The 'Financial Stability and Development Council' is chaired by: MCQ with Answer and Explanation

Question
The 'Financial Stability and Development Council' is chaired by:
A. RBI Governor
B. Prime Minister
C. SEBI Chairman
D. Union Finance Minister
Answer: Option D
Solution (By JKSSB Mock Tests)
The Financial Stability and Development Council is chaired by the Union Finance Minister.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
Insurance Regulatory and Development Authority of India was established in which year?
A. 2008
B. 1991
C. 2003
D. 1999
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Correct Answer: Option D

Explanation:
IRDAI was established in 1999 following the IRDA Act.
This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following best describes the concept of 'Cross Elasticity of Demand'?
A. Responsiveness of quantity demanded of a good to a change in its own price
B. Responsiveness of quantity demanded to a change in income
C. Responsiveness of supply to a change in price
D. Responsiveness of quantity demanded of a good to a change in the price of another good
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Correct Answer: Option D

Explanation:
Cross elasticity of demand measures how the quantity demanded of one good responds to a change in the price of another related good. It is positive for substitutes and negative for complements.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'Goods and Services Tax' on telecommunication towers is:
A. 5%
B. 12%
C. 28%
D. 18%
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Correct Answer: Option D

Explanation:
Telecommunication tower services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
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