The expenditure on old age pension is classified as: MCQ with Answer and Explanation

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The expenditure on old age pension is classified as:

A. revenue expenditure

B. developmental expenditure

C. plan expenditure

D. capital expenditure

Answer: Option A

Solution (By JKSSB Mock Tests)

Old age pension is a recurring revenue expenditure that does not create assets.

This question belongs to: Economy GK Economy Set 1

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Question #1

In the context of international economics, 'Dumping' is considered:

A. A fair trade practice

B. An unfair trade practice of selling below cost or domestic price in foreign markets

C. A tariff barrier

D. A form of export promotion subsidy only

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Correct Answer: Option B

Explanation:
Dumping involves selling a product in a foreign market at a price lower than the domestic price or below the cost of production, often subject to anti-dumping duties.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'rate of inflation' is measured as:

A. change in money supply

B. change in exchange rate

C. change in price level over time divided by current price level

D. percentage change in price index from one period to another

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Correct Answer: Option D

Explanation:
Inflation rate is the percentage change in a price index from one period to the next.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' Council decisions are implemented by:

A. Supreme Court

B. SEBI

C. central and state governments through respective GST laws

D. RBI

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Correct Answer: Option C

Explanation:
Central and state governments implement GST Council recommendations through their GST laws.

This question belongs to: Economy GK Economy Set 1

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