The 'hyperinflation' is: MCQ with Answer and Explanation

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The 'hyperinflation' is:

A. falling prices

B. extremely rapid and uncontrolled price rise

C. stable prices

D. slow price rise

Answer: Option B

Solution (By JKSSB Mock Tests)

Hyperinflation is extremely rapid and uncontrolled inflation.

This question belongs to: Economy GK Economy Set 1

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Question #1

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

A. Low per capita income

B. High population growth rate

C. Dependence on primary sector

D. High rate of capital formation

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Correct Answer: Option D

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 #2

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The 'Uruguay Round' of GATT negotiations concluded in:

A. 1994

B. 1990

C. 2000

D. 1986

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Correct Answer: Option A

Explanation:
The Uruguay Round concluded in 1994 and led to the creation of the WTO.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on restaurant food is:

A. 18%

B. 28%

C. 5% without ITC

D. 12%

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Correct Answer: Option C

Explanation:
Restaurant services generally attract 5% GST without input tax credit.

This question belongs to: Economy GK Economy Set 1

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