Transfer payments are excluded from national income because they: MCQ with Answer and Explanation

Question
Transfer payments are excluded from national income because they:
A. are paid to foreigners
B. do not correspond to current production of goods and services
C. are paid in cash
D. are included in personal income
Answer: Option B
Solution (By JKSSB Mock Tests)
Transfer payments are one-sided payments with no corresponding production of goods or services.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The 'Stand-Up India' scheme provides loans from Rs 10 lakh to:
A. Rs 50 lakh
B. Rs 10 crore
C. Rs 1 crore
D. Rs 5 crore
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Correct Answer: Option C

Explanation:
Stand-Up India provides loans from Rs 10 lakh to Rs 1 crore.
This question belongs to: Economy GK Economy Set 1
Question #2
The concept of 'Planetary Boundaries' identifies:
A. Only national environmental regulations
B. Only population limits
C. Only economic growth limits
D. Nine biophysical thresholds that, if crossed, could destabilise the Earth system
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Correct Answer: Option D

Explanation:
The planetary-boundaries framework, developed by Rockström and colleagues, defines a set of nine Earth-system processes and associated quantitative boundaries within which humanity can operate safely.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'New Development Bank' was established by BRICS in which year?
A. 2014
B. 2015
C. 2012
D. 2016
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Correct Answer: Option A

Explanation:
The New Development Bank was established by BRICS in 2014 and began operations in 2015.
This question belongs to: Economy GK Economy Set 1
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