If nominal GDP is Rs 12,500 crore and real GDP is Rs 10,000 crore, the GDP deflator is: MCQ with Answer and Explanation

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If nominal GDP is Rs 12,500 crore and real GDP is Rs 10,000 crore, the GDP deflator is:

A. 125

B. 150

C. 80

D. 100

Answer: Option A

Solution (By JKSSB Mock Tests)

GDP deflator = (12500/10000) × 100 = 125.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Composition Scheme' under GST is available for service providers with turnover up to:

A. Rs 50 lakh

B. Rs 75 lakh

C. Rs 20 lakh

D. Rs 1.5 crore

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Correct Answer: Option A

Explanation:
Composition scheme for services is available up to Rs 50 lakh.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Contract Labour (Regulation and Abolition) Act' was enacted in which year?

A. 1970

B. 1961

C. 1976

D. 1986

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Correct Answer: Option A

Explanation:
The Contract Labour Act was enacted in 1970.

This question belongs to: Economy GK Economy Set 1

Question #3

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Unified Payments Interface enables:

A. only government payments

B. only credit card payments

C. instant interbank transfer using a virtual payment address

D. only cheque clearing

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Correct Answer: Option C

Explanation:
UPI enables instant interbank transfers through virtual payment addresses using mobile devices.

This question belongs to: Economy GK Economy Set 1

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