The 'Lokpal' in India is a: MCQ with Answer and Explanation

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The 'Lokpal' in India is a:

A. private body

B. judicial body

C. statutory body

D. constitutional body

Answer: Option C

Solution (By JKSSB Mock Tests)

Lokpal is a statutory body established under the Lokpal and Lokayuktas Act, 2013.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Goods and Services Tax' on charitable activities is:

A. 5%

B. 0%

C. exempt for specified charitable activities

D. 18%

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Correct Answer: Option C

Explanation:
Specified charitable activities are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

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In the context of international trade, the 'Stolper-Samuelson Theorem' predicts that:

A. Only labour always gains from trade

B. An increase in the relative price of a good raises the real return to the factor used intensively in its production

C. Trade benefits all factors of production equally

D. Factor prices are independent of goods prices

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Correct Answer: Option B

Explanation:
The Stolper-Samuelson theorem states that a rise in the relative price of a good increases the real return to the factor used intensively in that good and reduces the real return to the other factor.

This question belongs to: Economy GK Economy Set 1

Question #3

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The GDP deflator is calculated as:

A. GDP at factor cost divided by GDP at market price multiplied by 100

B. Real GDP divided by Nominal GDP multiplied by 100

C. Nominal GDP divided by Real GDP multiplied by 100

D. Nominal GDP divided by NNP multiplied by 100

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Correct Answer: Option C

Explanation:
GDP deflator = (Nominal GDP / Real GDP) × 100.

This question belongs to: Economy GK Economy Set 1

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