217) ’Relative taxable capacity is a reality while absolute taxable capacity is a myth.’ This statement was given by

R. A. Musgrave

H. Dalton

F. Shirras

J. K. Mehta

Answer is:

F. Shirras

Reduction in Public Expenditure

Increase in Taxes

Increase in Public debt

All the above

Answer is:

The sum of wages, interest, rent and profit

National income at factor costs plus indirect taxes

The sum of all factor payments plus indirect taxes minus subsidies

Value of goods and services produced in a country

Answer is:

Employment of labour

Utilization of capital

Utilization of natural resources

Utilization of all the resources

Answer is:

Increases due to substitution effect

Increases due to income effect

Increases both due to substitution and income effect

Decreases due to both substitution and income effect

Answer is: