The 'National Income' estimates in India are prepared by: MCQ with Answer and Explanation

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The 'National Income' estimates in India are prepared by:

A. RBI

B. Ministry of Statistics and Programme Implementation

C. National Statistical Office

D. NITI Aayog

Answer: Option C

Solution (By JKSSB Mock Tests)

National income estimates are prepared by the National Statistical Office.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on freight transport by road is:

A. 18%

B. 28%

C. 5%

D. 5% without ITC or 12% with ITC

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Correct Answer: Option D

Explanation:
Goods transport agency services attract 5% without ITC or 12% with ITC.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'UJALA' scheme is related to:

A. distribution of LED bulbs

B. water connections

C. LPG connections

D. electricity connections

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Correct Answer: Option A

Explanation:
UJALA distributes energy-efficient LED bulbs.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the 'Ricardian Equivalence Theorem'?

A. Tax cuts financed by debt increase private consumption

B. Only liquidity-constrained agents matter

C. Tax cuts financed by debt do not affect private consumption because agents anticipate future tax liabilities

D. Government debt is always neutral regardless of agents’ behaviour

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Correct Answer: Option C

Explanation:
Ricardian equivalence asserts that, under certain conditions, debt-financed tax cuts do not stimulate consumption because forward-looking agents save the tax cut to pay the future taxes needed to service the debt.

This question belongs to: Economy GK Economy Set 1

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