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 quarter

B. one month

C. six weeks

D. one week

Answer: Option B

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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Question #1

In the context of economic theory, the 'Law of Demand' is derived from:

A. Both substitution and income effects for normal goods

B. Increasing marginal utility

C. Only the substitution effect

D. Only the income effect

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Correct Answer: Option A

Explanation:
For normal goods, both the substitution effect and the income effect of a price change work in the same direction, reinforcing the inverse relationship between price and quantity demanded.

This question belongs to: Economy GK Economy Set 1

Question #2

Make in India initiative was launched in which year?

A. 2014

B. 2016

C. 2018

D. 2012

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Correct Answer: Option A

Explanation:
Make in India was launched in September 2014 to promote manufacturing.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on real estate under-construction properties is:

A. 12%

B. 18%

C. 0%

D. 5% or 1% for affordable housing

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Correct Answer: Option D

Explanation:
Under-construction residential properties attract 5% GST (1% for affordable housing without ITC).

This question belongs to: Economy GK Economy Set 1

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