The 'permanent income hypothesis' was proposed by: MCQ with Answer and Explanation

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The 'permanent income hypothesis' was proposed by:

A. John Maynard Keynes

B. Milton Friedman

C. James Duesenberry

D. Franco Modigliani

Answer: Option B

Solution (By JKSSB Mock Tests)

Milton Friedman proposed the permanent income hypothesis.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Okun's law' describes a relationship between:

A. output growth and changes in unemployment

B. inflation and unemployment

C. tax rates and revenue

D. interest rates and investment

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Correct Answer: Option A

Explanation:
Okun's law relates changes in unemployment to output growth.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on admission to amusement parks is:

A. 18%

B. 12%

C. 5%

D. 28%

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Correct Answer: Option A

Explanation:
Amusement park admissions attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on warehousing services is:

A. 5%

B. 18%

C. 12%

D. 28%

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Correct Answer: Option B

Explanation:
Warehousing services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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