The 'Customs duty' is levied on: MCQ with Answer and Explanation

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The 'Customs duty' is levied on:

A. domestic production

B. imports and exports of goods

C. services only

D. income of citizens

Answer: Option B

Solution (By JKSSB Mock Tests)

Customs duty is levied on imports and, in some cases, exports of goods.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'National Commission for Scheduled Castes' is constituted under which article?

A. Article 338

B. Article 340

C. Article 341

D. Article 342

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Correct Answer: Option A

Explanation:
The National Commission for Scheduled Castes is constituted under Article 338.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'dollarization' of an economy means:

A. adopting the US dollar as the official currency

B. buying US bonds

C. exporting to the US only

D. pegging to the dollar

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Correct Answer: Option A

Explanation:
Dollarization occurs when a country adopts the US dollar as its official currency.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following indices is used by the RBI as the nominal anchor for monetary policy in India?

A. Producer Price Index

B. Consumer Price Index (Combined)

C. Wholesale Price Index

D. GDP Deflator

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Correct Answer: Option B

Explanation:
Under the Flexible Inflation Targeting framework, the RBI targets CPI-Combined inflation as the nominal anchor for monetary policy.

This question belongs to: Economy GK Economy Set 1

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