The 'Advance Pricing Agreement' is related to: MCQ with Answer and Explanation

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The 'Advance Pricing Agreement' is related to:

A. transfer pricing

B. income from salary

C. indirect taxes

D. customs valuation

Answer: Option A

Solution (By JKSSB Mock Tests)

Advance Pricing Agreements relate to transfer pricing arrangements.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Credit Information Bureau (India) Limited' is commonly known as:

A. CRISIL

B. ICRA

C. CIBIL

D. CARE

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Correct Answer: Option C

Explanation:
Credit Information Bureau (India) Limited is known as CIBIL.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' rate on e-books is:

A. 0%

B. 18%

C. 5%

D. 12%

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Correct Answer: Option C

Explanation:
E-books attract 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of elasticity, if the price elasticity of demand is greater than one, demand is said to be:

A. Elastic

B. Unitary elastic

C. Perfectly inelastic

D. Inelastic

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Correct Answer: Option A

Explanation:
When |Ed| > 1, demand is elastic, meaning quantity demanded changes more than proportionately to a change in price.

This question belongs to: Economy GK Economy Set 1

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