The 'veblen effect' is associated with: MCQ with Answer and Explanation

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The 'veblen effect' is associated with:

A. homogeneous goods

B. perfect competition

C. conspicuous consumption where higher prices increase demand

D. inferior goods

Answer: Option C

Solution (By JKSSB Mock Tests)

Veblen effect occurs when higher prices increase the prestige of a good and therefore its demand.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' rate on financial services is:

A. 5%

B. 12%

C. 18%

D. 28%

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Correct Answer: Option C

Explanation:
Financial services generally attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'e-invoicing' under GST is mandatory for businesses with turnover above:

A. Rs 20 crore

B. Rs 10 crore

C. Rs 1 crore

D. Rs 5 crore

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Correct Answer: Option D

Explanation:
E-invoicing is mandatory for businesses above a specified turnover threshold, currently Rs 5 crore.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Planning Commission' formulated how many Five Year Plans before being dissolved?

A. 12

B. 13

C. 11

D. 10

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Correct Answer: Option A

Explanation:
India had 12 Five Year Plans formulated by the Planning Commission.

This question belongs to: Economy GK Economy Set 1

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