GDP at market prices equals GDP at factor cost: MCQ with Answer and Explanation

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GDP at market prices equals GDP at factor cost:

A. minus indirect taxes plus subsidies

B. plus indirect taxes minus subsidies

C. minus indirect taxes minus subsidies

D. plus indirect taxes plus subsidies

Answer: Option B

Solution (By JKSSB Mock Tests)

GDP at market prices = GDP at factor cost + indirect taxes - subsidies.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on dance and music performances is:

A. 0%

B. 18%

C. 5%

D. 12%

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Correct Answer: Option B

Explanation:
Dance and music performances generally attract 18% GST, with some exemptions.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Fifth Five Year Plan' period was:

A. 1969-1974

B. 1971-1976

C. 1980-1985

D. 1974-1979

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Correct Answer: Option D

Explanation:
The Fifth Five Year Plan covered 1974-1979.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is not a priority sector category?

A. Micro enterprises

B. Agriculture

C. Education

D. Housing loans above Rs 50 crore

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Correct Answer: Option D

Explanation:
Very large housing loans above prescribed limits are not part of priority sector lending.

This question belongs to: Economy GK Economy Set 1

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