In the context of inflation measurement, the GDP deflator is: MCQ with Answer and Explanation

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In the context of inflation measurement, the GDP deflator is:

A. A measure of wholesale prices only

B. A measure of consumer price changes only

C. The ratio of nominal GDP to real GDP

D. A fixed-basket consumer price index

Answer: Option C

Solution (By JKSSB Mock Tests)

The GDP deflator is calculated as (Nominal GDP / Real GDP) × 100 and reflects price changes of all goods and services produced domestically.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on IT-enabled services is:

A. 18%

B. 12%

C. 28%

D. 5%

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Correct Answer: Option A

Explanation:
IT-enabled services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a characteristic of the informal sector?

A. Complete absence of employment generation

B. Easy entry, small scale and lack of formal regulation

C. High capital intensity and advanced technology

D. High degree of formal contracts and social security

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Correct Answer: Option B

Explanation:
The informal sector is marked by ease of entry, small-scale operations, labour intensity, lack of formal contracts and limited access to social security.

This question belongs to: Economy GK Economy Set 1

Question #3

Treasury bills are issued by:

A. State governments only

B. commercial banks

C. SEBI

D. RBI on behalf of the Central Government

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Correct Answer: Option D

Explanation:
Treasury bills are short-term debt instruments issued by the RBI on behalf of the Central Government.

This question belongs to: Economy GK Economy Set 1

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