The 'Consumer Price Index' measures: MCQ with Answer and Explanation

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The 'Consumer Price Index' measures:

A. retail prices paid by consumers

B. prices of exports

C. prices of imports

D. wholesale prices

Answer: Option A

Solution (By JKSSB Mock Tests)

CPI measures changes in retail prices paid by consumers.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Kisan Vikas Patra' is a:

A. bank account

B. small savings certificate scheme

C. stock market instrument

D. crop insurance scheme

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Correct Answer: Option B

Explanation:
Kisan Vikas Patra is a small savings certificate scheme.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is NOT a characteristic of developing countries?

A. High population growth rate

B. High rate of capital formation

C. Dependence on primary sector

D. Low per capita income

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Correct Answer: Option B

Explanation:
Developing countries typically have low rates of capital formation. High capital formation is a feature of developed economies.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of production, the law of variable proportions is also known as:

A. Law of returns to scale

B. Law of diminishing returns

C. Law of increasing returns

D. Law of constant returns

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Correct Answer: Option B

Explanation:
The law of variable proportions (or law of diminishing returns) states that as more units of a variable factor are applied to a fixed factor, after a point, the marginal product of the variable factor diminishes.

This question belongs to: Economy GK Economy Set 1

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