Which of the following is a major source of tax revenue for the Central Government? MCQ with Answer and Explanation

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Which of the following is a major source of tax revenue for the Central Government?

A. Corporation tax, income tax and central GST

B. Only property tax collected by local bodies

C. Only entertainment tax

D. Only professional tax

Answer: Option A

Solution (By JKSSB Mock Tests)

The major sources of central tax revenue include corporation tax, personal income tax, and the central share of GST, along with customs duties.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the context of monetary economics, the 'Velocity of Circulation of Money' refers to:

A. The average number of times a unit of money is used to purchase final goods and services in a given period

B. The rate of interest

C. The rate of inflation only

D. The growth rate of the money supply

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Correct Answer: Option A

Explanation:
Velocity of money measures how frequently the average unit of currency is spent on final goods and services during a given time period; it appears in the equation of exchange.

This question belongs to: Economy GK Economy Set 1

Question #2

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The concept of 'Framing Effects' demonstrates that:

A. Framing never affects choices

B. The way in which a choice is presented can systematically affect decisions even when the underlying outcomes are identical

C. Preferences are completely invariant to description

D. Only the objective outcomes matter

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Correct Answer: Option B

Explanation:
Framing effects occur when logically equivalent descriptions of the same decision problem lead to different choices, violating the invariance assumption of standard rational-choice theory.

This question belongs to: Economy GK Economy Set 1