Which of the following is a characteristic of a traditional economy? MCQ with Answer and Explanation

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Which of the following is a characteristic of a traditional economy?

A. Rapid industrialisation

B. Customs and traditions determine economic decisions

C. Extensive use of money and banking

D. High use of advanced technology

Answer: Option B

Solution (By JKSSB Mock Tests)

In a traditional economy, economic decisions regarding production and distribution are based on customs, traditions and hereditary practices.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'GST' regime in India has subsumed which of the following state taxes?

A. Entry tax

B. Wealth tax

C. Income tax

D. Customs duty

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Correct Answer: Option A

Explanation:
GST subsumed state taxes like entry tax, purchase tax and VAT.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Effective Revenue Deficit' was introduced to exclude from revenue deficit those grants:

A. used for creation of capital assets

B. given to foreign countries

C. given to states for revenue expenditure

D. used for interest payments

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Correct Answer: Option A

Explanation:
Effective revenue deficit excludes grants for creation of capital assets from revenue deficit.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'World Bank' publishes which report?

A. World Happiness Report

B. Global Financial Stability Report

C. World Economic Outlook

D. World Development Report

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Correct Answer: Option D

Explanation:
World Bank publishes World Development Report.

This question belongs to: Economy GK Economy Set 1

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