The 'base erosion and profit shifting' framework is an initiative of: MCQ with Answer and Explanation

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The 'base erosion and profit shifting' framework is an initiative of:

A. World Bank

B. OECD and G20

C. IMF

D. WTO

Answer: Option B

Solution (By JKSSB Mock Tests)

BEPS is an OECD/G20 initiative against tax avoidance by multinational enterprises.

This question belongs to: Economy GK Economy Set 1

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Question #1

In the context of inflation, 'Core Inflation' excludes:

A. Manufactured goods prices

B. Food and fuel prices

C. Service prices

D. Housing prices

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Correct Answer: Option B

Explanation:
Core inflation is a measure of inflation that excludes volatile items such as food and fuel prices to give a better picture of underlying inflation trends.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Precautionary Saving' arises because:

A. Saving is independent of uncertainty

B. Individuals save only for retirement

C. Individuals save more when future income is uncertain

D. Only permanent income matters

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Correct Answer: Option C

Explanation:
Precautionary saving is additional saving undertaken by risk-averse agents to buffer against future income or expenditure uncertainty.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax Compensation Cess' is levied to compensate states for:

A. loss of import revenue

B. loss due to bank failures

C. loss due to natural calamities

D. loss of revenue due to GST implementation for a transition period

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Correct Answer: Option D

Explanation:
GST Compensation Cess compensates states for revenue loss due to GST implementation for five years.

This question belongs to: Economy GK Economy Set 1

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