Exam 5: Economic Theories and Practices: Taxation, Fiscal Policy, and Public Expenditure

According to Peackock Wiseman hypothesis, A discontinuity in the growth pattern which produces expenditure peak during social disturbances is referred to as:

During the process of economic development, the share of public expenditure to Gross Domestic Product tends to expand. This is called:

Tax revenue sharing between the federal and sub-national governments is aimed at correcting which of the following type of imbalances?

The movement from older level of expenditure and taxation to a new and higher level is called

The Benefit Principle of taxation states that tax should be paid in proportion to:

Marginal cost of providing the public goods to additional consumers is:

The horizontal fiscal imbalance that arises in a fiscal federation is also called:

______________________ is the first country to implement GST

_________ is a broad based and a single comprehensive tax levied on goods and services consumed in an economy

The existence of economic inequalities among the states is known as

Mixed goods are those goods having benefits which are:

When expenditure exceeds total tax revenue, it is called:

The diffusion theory was associated with the name of

In which year GST was first introduced

In India GST was introduced in the year

Escheat is an example of

Fiscal Federalism refers to

The principle of public expenditure that requires that Government should avoid shortfall of revenue in comparison with its expenditure is termed as

The most accepted theory of taxation in modern times:

Gift tax was introduced in the year