MSME classification in India is based on: MCQ with Answer and Explanation

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MSME classification in India is based on:

A. export earnings

B. number of employees only

C. location only

D. investment in plant and machinery or equipment and turnover

Answer: Option D

Solution (By JKSSB Mock Tests)

MSMEs are classified based on investment in plant and machinery/equipment and annual turnover.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The Reserve Bank of India acts as lender of last resort by:

A. giving loans to the public at low interest

B. lending only to the central government

C. providing funds to banks when they cannot obtain funds from other sources

D. issuing currency against gold

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Correct Answer: Option C

Explanation:
The RBI as lender of last resort provides funds to banks facing liquidity crises when other sources are unavailable.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Integrated GST' on interstate supply is collected by:

A. the local body

B. the exporting state

C. the Central Government

D. the consuming state directly

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Correct Answer: Option C

Explanation:
IGST is collected by the Central Government and then apportioned between Centre and states.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Bretton Woods Conference' was held in which year?

A. 1940

B. 1950

C. 1947

D. 1944

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Correct Answer: Option D

Explanation:
The Bretton Woods Conference was held in 1944.

This question belongs to: Economy GK Economy Set 1

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