The 'Consumer Expenditure Survey' is used primarily to: MCQ with Answer and Explanation

Question
The 'Consumer Expenditure Survey' is used primarily to:
A. update weights in price indices and estimate poverty
B. set interest rates
C. regulate banks
D. calculate foreign reserves
Answer: Option A
Solution (By JKSSB Mock Tests)
Consumer expenditure surveys provide data for updating price index weights and poverty estimates.
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 NOT a method of measuring national income?
A. Product method
B. Income method
C. Balance of payments method
D. Expenditure method
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Correct Answer: Option C

Explanation:
National income is measured by product (value added), income and expenditure methods. Balance of payments is used for recording international transactions, not for measuring national income.
This question belongs to: Economy GK Economy Set 1
Question #2
The term 'Demonetisation' refers to:
A. Printing of more currency notes
B. Introduction of new currency notes
C. Withdrawal of a currency unit from legal tender status
D. Devaluation of currency
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Correct Answer: Option C

Explanation:
Demonetisation is the act of stripping a currency unit of its status as legal tender. In India, high denomination notes were demonetised in 2016.
This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is an example of a positive externality?
A. Pollution from a factory
B. Congestion on roads
C. Vaccination by an individual
D. Noise from a construction site
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Correct Answer: Option C

Explanation:
A positive externality confers benefits on third parties. Vaccination protects not only the individual but also reduces the spread of disease to others.
This question belongs to: Economy GK Economy Set 1
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