The 'Model APMC Act' was circulated by the central government in which year? MCQ with Answer and Explanation

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The 'Model APMC Act' was circulated by the central government in which year?

A. 2003

B. 2000

C. 2006

D. 2010

Answer: Option A

Solution (By JKSSB Mock Tests)

The Model APMC Act was circulated in 2003 to promote reforms in agricultural marketing.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a stock variable?

A. National income

B. Investment expenditure

C. Capital stock

D. Government expenditure

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Correct Answer: Option C

Explanation:
Capital stock is measured at a point of time and is therefore a stock variable.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is an assumption of the Ricardian theory of comparative advantage?

A. Capital is the only factor of production

B. Labour is the only factor of production and is mobile internationally

C. There are increasing returns to scale

D. Labour is the only factor of production and is immobile internationally

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Correct Answer: Option D

Explanation:
Ricardo assumed a single factor (labour), constant returns, and international immobility of labour, while labour is mobile within a country.

This question belongs to: Economy GK Economy Set 1

Question #3

Tax buoyancy measures the responsiveness of:

A. tax revenue to changes in GDP including discretionary changes

B. imports to exports

C. expenditure to revenue

D. tax revenue to changes in GDP without discretionary changes

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Correct Answer: Option A

Explanation:
Tax buoyancy includes both automatic and discretionary changes in tax revenue relative to GDP growth.

This question belongs to: Economy GK Economy Set 1

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