The 'Bank of England' is the central bank of: MCQ with Answer and Explanation

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The 'Bank of England' is the central bank of:

A. France

B. Canada

C. Germany

D. United Kingdom

Answer: Option D

Solution (By JKSSB Mock Tests)

The Bank of England is the central bank of the United Kingdom.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following is a feature of a capitalist economy?

A. Central planning of all economic activities

B. Private ownership of means of production and profit motive

C. Absence of market mechanism

D. Collective ownership of resources

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Correct Answer: Option B

Explanation:
A capitalist (market) economy is characterised by private ownership of the means of production, profit motive, and resource allocation through the market mechanism.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'free trade area' is an arrangement where member countries:

A. share a common currency

B. harmonize taxes

C. adopt a common external tariff

D. eliminate tariffs among themselves but retain independent external tariffs

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Correct Answer: Option D

Explanation:
In a free trade area, members remove tariffs among themselves but maintain independent external tariffs.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on private coaching centres is:

A. 12%

B. 5%

C. 0%

D. 18%

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Correct Answer: Option D

Explanation:
Private coaching centres attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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