The 'aggregate supply curve' in the short run is typically: MCQ with Answer and Explanation

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The 'aggregate supply curve' in the short run is typically:

A. upward sloping

B. downward sloping

C. horizontal

D. vertical

Answer: Option A

Solution (By JKSSB Mock Tests)

The short-run aggregate supply curve is upward sloping due to sticky wages and prices.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on legal services provided to government is:

A. 18%

B. exempt

C. 0%

D. 12%

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Correct Answer: Option B

Explanation:
Legal services provided to government are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

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

A. 12%

B. 5%

C. 18%

D. 0%

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Correct Answer: Option C

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

This question belongs to: Economy GK Economy Set 1

Question #3

The 'asymmetric corridor' in Indian monetary policy refers to:

A. repo and reverse repo being equidistant from the policy rate

B. different widths of the corridor at different times or instruments

C. dual GST rates

D. fixed exchange rate bands

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Correct Answer: Option B

Explanation:
The asymmetric corridor refers to variations in the distance between policy rate, MSF and reverse repo rates.

This question belongs to: Economy GK Economy Set 1

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