Answer: Option [C]The correct answer is Excise Duty. Excise tax is an inland tax on the sale, or production for sale, of specific goods. Excises are distinguished from customs duties, which are taxes on imports.
Answer: Option [A]Taxes on professions can be levied by State government only. Professional tax is a tax that is levied by a state government on all individuals who earn a living through any medium. This should not be confused with the definition of professionals that indicates people such as doctors. This is a tax that is to be paid by every single earning individual.
Answer: Option [B]The correct answer is Price stabilisation.
Functions of money can be broadly categorised into the following two types:
- Primary functions
- Secondary functions
Primary function: The primary function of money includes money as a medium of exchange and money as a measure of value.
Secondary function: The secondary function of money includes money as a store of value and money as a standard of deferred payment.
Therefore, Price stabilization is not a function of money.
Answer: Option [D]“Closed Economy” means a country having no imports and exports. A closed economy is where the import and export of goods and services don't happen, implying that the economy is self-sufficient and has no trading activity from outside economics.
Answer: Option [C]The correct answer is Stock Exchanges and futures markets. Stock Exchange and future markets are a subject enumerated in the Union List under seventh Schedule of the Constitution. It implies that only the Parliament has the power to make laws regulating stock exchange and its functioning.
Answer: Option [C]Debenture holders of a company are its Creditors. Debentures are part of loan. A shareholder or member is the joint owner of a company; but a debenture holder is only a creditor of the company. Shareholders are invited to attend the annual general meeting of the company. Debenture holders are not invited, unless any decision affecting their interest is taken.
Answer: Option [A]Savings rate is relatively low in developed economies because of Welfare programmes. Saving is considered a derivative of consumption. Developed economies have lower savings rates than developing countries because at the same income level, the level of consumption is higher in their cases.
Answer: Option [B]The terms ‘Bull’ and ‘Bear’ are associated with Stock Market. A bull market occurs when securities are on the rise, while a bear market occurs when securities fall for a sustained period of time. It's important to understand the differences between bull and bear markets and how they impact your investment decisions.
Answer: Option [D]Taxes are as certain as the death, because they constitute the major source of government revenue. Benjamin Franklin’s utterance, “In this world nothing can be said to be certain, except death and taxes,” when applied in economics means that the largest amount of revenue raised by governments comes from taxation. The proverb draws on the actual inevitability of death to highlight the difficulty in avoiding the burden of taxes.
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