Which of the following methods estimates national income by summing wages, rent, interest and profit? MCQ with Answer and Explanation

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Which of the following methods estimates national income by summing wages, rent, interest and profit?

A. Production method

B. Expenditure method

C. Value added method

D. Income method

Answer: Option D

Solution (By JKSSB Mock Tests)

The income method sums all factor incomes: wages, rent, interest and profit.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'systemically important financial institution' is one whose failure could:

A. reduce inflation

B. have no effect on the economy

C. trigger a systemic crisis

D. benefit other banks

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Correct Answer: Option C

Explanation:
A systemically important institution is too big or interconnected to fail without causing systemic risk.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Goods and Services Tax' rate on footwear above Rs 1,000 is:

A. 18%

B. 5%

C. 12%

D. 28%

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Correct Answer: Option A

Explanation:
Footwear above Rs 1,000 attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Special Economic Zones Act' was enacted in India in which year?

A. 2005

B. 2006

C. 2000

D. 2010

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Correct Answer: Option A

Explanation:
The SEZ Act was enacted in 2005.

This question belongs to: Economy GK Economy Set 1

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