The 'National Industrial Classification' is used in India for: MCQ with Answer and Explanation

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The 'National Industrial Classification' is used in India for:

A. tax collection

B. stock trading

C. population census

D. classifying economic activities

Answer: Option D

Solution (By JKSSB Mock Tests)

NIC classifies economic activities for statistical purposes.

This question belongs to: Economy GK Economy Set 1

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Question #1

The canon of equity in taxation means that:

A. tax rate should be uniform for all

B. tax should be economical to collect

C. persons with higher ability should pay more taxes

D. tax should be convenient to pay

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Correct Answer: Option C

Explanation:
The canon of equity requires taxation based on ability to pay, so the richer pay more.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of inflation, 'Headline Inflation' includes:

A. Only manufactured goods prices

B. Only housing prices

C. All items in the consumer price basket including food and fuel

D. Only core components excluding food and fuel

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Correct Answer: Option C

Explanation:
Headline inflation measures the overall change in the price level of a comprehensive basket of goods and services, including volatile items such as food and fuel.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Consumer Price Index for Industrial Workers' is compiled by the Labour Bureau and is used for:

A. calculating inflation for urban consumers

B. GDP deflator

C. dearness allowance and wage revisions

D. stock market index

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Correct Answer: Option C

Explanation:
CPI-IW is used for dearness allowance and wage revisions.

This question belongs to: Economy GK Economy Set 1

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