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27. Income tax is generally based on the principle of : (1) Benefit received principle (2) Ability to pay principle (3) Willingness to pay principle (4) None of these 28. Which method can help in obtaining a welfare improvement if externalities exist ? (1) Regulation (2) Assigning property rights and permitting bargaining (3) Pigovian taxes All of the above 29. Which of the following is a capital receipts in the Government budget ? (1) Interest receipts on loans given by the Government to other parties. (2) Dividend and profit of public enterprises. (3) Borrowings of the government from the public. (4) Property tax receipts. 30. Which amongst the following would be most effective in mitigating the effect of externalities ? (1) Fiscal policy (2) Regulation of monopoly (3) Active monetary policy (4) Freeing the markets 31. Maximum social advantage is achieved when : (1) Total Social Sacrifice = Total Social Benefits (2) Marginal Social Sacrifice = Marginal Social Benefits (3) Net Social Sacrifice = Net Social Benefits (4) Average Social Sacrifice = Average Social Benefits 32. Statutory incidence of a tax deals with : (1) the person(s) legally responsible for paying the tax. (2) the amount of revenue left over after taxes. (3) the amount of taxes paid after accounting for inflation (4) the amount of tax revenue generated after a tax is levied. J-00118 14 Paper-II22. Let elasticity of demand for exports for a certain country be ex and elasticity of demand for imports be em. Assume that the country devalues its currency. Its balance of payments will almost certainly show an improvement if : (1) ex + em > 1 (2) ex + em