The largest component of India's GDP in recent years is contributed by the: MCQ with Answer and Explanation

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The largest component of India's GDP in recent years is contributed by the:

A. manufacturing sector

B. services sector

C. mining sector

D. agriculture sector

Answer: Option B

Solution (By JKSSB Mock Tests)

The services sector is the largest contributor to India's GDP.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Goods and Services Tax' on housekeeping services is:

A. 5%

B. 18%

C. 28%

D. 12%

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Correct Answer: Option B

Explanation:
Housekeeping services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Equalization Levy' in India is imposed on:

A. all imports

B. exports

C. digital transactions and online advertising services

D. agricultural income

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Correct Answer: Option C

Explanation:
Equalization Levy is imposed on specified digital transactions and online advertising services.

This question belongs to: Economy GK Economy Set 1

Question #3

Returns to scale refers to the relationship between inputs and output when:

A. technology is fixed

B. marginal cost is constant

C. all factors are changed in the same proportion

D. only one factor is changed

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Correct Answer: Option C

Explanation:
Returns to scale describe the long-run response of output when all inputs change proportionally.

This question belongs to: Economy GK Economy Set 1

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