A 'common market' includes not only free trade and a common external tariff but also: MCQ with Answer and Explanation

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A 'common market' includes not only free trade and a common external tariff but also:

A. common currency

B. common defence

C. common taxation only

D. free movement of factors of production

Answer: Option D

Solution (By JKSSB Mock Tests)

A common market allows free movement of goods, services, capital and labour.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is the correct classification of loans under the Pradhan Mantri Mudra Yojana?

A. Start-up, Growth, Mature

B. Primary, Secondary, Tertiary

C. Small, Medium, Large

D. Shishu, Kishor, Tarun

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Correct Answer: Option D

Explanation:
MUDRA loans are classified as Shishu, Kishor and Tarun.

This question belongs to: Economy GK Economy Set 1

Question #2

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The Goods and Services Tax Council is chaired by:

A. Union Finance Minister

B. Prime Minister

C. RBI Governor

D. Chief Economic Adviser

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Correct Answer: Option A

Explanation:
The GST Council is chaired by the Union Finance Minister.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'National Income' in India is now compiled by:

A. RBI

B. Ministry of Finance

C. NITI Aayog

D. National Statistical Office

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Correct Answer: Option D

Explanation:
National income is compiled by the National Statistical Office.

This question belongs to: Economy GK Economy Set 1

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