The 'European Union' is an example of: MCQ with Answer and Explanation

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The 'European Union' is an example of:

A. a simple customs union

B. an economic union

C. a free trade area only

D. a bilateral agreement

Answer: Option B

Solution (By JKSSB Mock Tests)

The European Union is an economic union with deep integration, including common currency for many members.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'General Agreement on Tariffs and Trade' was replaced by the WTO in which year?

A. 2001

B. 1993

C. 1995

D. 1998

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Correct Answer: Option C

Explanation:
The WTO replaced GATT in 1995.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'monetary policy framework' in India legally mandates RBI to target:

A. consumer price inflation

B. GDP growth

C. fiscal deficit

D. exchange rate

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Correct Answer: Option A

Explanation:
The RBI's monetary policy framework targets consumer price inflation.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on fertilizers is:

A. 18%

B. 12%

C. 0%

D. 5%

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Correct Answer: Option D

Explanation:
Fertilizers attract 5% GST.

This question belongs to: Economy GK Economy Set 1

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