The 'shoe-leather cost' of inflation refers to: MCQ with Answer and Explanation

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The 'shoe-leather cost' of inflation refers to:

A. cost of unemployment

B. cost of holding less cash and making more frequent trips to banks

C. cost of buying shoes

D. cost of imports

Answer: Option B

Solution (By JKSSB Mock Tests)

Shoe-leather cost is the cost associated with reducing money holdings to avoid inflation.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'current daily status' of unemployment measures unemployment on:

A. yearly basis

B. monthly basis

C. weekly basis

D. a day basis

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Correct Answer: Option D

Explanation:
Current daily status measures unemployment for each day of the reference week.

This question belongs to: Economy GK Economy Set 1

Question #2

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

A. 28%

B. 18%

C. 5%

D. 12%

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Correct Answer: Option B

Explanation:
Architectural services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The Second Five Year Plan was based on which model?

A. Mahalanobis

B. Harrod-Domar

C. Rostow

D. Solow

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Correct Answer: Option A

Explanation:
The Second Five Year Plan was based on the Mahalanobis model.

This question belongs to: Economy GK Economy Set 1

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