The 'intermediate consumption' in national accounting refers to: MCQ with Answer and Explanation

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The 'intermediate consumption' in national accounting refers to:

A. capital goods

B. final goods bought by households

C. goods and services used up in production

D. export goods

Answer: Option C

Solution (By JKSSB Mock Tests)

Intermediate consumption is the value of goods and services used as inputs in production.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a characteristic of 'Libertarian Paternalism'?

A. The design of policies that steer people toward better choices while preserving freedom of choice

B. Only laissez-faire without any guidance

C. The complete rejection of any paternalistic intervention

D. The use of mandates that eliminate choice

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Correct Answer: Option A

Explanation:
Libertarian paternalism, the philosophical foundation of nudge theory, advocates interventions that improve welfare by guiding choices without restricting the set of available options.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on wind turbines is:

A. 12%

B. 5%

C. 18%

D. 28%

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Correct Answer: Option B

Explanation:
Wind turbines attract 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'break-even point' in consumption occurs when:

A. saving equals investment

B. consumption equals saving

C. consumption equals income

D. MPC equals zero

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Correct Answer: Option C

Explanation:
At break-even point, consumption equals income, so saving is zero.

This question belongs to: Economy GK Economy Set 1

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