The 'GDP deflator' is a price index that measures: MCQ with Answer and Explanation

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The 'GDP deflator' is a price index that measures:

A. only wholesale prices

B. only consumer prices

C. only food prices

D. prices of all domestically produced final goods and services

Answer: Option D

Solution (By JKSSB Mock Tests)

GDP deflator measures the average price of all final goods and services produced domestically.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Tribunals for other matters' are established under which article?

A. Article 324

B. Article 323B

C. Article 323A

D. Article 329

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Correct Answer: Option B

Explanation:
Tribunals for other matters are established under Article 323B.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of behavioural economics, 'Anchoring' refers to:

A. The tendency for quantitative judgments to be influenced by an initially presented value

B. Only the effect of final outcomes

C. Only the use of rational Bayesian updating

D. The complete independence of judgments from any initial values

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Correct Answer: Option A

Explanation:
Anchoring is a cognitive bias in which individuals rely too heavily on an initial piece of information (the anchor) when making subsequent judgments.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the 'Paris Agreement' on climate change?

A. Only a voluntary declaration without any reporting requirements

B. A treaty limited to developed countries only

C. A legally binding set of identical emission targets for all countries

D. A global framework under which countries submit nationally determined contributions to limit global warming

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Correct Answer: Option D

Explanation:
The Paris Agreement establishes a framework in which each party submits successive nationally determined contributions (NDCs) outlining its climate actions, with the collective aim of limiting global temperature rise.

This question belongs to: Economy GK Economy Set 1

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