The Finance Commission is constituted under which Article of the Constitution? MCQ with Answer and Explanation

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The Finance Commission is constituted under which Article of the Constitution?

A. 356

B. 360

C. 324

D. 280

Answer: Option D

Solution (By JKSSB Mock Tests)

The Finance Commission is constituted under Article 280 of the Constitution.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on event management services is:

A. 18%

B. 28%

C. 5%

D. 12%

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Correct Answer: Option A

Explanation:
Event management services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax (Compensation to States) Act' was passed in which year?

A. 2017

B. 2018

C. 2015

D. 2016

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Correct Answer: Option A

Explanation:
The GST Compensation to States Act was passed in 2017.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Giffen paradox' occurs when:

A. the substitution effect dominates the income effect

B. the income effect of a price rise dominates the substitution effect for an inferior good

C. the good is a luxury

D. the good has many substitutes

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Correct Answer: Option B

Explanation:
Giffen goods have a strong negative income effect that outweighs the substitution effect, causing demand to rise with price.

This question belongs to: Economy GK Economy Set 1

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