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. Share of exports and imports in GDP

B. Unemployment rate

C. Money supply growth rate

D. Fiscal deficit as a percentage of GDP

Answer: Option A

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 'Goods and Services Tax' on legal services provided to government is:

A. exempt

B. 0%

C. 18%

D. 12%

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Correct Answer: Option A

Explanation:
Legal services provided to government are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'RBI's Annual Report' is published by:

A. Reserve Bank of India

B. NITI Aayog

C. National Statistical Office

D. Ministry of Finance

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Correct Answer: Option A

Explanation:
The RBI publishes its Annual Report.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Reserve Bank of India' was nationalized on:

A. 15 August 1947

B. 1 January 1947

C. 1 January 1949

D. 26 January 1950

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Correct Answer: Option C

Explanation:
The RBI was nationalized on 1 January 1949.

This question belongs to: Economy GK Economy Set 1

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