The 'Economic Survey' is the annual flagship document of: MCQ with Answer and Explanation

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The 'Economic Survey' is the annual flagship document of:

A. SEBI

B. RBI

C. Ministry of Finance

D. NITI Aayog

Answer: Option C

Solution (By JKSSB Mock Tests)

Economic Survey is the flagship annual document of the Ministry of Finance.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on goods and services is a tax on:

A. property

B. income

C. consumption

D. wealth

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Correct Answer: Option C

Explanation:
GST is a tax on consumption of goods and services.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on railway freight is:

A. 18%

B. 5%

C. 12%

D. 0%

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Correct Answer: Option B

Explanation:
Rail freight attracts 5% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of monopolistic competition?

A. Homogeneous product

B. Single seller

C. Product differentiation

D. Perfect knowledge and free entry without costs

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Correct Answer: Option C

Explanation:
Monopolistic competition is characterised by product differentiation, a large number of firms, free entry and exit, and some degree of price control by firms.

This question belongs to: Economy GK Economy Set 1

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