Economy Set 1 MCQs

Economy GK

Economy Set 1 MCQs

Practice Economy GK MCQs on basic economic concepts including economy, economics, microeconomics, macroeconomics, goods and services, demand and supply, factors of production, opportunity cost, economic activities, sectors of economy and other fundamental concepts frequently asked in SSC, Railway, Banking, UPSC, JKSSB, JKPSC, Police, Defence and other competitive examinations.

2220
Total Questions

Practice Questions

Page 84 of 111
Question #1661
The 'GST Council' is a constitutional body under which article?
A. Article 324
B. Article 246A
C. Article 279A
D. Article 280
Discuss
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Correct Answer: Option C

Explanation:
The GST Council is constituted under Article 279A.
This question belongs to: Economy GK Economy Set 1
Question #1662
The 'GST Council' decisions are made by how much majority?
A. three-fourths majority
B. two-thirds majority
C. simple majority
D. unanimous consent
Discuss
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Correct Answer: Option A

Explanation:
GST Council decisions require three-fourths majority.
This question belongs to: Economy GK Economy Set 1
Question #1663
The 'Central Goods and Services Tax' is levied by:
A. local bodies
B. GST Council
C. state governments
D. central government
Discuss
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Correct Answer: Option D

Explanation:
CGST is levied by the central government on intra-state supply.
This question belongs to: Economy GK Economy Set 1
Question #1664
The 'State Goods and Services Tax' is levied by:
A. RBI
B. central government
C. local bodies
D. state government
Discuss
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Correct Answer: Option D

Explanation:
SGST is levied by state governments on intra-state supply.
This question belongs to: Economy GK Economy Set 1
Question #1665
The 'Integrated Goods and Services Tax' applies to:
A. intra-state supplies
B. exports only
C. inter-state supplies
D. imports only
Discuss
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Correct Answer: Option C

Explanation:
IGST applies to inter-state supplies and imports.
This question belongs to: Economy GK Economy Set 1
Question #1666
The 'GST compensation cess' was originally applicable for how many years from 2017?
A. 2 years
B. 15 years
C. 10 years
D. 5 years
Discuss
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Correct Answer: Option D

Explanation:
GST compensation cess was initially applicable for five years from 2017 to 2022, later extended.
This question belongs to: Economy GK Economy Set 1
Question #1667
The 'good and services tax' regime in India is a 'one nation one tax' system.
A. False
B. True
C. Only for goods
D. Only for services
Discuss
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Correct Answer: Option B

Explanation:
GST is a unified indirect tax system for goods and services across India.
This question belongs to: Economy GK Economy Set 1
Question #1668
The 'Finance Commission' is appointed under which article?
A. Article 280
B. Article 324
C. Article 356
D. Article 360
Discuss
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Correct Answer: Option A

Explanation:
The Finance Commission is constituted under Article 280.
This question belongs to: Economy GK Economy Set 1
Question #1669
The 'Election Commission of India' is constituted under which article?
A. Article 280
B. Article 324
C. Article 360
D. Article 356
Discuss
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Correct Answer: Option B

Explanation:
The Election Commission is constituted under Article 324.
This question belongs to: Economy GK Economy Set 1
Question #1670
The 'President of India' can declare a financial emergency under which article?
A. Article 356
B. Article 365
C. Article 360
D. Article 352
Discuss
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Correct Answer: Option C

Explanation:
Financial emergency is declared under Article 360.
This question belongs to: Economy GK Economy Set 1
Question #1671
The 'National Commission for Scheduled Castes' is constituted under which article?
A. Article 338
B. Article 341
C. Article 342
D. Article 340
Discuss
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Correct Answer: Option A

Explanation:
The National Commission for Scheduled Castes is constituted under Article 338.
This question belongs to: Economy GK Economy Set 1
Question #1672
The 'National Commission for Scheduled Tribes' is constituted under which article?
A. Article 338
B. Article 338A
C. Article 340
D. Article 342
Discuss
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Correct Answer: Option B

Explanation:
The National Commission for Scheduled Tribes is constituted under Article 338A.
This question belongs to: Economy GK Economy Set 1
Question #1673
The 'National Commission for Backward Classes' is constituted under which article?
A. Article 338
B. Article 340
C. Article 342
D. Article 338B
Discuss
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Correct Answer: Option D

Explanation:
The National Commission for Backward Classes is constituted under Article 338B.
This question belongs to: Economy GK Economy Set 1
Question #1674
The 'Union Public Service Commission' is constituted under which article?
A. Article 320
B. Article 324
C. Article 330
D. Article 315
Discuss
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Correct Answer: Option D

Explanation:
UPSC is constituted under Article 315.
This question belongs to: Economy GK Economy Set 1
Question #1675
The 'Comptroller and Auditor General of India' is appointed under which article?
A. Article 280
B. Article 150
C. Article 324
D. Article 148
Discuss
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Correct Answer: Option D

Explanation:
The CAG is appointed under Article 148.
This question belongs to: Economy GK Economy Set 1
Question #1676
The 'Attorney General of India' is appointed under which article?
A. Article 88
B. Article 76
C. Article 77
D. Article 78
Discuss
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Correct Answer: Option B

Explanation:
The Attorney General is appointed under Article 76.
This question belongs to: Economy GK Economy Set 1
Question #1677
The 'Special Officer for Linguistic Minorities' is appointed under which article?
A. Article 365
B. Article 350B
C. Article 352
D. Article 360
Discuss
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Correct Answer: Option B

Explanation:
Special Officer for Linguistic Minorities is appointed under Article 350B.
This question belongs to: Economy GK Economy Set 1
Question #1678
The 'Administrative Tribunals' are established under which article?
A. Article 338
B. Article 324
C. Article 329
D. Article 323A
Discuss
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Correct Answer: Option D

Explanation:
Administrative Tribunals are established under Article 323A.
This question belongs to: Economy GK Economy Set 1
Question #1679
The 'Tribunals for other matters' are established under which article?
A. Article 329
B. Article 324
C. Article 323A
D. Article 323B
Discuss
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Correct Answer: Option D

Explanation:
Tribunals for other matters are established under Article 323B.
This question belongs to: Economy GK Economy Set 1
Question #1680
The 'National Commission for Minorities' is a:
A. judicial body
B. executive body
C. constitutional body
D. statutory body
Discuss
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Correct Answer: Option D

Explanation:
The National Commission for Minorities is a statutory body.
This question belongs to: Economy GK Economy Set 1
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