The 'snob effect' in consumer behaviour refers to: MCQ with Answer and Explanation

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The 'snob effect' in consumer behaviour refers to:

A. buying only necessities

B. buying more when price falls

C. following popular trends

D. buying goods to appear exclusive and different

Answer: Option D

Solution (By JKSSB Mock Tests)

The snob effect is consumer preference for exclusive goods that set them apart.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Composition Scheme' under GST does not allow:

A. input tax credit

B. filing of returns

C. collection of tax from customers

D. payment of tax

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Correct Answer: Option A

Explanation:
Composition dealers cannot claim input tax credit.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' has enabled seamless input tax credit across states, which has eliminated:

A. customs duty

B. income tax

C. tax cascading and barriers to interstate trade

D. direct taxes

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Correct Answer: Option C

Explanation:
Seamless ITC has removed cascading and eased interstate trade.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of Indian public finance, 'Effective Revenue Deficit' is defined as:

A. Primary deficit plus interest payments

B. Revenue deficit minus grants for creation of capital assets

C. Revenue deficit plus capital expenditure

D. Fiscal deficit minus interest payments

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Correct Answer: Option B

Explanation:
Effective Revenue Deficit is Revenue Deficit minus grants given by the Centre to states and union territories for the creation of capital assets.

This question belongs to: Economy GK Economy Set 1

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