Expenditure on construction of a national highway is classified as: MCQ with Answer and Explanation

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Expenditure on construction of a national highway is classified as:

A. non-plan expenditure

B. revenue expenditure

C. capital expenditure

D. transfer payment

Answer: Option C

Solution (By JKSSB Mock Tests)

Construction of a highway creates a capital asset and is capital expenditure.

This question belongs to: Economy GK Economy Set 1

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Question #1

The concept of 'Natural Capital' in environmental economics refers to:

A. Only physical capital produced by humans

B. The stock of natural resources and ecosystems that provide goods and services to the economy

C. Only human skills

D. Only financial capital

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Correct Answer: Option B

Explanation:
Natural capital comprises the world’s stocks of natural assets—geology, soil, air, water and all living things—from which humans derive a wide range of ecosystem services.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Integrated Goods and Services Tax' applies to:

A. exports only

B. imports only

C. intra-state supplies

D. inter-state supplies

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Correct Answer: Option D

Explanation:
IGST applies to inter-state supplies and imports.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a market structure based on the number of sellers?

A. Monopoly, duopoly, oligopoly and perfect competition

B. Only monopolistic competition as buyer-based

C. Only bilateral monopoly

D. Only monopsony

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Correct Answer: Option A

Explanation:
Market structures classified by the number of sellers include monopoly (one), duopoly (two), oligopoly (few) and perfect competition (many).

This question belongs to: Economy GK Economy Set 1

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