The 'Account Aggregator' framework in India deals with: MCQ with Answer and Explanation

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The 'Account Aggregator' framework in India deals with:

A. sharing of financial data with user consent

B. deposit insurance

C. merging bank accounts

D. tax collection

Answer: Option A

Solution (By JKSSB Mock Tests)

Account Aggregator framework enables consent-based sharing of financial information.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a function of the Securities and Exchange Board of India?

A. Issuing currency notes

B. Collecting direct taxes

C. Regulating the securities market and protecting investor interests

D. Formulating monetary policy

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Correct Answer: Option C

Explanation:
SEBI is the regulator of the Indian securities market; its mandate includes protecting investors, promoting the development of the market and regulating market intermediaries.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Deadweight Loss' arises due to:

A. Free trade

B. Market distortions such as taxes, subsidies or monopolies

C. Efficient resource allocation

D. Perfect competition

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Correct Answer: Option B

Explanation:
Deadweight loss is the loss of economic efficiency that occurs when the equilibrium quantity is not achieved due to market imperfections or government interventions.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' structure in India has how many main tax slabs?

A. 3

B. 10

C. 7

D. 5

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Correct Answer: Option D

Explanation:
GST has five main slabs: 0%, 5%, 12%, 18% and 28%.

This question belongs to: Economy GK Economy Set 1

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