The concept of consumer surplus was developed by: MCQ with Answer and Explanation

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The concept of consumer surplus was developed by:

A. J.M. Keynes

B. Adam Smith

C. Alfred Marshall

D. David Ricardo

Answer: Option C

Solution (By JKSSB Mock Tests)

Alfred Marshall developed the concept of consumer surplus.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is the correct sequence of stages in the business cycle?

A. Expansion, Peak, Contraction, Trough

B. Peak, Expansion, Trough, Contraction

C. Trough, Peak, Expansion, Contraction

D. Contraction, Expansion, Peak, Trough

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Correct Answer: Option A

Explanation:
The typical stages of a business cycle are expansion (recovery), peak (boom), contraction (recession) and trough (depression), and then the cycle repeats.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' on restaurant food is:

A. 12%

B. 5% without ITC

C. 18%

D. 28%

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Correct Answer: Option B

Explanation:
Restaurant services generally attract 5% GST without input tax credit.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on imports is levied as:

A. SGST only

B. CGST only

C. UTGST only

D. IGST plus customs duty

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Correct Answer: Option D

Explanation:
Imports attract IGST in addition to basic customs duty.

This question belongs to: Economy GK Economy Set 1

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