The 'Purchasing Managers' Index' for India is compiled by: MCQ with Answer and Explanation

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The 'Purchasing Managers' Index' for India is compiled by:

A. S&P Global and other agencies

B. SEBI

C. NSO

D. RBI

Answer: Option A

Solution (By JKSSB Mock Tests)

India's PMI is compiled by S&P Global and other agencies.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on digital products such as e-books is:

A. 18%

B. 12%

C. 5%

D. 0%

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Correct Answer: Option C

Explanation:
E-books and digital products attract 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

In monopolistic competition, the long-run equilibrium of a firm is characterised by:

A. Excess capacity and supernormal profit

B. Full capacity utilisation and normal profit

C. Excess capacity and normal profit

D. Full capacity utilisation and supernormal profit

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Correct Answer: Option C

Explanation:
Under monopolistic competition, firms produce less than the optimum output (excess capacity) and earn only normal profits in the long run due to free entry and exit.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following taxes has NOT been subsumed under GST?

A. Basic Customs Duty

B. Service Tax

C. State VAT

D. Central Excise Duty

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Correct Answer: Option A

Explanation:
Basic Customs Duty has not been subsumed under GST.

This question belongs to: Economy GK Economy Set 1

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