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

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The 'Consumer Expenditure Survey' is used primarily to:

A. regulate banks

B. calculate foreign reserves

C. set interest rates

D. update weights in price indices and estimate poverty

Answer: Option D

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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Question #1

The 'Goods and Services Tax' on bread is:

A. 5%

B. 12%

C. 0%

D. 18%

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Correct Answer: Option C

Explanation:
Bread is exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The term 'Green Revolution' in India is associated with:

A. Increase in agricultural production

B. Increase in industrial production

C. Increase in foreign investment

D. Increase in service sector growth

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Correct Answer: Option A

Explanation:
The Green Revolution refers to the significant increase in agricultural production in India, particularly of wheat and rice, through high-yielding varieties, fertilizers and irrigation, starting in the mid-1960s.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Purchasing Managers' Index' for India is compiled by:

A. RBI

B. S&P Global and other agencies

C. NSO

D. SEBI

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Correct Answer: Option B

Explanation:
India's PMI is compiled by S&P Global and other agencies.

This question belongs to: Economy GK Economy Set 1

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