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

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

Answer: (a)

Provision of Urban Amenities to Rural Areas (PURA) is a strategy for rural development in India. This concept was given by former president Dr A.P.J. Abdul Kalam and discussed in his book Target 3 Billion which he co-authored with Srijan Pal Singh.

PURA proposes that urban infrastructure and services be provided in rural hubs to create economic opportunities.

Answer: (a)

Since independence, India’s economic development has been guided by the twin objectives

1. a rapidly and technologically progressive economy by democratic means; and
2. a social order based on justice, offering equal opportunity to every citizen of the country.