introduction to indian economy section 9 MCQ Questions & Answers Detailed Explanation

Answer: (d)

Damodar Valley Corporation is a thermal and hydropower generating public organization of India. It emerged as a culmination of attempts made over a whole century to control the wild and erratic Damodar River.

By April 1947, a full agreement was practically reached between the three Governments of Central, Bengal and Bihar on the implementation of the scheme and in March 1948, the Damodar Valley Corporation Act (Act No. XIV of 1948) was passed by the Central Legislature, requiring the three governments – the Central Government and the State Governments of West Bengal and Bihar (now Jharkhand) to participate jointly for the purpose of building the Damodar Valley Corporation.

The Corporation came into existence on 7 July 1948 as the first multipurpose river valley project and the first Public Sector Corporation of independent India.

Answer: (c)

Personal income- direct taxes + fees+ fines+ social security contribution by employers. The amount of money that households have available for spending and saving after income taxes have been accounted for.

Disposable personal income is often monitored as one of the many key economic indicators used to gauge the overall state of the economy. Disposable income is total personal income minus personal current taxes.

Answer: (a)

Entertainment tax is an indirect tax that is levied by the State Governments in India. it is levied on every financial transaction that is related to entertainment such as movie tickets, major commercial shows and big private festivals.

Some other forms of entertainment that are included in the purview of entertainment taxes :

1. Amusement parks
2. Video games
3. Arcades
4. Exhibitions
5. Celebrity stage shows
6. Sports activities