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

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The 'Lorenz curve' is a graph showing:

A. GDP growth

B. income distribution

C. unemployment

D. inflation over time

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 'money illusion' in economics occurs when people:

A. focus on nominal values rather than real values

B. avoid using money

C. only hold cash

D. fully adjust for inflation

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Correct Answer: Option A

Explanation:
Money illusion is the tendency to think of money in nominal rather than real terms.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Integrated Goods and Services Tax Act' was passed in which year?

A. 2015

B. 2016

C. 2017

D. 2018

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Correct Answer: Option C

Explanation:
IGST Act was passed in 2017.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' rate on milk is:

A. 0%

B. 5%

C. 18%

D. 12%

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Correct Answer: Option A

Explanation:
Fresh milk is exempt from GST.

This question belongs to: Economy GK Economy Set 1

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