Taxes and Efficiency Quiz Questions and Answers PDF - 61

MCQ 301: The method of that states that individuals with similar income and assets should pay the same amount in taxes is known as

1. horizontal equity
2. vertical equity
3. proportional tax
4. progressive tax

MCQ 302: It is not that easy to develop the economy where there will be no income or revenue that aids boost any nation's economy without

1. capital
2. labor
3. building
4. machines

MCQ 303: The type of account that is a component of balance of payments that covers claims on or liabilities to nonresidents, specifically with regard to financial assets is known as

1. current account
2. financial account
3. balance of payments
4. PLS account

MCQ 304: The capability to produce more of a product by utilizing less resources than another competing entity is known as

1. gains from trade
2. comparative advantage
3. absolute advantage
4. absolute disadvantage

MCQ 305: The type of cost that remain independent of output and constant though out the relevant range is known to be as

1. fixed cost
2. sunk cost
3. variable cost
4. total cost