Which of the following is a non-tax revenue receipt of the government? MCQ with Answer and Explanation

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Which of the following is a non-tax revenue receipt of the government?

A. Customs duty

B. Dividends and profits from public sector enterprises

C. Income tax

D. Corporation tax

Answer: Option B

Solution (By JKSSB Mock Tests)

Dividends and profits from PSUs form part of non-tax revenue. Corporation tax, customs duty and income tax are tax revenues.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on life insurance under Pradhan Mantri Jeevan Jyoti Bima Yojana is:

A. 18%

B. exempt

C. 5%

D. 0%

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Correct Answer: Option B

Explanation:
PMJJBY premium is exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' zero rating on exports means:

A. exports are banned

B. exports are taxed at 5%

C. exports are taxed at zero rate and input tax credit is allowed

D. exports are exempt with no input tax credit

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Correct Answer: Option C

Explanation:
Zero-rated supplies are taxed at 0% and allow input tax credit refunds.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a characteristic of the 'Rational Expectations' hypothesis?

A. Agents form expectations using all available information and do not make systematic errors

B. Agents ignore all available information

C. Expectations are always adaptive

D. Agents use only past information and make systematic errors

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Correct Answer: Option A

Explanation:
Rational expectations imply that agents optimally use all available information, so that forecast errors are uncorrelated with information known at the time the expectation is formed.

This question belongs to: Economy GK Economy Set 1

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