Taxes and Efficiency Quiz with Answers PDF Download – Test 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