The 'Lorenz curve' is a graph showing: MCQ with Answer and Explanation

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The 'Lorenz curve' is a graph showing:

A. unemployment

B. income distribution

C. inflation over time

D. GDP growth

Answer: Option B

Solution (By JKSSB Mock Tests)

The Lorenz curve graphically represents the distribution of income or wealth.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'GST' is a destination-based tax, so tax revenue accrues to:

A. exporting state

B. centre only

C. consuming state

D. producing state

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Correct Answer: Option C

Explanation:
GST is destination-based; tax revenue goes to the state where goods are consumed.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'World Development Report' is published by:

A. UNCTAD

B. World Bank

C. IMF

D. WTO

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Correct Answer: Option B

Explanation:
The World Development Report is published by the World Bank.

This question belongs to: Economy GK Economy Set 1

Question #3

Minimum Alternate Tax is levied on companies that:

A. are foreign companies

B. pay very low tax due to exemptions and deductions

C. are in special economic zones

D. have no profit

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Correct Answer: Option B

Explanation:
MAT is imposed on companies whose normal tax liability is low because of exemptions and deductions.

This question belongs to: Economy GK Economy Set 1

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