The 'Brexit' refers to the exit of which country from the European Union? MCQ with Answer and Explanation

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The 'Brexit' refers to the exit of which country from the European Union?

A. Germany

B. Italy

C. United Kingdom

D. France

Answer: Option C

Solution (By JKSSB Mock Tests)

Brexit refers to the United Kingdom's exit from the European Union.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'International Bank for Reconstruction and Development' is a part of:

A. UNCTAD

B. IMF

C. World Bank Group

D. WTO

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Correct Answer: Option C

Explanation:
IBRD is part of the World Bank Group.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' rate on telecom services is:

A. 18%

B. 5%

C. 28%

D. 12%

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Correct Answer: Option A

Explanation:
Telecom services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Opportunity Cost' is best defined as:

A. The value of the next best alternative forgone

B. The difference between total revenue and total cost

C. The cost of producing one more unit of a commodity

D. The total cost incurred in production

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Correct Answer: Option A

Explanation:
Opportunity cost refers to the value of the next best alternative that is sacrificed when a choice is made. It is a fundamental concept in economics.

This question belongs to: Economy GK Economy Set 1

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