The term 'Invisible Trade' in the balance of payments includes: MCQ with Answer and Explanation

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The term 'Invisible Trade' in the balance of payments includes:

A. Only capital transfers

B. Trade in services, income and unilateral transfers

C. Only foreign direct investment

D. Trade in merchandise goods only

Answer: Option B

Solution (By JKSSB Mock Tests)

Invisible trade (invisibles) comprises services (travel, transportation, software, etc.), primary income and secondary income (transfers).

This question belongs to: Economy GK Economy Set 1

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Question #1

The law of variable proportions is associated with the:

A. all time periods equally

B. short run

C. very long run

D. long run

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Correct Answer: Option B

Explanation:
The law of variable proportions operates in the short run when at least one factor is fixed.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on renting of commercial property is:

A. 28%

B. 18%

C. 5%

D. 12%

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Correct Answer: Option B

Explanation:
Renting of commercial property attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'National Consumer Price Index' in India uses which base year?

A. 2012

B. 2010

C. 2016

D. 2019

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Correct Answer: Option A

Explanation:
CPI-Combined uses base year 2012.

This question belongs to: Economy GK Economy Set 1

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