The 'deflation' refers to: MCQ with Answer and Explanation

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The 'deflation' refers to:

A. a fall in the rate of inflation

B. a fall in unemployment

C. a sustained fall in the general price level

D. a rise in inflation

Answer: Option C

Solution (By JKSSB Mock Tests)

Deflation is a sustained decline in the general price level.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'GST Council' does not deal with:

A. GST returns

B. GST exemptions

C. GST rates

D. income tax rates

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Correct Answer: Option D

Explanation:
Income tax rates are not within GST Council's purview.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Ninth Five Year Plan' period was:

A. 1997-2002

B. 1995-2000

C. 2002-2007

D. 1992-1997

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Correct Answer: Option A

Explanation:
The Ninth Five Year Plan covered 1997-2002.

This question belongs to: Economy GK Economy Set 1

Question #3

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In the context of digital platforms, 'Network Effects' imply that:

A. The value of the platform to each user rises with the number of other users

B. The value of the platform falls with more users

C. Only offline networks matter

D. Network size is irrelevant

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Correct Answer: Option A

Explanation:
Network effects (or network externalities) exist when the utility a user derives from a platform increases with the number of other users on the same side or the opposite side of the market.

This question belongs to: Economy GK Economy Set 1

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