The slope of the budget line is equal to: MCQ with Answer and Explanation

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The slope of the budget line is equal to:

A. Px plus Py

B. Px multiplied by Py

C. negative Px divided by Py

D. Py divided by Px

Answer: Option C

Solution (By JKSSB Mock Tests)

The budget line slope is -Px/Py, where Px is price of good X and Py is price of good Y.

This question belongs to: Economy GK Economy Set 1

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Question #1

In the context of Indian agriculture, the term 'Minimum Support Price' is recommended by:

A. Food Corporation of India

B. NITI Aayog

C. Reserve Bank of India

D. Commission for Agricultural Costs and Prices

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Correct Answer: Option D

Explanation:
The Commission for Agricultural Costs and Prices (CACP) recommends Minimum Support Prices for various crops, which are then approved by the government.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on online education courses is:

A. 18%

B. 12%

C. 0%

D. 5%

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Correct Answer: Option A

Explanation:
Online education courses generally attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' refund for exporters is available through:

A. income tax return

B. SEBI

C. GST refund mechanism

D. customs only

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Correct Answer: Option C

Explanation:
Exporters can claim refunds of accumulated input tax credit under GST.

This question belongs to: Economy GK Economy Set 1

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