If GDP at factor cost is Rs 1,000 crore, indirect taxes are Rs 200 crore and subsidies are Rs 50 crore, then GDP at market prices is: MCQ with Answer and Explanation

Question

If GDP at factor cost is Rs 1,000 crore, indirect taxes are Rs 200 crore and subsidies are Rs 50 crore, then GDP at market prices is:

A. Rs 1,250 crore

B. Rs 1,150 crore

C. Rs 850 crore

D. Rs 950 crore

Answer: Option B

Solution (By JKSSB Mock Tests)

GDP at market prices = 1000 + 200 - 50 = Rs 1,150 crore.

This question belongs to: Economy GK Economy Set 1

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The 'Sustainable Development Goals' were adopted by the United Nations in which year?

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Correct Answer: Option D

Explanation:
The Sustainable Development Goals were adopted in 2015.

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The 'Goods and Services Tax' on hotel room service is:

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Correct Answer: Option D

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Room service in hotels generally attracts 18% GST.

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Which of the following is a cause of cost-push inflation?

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Correct Answer: Option C

Explanation:
Cost-push inflation arises when the cost of production increases due to higher wages, raw material prices or other input costs, leading to higher prices.

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