The 'Eighth Five Year Plan' period was: MCQ with Answer and Explanation

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The 'Eighth Five Year Plan' period was:

A. 1987-1992

B. 1997-2002

C. 1992-1997

D. 1990-1995

Answer: Option C

Solution (By JKSSB Mock Tests)

The Eighth Five Year Plan covered 1992-1997.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Reverse Charge Mechanism' under GST shifts the tax liability to:

A. supplier

B. government

C. recipient

D. GST council

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Correct Answer: Option C

Explanation:
Under reverse charge, the recipient of goods or services pays the tax.

This question belongs to: Economy GK Economy Set 1

Question #2

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Cardinal utility analysis assumes that utility:

A. depends on income only

B. cannot be measured in numbers

C. is not comparable across persons

D. can be measured in cardinal numbers

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Correct Answer: Option D

Explanation:
Cardinal utility analysis assumes utility can be quantified in numerical units such as utils.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on yachts and aircraft is:

A. 5%

B. 12%

C. 28% plus cess

D. 18%

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Correct Answer: Option C

Explanation:
Yachts and aircraft attract 28% GST plus cess.

This question belongs to: Economy GK Economy Set 1

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