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- Subject
- Taxationeconomics-mcqs › taxation
- Published
- 28 May 2019
- Last updated
- 28 May 2026
Explanation
A budget surplus means that the government's income is higher than its spending. Option A correctly describes this situation, while the other options do not accurately reflect the meaning of a budget surplus.
More Taxation MCQs
Practice related questions from the same subject.
- 1.What defines a progressive tax system?
- 2.Which tax rate is most relevant when evaluating the vertical equity of a taxation system?
- 3.What defines an efficient tax system?
- 4.Sana values a pair of blue jeans at Rs400. When the price is Rs350, she purchases the jeans and gains a consumer surplus of Rs50. If a tax causes the price to increase to Rs450, Sana decides not to buy the jeans. What concept does this scenario illustrate?
- 5.What is the result when a tax changes the behavior of buyers and sellers, leading to a reduction in the quantity of goods produced and exchanged compared to a no-tax scenario?
- 6.What happens to the deadweight loss when the tax imposed on a product is doubled?
- 7.How does tax revenue change when a tax on a product begins at a low rate and is steadily increased?
- 8.Given that the supply of undeveloped land is fairly inelastic, what outcome would result from imposing a tax on such land?
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