461. A variable whose value is determined within an economic theory is:
A: Exogenous
B: Independent
C: Deterministic
D: Endogenous
462. The economic development is measured on the basis of:
A: Increase in nominal GNP
B: Increase in real GNP
C: Increase in personal income
D: Increase in Government revenue
463. The power of the bank to create credit is affected by:
A: The cash reserve requirement
B: The amount of cash available
C: A bank’s number of branches
D: A and B of above
464. If the input tax paid by a registered person exceeds the output tax on account of zero-rated local supplies or exports made during the tax period, the excess amount of input tax shall be refunded not later than _ days.
(A) 40
B) 45
(C) 50
(D) 60
465. No penalty under section 33 of this Act shall be imposed on a registered person unless a _ is given to such person.
(A) Summon
(B) Arrest Warrant
C) Show Cause Notice
(D) Warning
466. If the amount shown in the tax invoice or the return needs to be modified, the registered person shall issue a:
A) Debit Note
B) Credit Note
C) A & B
D) None of these
467. De-registration, blacklisting, and suspension of registration are dealt with under section _ of the Sales Tax Act.
(A) 31
(B) 32
C) 21
(D) 22
468. The goods specified in the Fifth Schedule shall be charged to tax at the rate of:
(A) 17%
(B) 16%
(C) 19%
D) 0%
469. Law of demand does not hold in the case of:
A) Conspicuous goods
B) Expectation of price rise
C) Emergency
D) All of the above
470. A factor that affects market demand but not individual demand can be:
A) Distribution of income
B) Number of consumers in the market
C) Age and sex composition of the population
D) All of the above
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