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Which State Government has recently abolished “agriculture income tax”
Posted on: 30, November 2021

Q1121. Which State Government has recently abolished “agriculture income tax”
(a) Karnataka (b) Rajasthan
(c) Bihar (d) Assam
Ans: (a)
________________________________________
Q1122. Which of the following taxes is levied by the State Government only?
(a) Wealth tax
(b) Entertainment tax
(c) Income tax
(d) Gift tax
Ans: (b)
________________________________________
Q1123. ’Stand up India’ scheme launched by the Prime Minister recently is related with
(a) Promotion of entrepreneurship among SC, ST and Women
(b) Promotion of rights of Divyangs
(c) Promotion of compulsory education for women
(d) Promotion of Indian exports in western countries
Ans: (a)
________________________________________
Q1124. The new symbol of Indian currency is designed by
(a) Santosh Kumar
(b) Y.V. Reddy
(c) Udaya Kumar
(d) Dr. Rangarajan
Ans: (c)
________________________________________
Q1125. Regional Rural Banks are sponsored by
(a) Nationalised Commercial Bank
(b) Reserve Bank of India
(c) State Bank of India
(d) Government of India
Ans: (a)
________________________________________
Q1126. Who was the first Indian governor of the Reserve Bank of India?
(a) C.D. Deshmukh
(b) Sachindra Roy
(c) S Mukherjee
(d) None of these
Ans: (a)
________________________________________
Q1127. The headquarters of RBI is in
(a) Delhi (b) Kanpur
(c) Mumbai (d) Nasik
Ans: (c)
________________________________________
Q1128. Which of the following tax systems will help to reduce economic inequalities in India ?
(a) Regressive Tax
(b) Progressive Tax
(c) Flat rate tax
(d) None of these
Ans: (b)
________________________________________
GENERAL ECONOMICS
Q1129. One of the essential conditions of perfect competition is :
(a) product differentiation
(b) multiplicity of prices for identical products at any one time.
(c) many sellers and a few buyers.
(d) Only one price for identical goods at any one time.
Ans: (d)
________________________________________
Q1130. When there is a change in demand leading to a shift of the Demand Curve to the right, at the same price as before, the quantity demanded will
(a) decrease
(b) increase
(c) remain the same
(d) contract
Ans: (b)
________________________________________
Q1131. Average Revenue means
(a) the revenue per unit of commodity sold
(b) the revenue from all commodities sold
(c) the profit realised from the marginal unit sold
(d) the profit realised by sale of all commodities
Ans: (a)
________________________________________
Q1132. In equilibrium, a perfectly competitive firm will equate
(a) marginal social cost with marginal social benefit
(b) market supply with market demand
(c) marginal profit with marginal cost
(d) marginal revenue with marginal cost
Ans: (d)
________________________________________
Q1133. Demand of commodity mainly depends upon–
(a) Purchasing will
(b) Purchasing power
(c) Tax policy
(d) Advertisement
Ans: (b)
________________________________________
Q1134. Sellers market denotes a situation where :
(a) commodities are available at competitive rates
(b) demand exceeds supply
(c) supply exceeds demand
(d) supply and demand are evenly balanced
Ans: (b)
________________________________________
Q1135. In the law of demand, the statement “Other things remain constant” means
(a) income of consumer should not change
(b) price of other goods should not change
(c) taste of consumer should not change
(d) All of the above
Ans: (d)
________________________________________
Q1136. According to modern thinking, the law of diminishing returns applies to
(a) agriculture
(b) industry
(c) mining
(d) all fields of production
Ans: (d)
________________________________________
Q1137. Prime cost is equal to
(a) Variable cost plus administrative cost
(b) Variable cost plus fixed costs
(c) Variable cost only
(d) Fixed cost only
Ans: (a)
________________________________________
Q1138. All of the goods which are scarce and limited in supply are called
(a) Luxury goods
(b) Expensive goods
(c) Capital goods
(d) Economic goods
Ans: (d)
________________________________________
Q1139. Economies of Scale means reduction in
(a) unit cost of production
(b) unit cost of distribution
(c) total cost of production
(d) total cost of distribution
Ans: (a)
________________________________________
Q1140. When average cost production
(AC) falls, marginal cost of production must be.
(a) rising
(b) Falling
(c) Greater than the average cost
(d) Less than the average cost
Ans: (d)
________________________________________
Q1141. Cross elasticity of demand between petrol and car is
(a) infinite (b) positive
(c) zero (d) negative
Ans: (d)
________________________________________
Q1142. In Economics the ‘Utility’ and ‘Usefulness’ have
(a) same meaning
(b) different meaning
(c) opposite meaning
(d) None of the above
Ans: (b)
________________________________________
Q1143. Which from the following is not true when the interest rate in the economy goes up ?
(a) Saving increases
(b) Lending decreases
(c) Cost of production increases
(d) Return on capital increases
Ans: (d)
________________________________________
Q1144. A want becomes a demand only when it is backed by the
(a) Ability to purchase
(b) Necessity to buy
(c) Desire to buy
(d) Utility of the product
Ans: (a)
________________________________________
Q1145. The most distinguishing feature of oligopaly is
(a) number of firms
(b) interdependence
(c) negligible influence on price
(d) price leadership
Ans: (b)
________________________________________
Q1146. In a Capitalistic Economy, the prices are determined by :
(a) Demand and Supply
(b) Government Authorities
(c) Buyers in the Market
(d) Sellers in the Market
Ans: (a)
________________________________________
Q1147. As output increases, average fixed cost
(a) increases
(b) falls
(c) remains constant
(d) first increases, then falls
Ans: (b)
________________________________________
Q1148. Production function relates
(a) Cost to output
(b) Cost to input
(c) Wages to profit
(d) Inputs to output
Ans: (d)
________________________________________
Q1149. Payment of water charges by the farmers to the govern-ment represents
(a) intermediate consumption
(b) final consumption
(c) fixed investment
(d) inventory investment
Ans: (a)
________________________________________
Q1150. The term “market” in Economics means
(a) A central place
(b) Presence of competition
(c) Place where goods are stored
(d) Shops and super bazars
Ans: (a)


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