The 'Index of Industrial Production' is published with a time lag of about: MCQ with Answer and Explanation

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The 'Index of Industrial Production' is published with a time lag of about:

A. one week

B. one quarter

C. six weeks

D. one month

Answer: Option D

Solution (By JKSSB Mock Tests)

IIP is released with a lag of about one month.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

A zero-primary deficit indicates that:

A. total expenditure equals revenue receipts

B. fiscal deficit equals interest payments

C. there is no fiscal deficit

D. revenue deficit is zero

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Correct Answer: Option B

Explanation:
Primary deficit is fiscal deficit minus interest payments; zero primary deficit means fiscal deficit equals interest payments.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of production theory, an isoquant represents:

A. Combinations of prices that maximise profit

B. Combinations of two inputs that produce the same level of output

C. Combinations of two goods that give the same utility

D. Combinations of income and consumption

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Correct Answer: Option B

Explanation:
An isoquant is a locus of points showing different combinations of two inputs that yield the same quantity of output.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a characteristic of the 'Vertical Equity' principle in taxation?

A. Taxpayers with greater ability to pay should bear a larger tax burden

B. Only equal absolute burdens are fair

C. Taxes should be independent of income

D. All taxpayers should pay the same absolute amount

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Correct Answer: Option A

Explanation:
Vertical equity requires that taxpayers with greater ability to pay contribute more in taxes, which is the ethical foundation for progressive taxation.

This question belongs to: Economy GK Economy Set 1

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