released by the National Statistical Office.

This question belongs to: Economy GK Economy Set 1

Question #2

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A Pigouvian tax is imposed to:

A. increase imports

B. reduce government revenue

C. encourage production of positive externality goods

D. internalize the external cost of a negative externality

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Correct Answer: Option D

Explanation:
A Pigouvian tax is levied to make producers internalize the external cost of negative externalities.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'demonetization' of high-value currency notes in 2016 included notes of which denominations?

A. Rs 100 and Rs 500

B. Rs 100 and Rs 1,000

C. Rs 1,000 and Rs 2,000

D. Rs 500 and Rs 1,000

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Correct Answer: Option D

Explanation:
Demonetization in November 2016 invalidated old Rs 500 and Rs 1,000 notes.

This question belongs to: Economy GK Economy Set 1

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