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Challenges of Direct Taxes

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Questions and Answers

What is the primary role of the government in resource allocation according to the text?

To use taxation and subsidies to indirectly influence resource allocation (correct)

To rely entirely on the market mechanism for resource allocation

To allocate resources solely for the provision of private goods

To provide all goods and services through the market mechanism

Which of the following is NOT mentioned as an example of a public good in the text?

Justice

Security

Education (correct)

Defence

What is the purpose of the central government's annual budget allocation?

To allocate resources solely for the service sector

To allocate resources for essential activities and developmental activities (correct)

To allocate resources solely for public goods

To allocate resources only for private goods

How does the government use fiscal operations to affect the distribution of national income and resources?

Through progressive direct taxes and public expenditure on social infrastructure Signup and view all the answers

What is the range of tax rates in India's direct tax system, according to the text?

5% to 30% plus surcharge Signup and view all the answers

What is the primary reason for the government to intervene in resource allocation, according to the text?

To provide public goods that the market mechanism cannot provide Signup and view all the answers

Which of the following is NOT a factor that the government considers in adjusting resource allocation?

Consumer preferences Signup and view all the answers

What is the purpose of public expenditure on social infrastructure and subsidies, according to the text?

To reduce income inequality Signup and view all the answers

Which of the following statements is NOT true based on the information provided in the text?

The market mechanism can provide all goods and services for collective wants Signup and view all the answers

What is the primary tool used by the government to promote or discourage private investment?

Positive and negative incentives Signup and view all the answers