Which of the following is used to measure the degree of openness of an economy? MCQ with Answer and Explanation

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Which of the following is used to measure the degree of openness of an economy?

A. Money supply growth rate

B. Unemployment rate

C. Fiscal deficit as a percentage of GDP

D. Share of exports and imports in GDP

Answer: Option D

Solution (By JKSSB Mock Tests)

The degree of openness is commonly measured by the ratio of total trade (exports + imports) to GDP, reflecting integration with the global economy.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'trickle-down theory' of development suggests that benefits of growth:

A. eventually spread to the poor

B. only benefit the government

C. are absent

D. remain only with the rich

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Correct Answer: Option A

Explanation:
Trickle-down theory suggests that growth benefits eventually reach the poor.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' rate on readymade garments up to Rs 1,000 is:

A. 5%

B. 12%

C. 0%

D. 18%

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Correct Answer: Option A

Explanation:
Readymade garments up to Rs 1,000 attract 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on services by diplomatic missions is:

A. 5%

B. 18%

C. exempt

D. 0%

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Correct Answer: Option C

Explanation:
Services by diplomatic missions are exempt from GST.

This question belongs to: Economy GK Economy Set 1

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