MSME classification in India is based on: MCQ with Answer and Explanation

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MSME classification in India is based on:

A. export earnings

B. number of employees only

C. investment in plant and machinery or equipment and turnover

D. location only

Answer: Option C

Solution (By JKSSB Mock Tests)

MSMEs are classified based on investment in plant and machinery/equipment and annual turnover.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following is an example of a flow variable in economics?

A. Capital stock

B. Money supply at a point in time

C. National income

D. National wealth

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Correct Answer: Option C

Explanation:
National income is a flow variable as it is measured over a period of time. Wealth, capital stock and money supply at a point in time are stock variables.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'countervailing duty' is imposed to countervail:

A. foreign export subsidies

B. high tariffs

C. currency depreciation

D. dumping

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Correct Answer: Option A

Explanation:
Countervailing duties offset foreign subsidies on exports.

This question belongs to: Economy GK Economy Set 1

Question #3

Currency appreciation generally makes exports:

A. cheaper

B. free from tariffs

C. unchanged

D. more expensive in foreign currency

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Correct Answer: Option D

Explanation:
When a currency appreciates, domestic goods become more expensive for foreign buyers, reducing exports.

This question belongs to: Economy GK Economy Set 1

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