The 'Laffer curve' was popularized by which economist? MCQ with Answer and Explanation

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The 'Laffer curve' was popularized by which economist?

A. John Maynard Keynes

B. Paul Samuelson

C. Arthur Laffer

D. Milton Friedman

Answer: Option C

Solution (By JKSSB Mock Tests)

The Laffer curve was popularized by Arthur Laffer.

This question belongs to: Economy GK Economy Set 1

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Question #1

The term 'Green Revolution' in India is associated with:

A. Increase in industrial production

B. Increase in service sector growth

C. Increase in foreign investment

D. Increase in agricultural production

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Correct Answer: Option D

Explanation:
The Green Revolution refers to the significant increase in agricultural production in India, particularly of wheat and rice, through high-yielding varieties, fertilizers and irrigation, starting in the mid-1960s.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on services by diplomatic missions is:

A. 18%

B. exempt

C. 0%

D. 5%

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Correct Answer: Option B

Explanation:
Services by diplomatic missions are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #3

Human capital refers to:

A. the stock of skills, education and health embodied in workers

B. financial assets of a country

C. physical machinery used in production

D. natural resources

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Correct Answer: Option A

Explanation:
Human capital is the stock of skills, education and health embodied in workers that enhances productivity.

This question belongs to: Economy GK Economy Set 1

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