The Balance of Payments is a systematic record of: MCQ with Answer and Explanation

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The Balance of Payments is a systematic record of:

A. only government borrowing

B. only foreign direct investment

C. only visible trade

D. all economic transactions between residents of a country and the rest of the world

Answer: Option D

Solution (By JKSSB Mock Tests)

The Balance of Payments records all economic transactions between residents and the rest of the world.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

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The 'Swachh Bharat Mission' consists of two components: rural and:

A. defence

B. industrial

C. urban

D. agricultural

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Correct Answer: Option C

Explanation:
Swachh Bharat Mission has rural and urban components.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' is considered a destination-based tax because:

A. tax is collected only at the port

B. tax is collected where goods are produced

C. tax accrues to the state where goods are consumed

D. tax is paid by the exporter

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Correct Answer: Option C

Explanation:
GST is destination-based, so tax revenue goes to the consuming state.

This question belongs to: Economy GK Economy Set 1

Question #3

Buffer stock of food grains is maintained by the government mainly to:

A. reduce agricultural production

B. meet shortages and stabilize prices

C. increase exports

D. support private traders

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Correct Answer: Option B

Explanation:
Buffer stocks are maintained to meet emergencies and stabilize food grain prices.

This question belongs to: Economy GK Economy Set 1

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