The value added method of measuring national income is primarily used to: MCQ with Answer and Explanation

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The value added method of measuring national income is primarily used to:

A. measure informal sector output

B. estimate depreciation

C. avoid double counting

D. include transfer payments

Answer: Option C

Solution (By JKSSB Mock Tests)

The value added method avoids double counting by measuring only the addition to value at each stage of production.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Input Tax Credit' under GST is available for:

A. goods and services used for business purposes

B. personal consumption

C. all goods and services

D. exempt supplies only

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Correct Answer: Option A

Explanation:
Input tax credit is available for inputs used for business purposes.

This question belongs to: Economy GK Economy Set 1

Question #2

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

A. Commission for Agricultural Costs and Prices

B. Food Corporation of India

C. NITI Aayog

D. Reserve Bank of India

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Correct Answer: Option A

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 #3

The 'MUDRA' Yojana was launched in which year?

A. 2015

B. 2016

C. 2017

D. 2013

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Correct Answer: Option A

Explanation:
Pradhan Mantri Mudra Yojana was launched in 2015.

This question belongs to: Economy GK Economy Set 1

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