The 'Gross Domestic Product' of India is estimated by which method? MCQ with Answer and Explanation

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The 'Gross Domestic Product' of India is estimated by which method?

A. Output/value added and expenditure methods

B. Only income method

C. Only production method

D. Only expenditure method

Answer: Option A

Solution (By JKSSB Mock Tests)

India's GDP is estimated using the output/value added and expenditure approaches.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on luxury cars is:

A. 28% plus cess

B. 12%

C. 5%

D. 18%

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Correct Answer: Option A

Explanation:
Luxury cars attract 28% GST plus cess.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on lottery, betting and gambling is part of the:

A. 28% slab plus cess

B. 18% slab

C. 12% slab

D. 5% slab

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Correct Answer: Option A

Explanation:
Lottery, betting and gambling are in the 28% slab.

This question belongs to: Economy GK Economy Set 1

Question #3

Startup India initiative primarily aims to:

A. nationalize private companies

B. regulate stock markets

C. increase import duties

D. promote entrepreneurship and innovation

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Correct Answer: Option D

Explanation:
Startup India aims to promote entrepreneurship, innovation and startup growth.

This question belongs to: Economy GK Economy Set 1

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