The 'Bali Package' of WTO was adopted in which year? MCQ with Answer and Explanation

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The 'Bali Package' of WTO was adopted in which year?

A. 2017

B. 2013

C. 2011

D. 2015

Answer: Option B

Solution (By JKSSB Mock Tests)

The Bali Package was adopted in 2013.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Union Budget' is presented under which article of the Constitution?

A. Article 112

B. Article 265

C. Article 110

D. Article 280

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Correct Answer: Option A

Explanation:
The Annual Financial Statement is presented under Article 112.

This question belongs to: Economy GK Economy Set 1

Question #2

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An inflationary gap exists when:

A. actual output is below potential output

B. aggregate demand exceeds full employment output

C. aggregate demand is less than full employment output

D. unemployment is high

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Correct Answer: Option B

Explanation:
An inflationary gap occurs when aggregate demand exceeds what the economy can produce at full employment.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is a non-tax revenue receipt of the government?

A. Customs duty

B. Dividends and profits from public sector enterprises

C. Income tax

D. Corporation tax

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Correct Answer: Option B

Explanation:
Dividends and profits from PSUs form part of non-tax revenue. Corporation tax, customs duty and income tax are tax revenues.

This question belongs to: Economy GK Economy Set 1

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