Which of the following is classified under the primary sector? MCQ with Answer and Explanation

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Which of the following is classified under the primary sector?

A. Mining

B. Banking

C. Automobile manufacturing

D. Transport

Answer: Option A

Solution (By JKSSB Mock Tests)

The primary sector includes agriculture, mining, fishing and forestry.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a feature of the 'New Classical' school of macroeconomics?

A. Importance of fiscal policy for stabilisation

B. Liquidity trap as a central concept

C. Rational expectations and continuous market clearing

D. Emphasis on sticky wages and prices

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Correct Answer: Option C

Explanation:
New Classical economics assumes rational expectations and continuous market clearing, implying that systematic monetary policy cannot systematically affect real output.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on tour operator services is:

A. 12%

B. 5%

C. 18%

D. 5% without ITC

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Correct Answer: Option D

Explanation:
Tour operator services attract 5% GST without input tax credit.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of the digital economy, 'Zero Marginal Cost' of information goods implies that:

A. Once produced, an additional digital copy can be distributed at near-zero cost

B. Only physical goods have zero marginal cost

C. All goods have zero marginal cost

D. Marginal cost is always high

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Correct Answer: Option A

Explanation:
Information goods and digital products typically have high fixed costs of production but near-zero marginal costs of reproduction and distribution, creating distinctive pricing and competition issues.

This question belongs to: Economy GK Economy Set 1

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