The 'first bank in India' was: MCQ with Answer and Explanation

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The 'first bank in India' was:

A. Bank of Hindustan

B. Bank of Calcutta

C. Punjab National Bank

D. State Bank of India

Answer: Option A

Solution (By JKSSB Mock Tests)

The Bank of Hindustan, established in 1770, is considered the first bank in India.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Goods and Services Tax' on hotel room service is:

A. 18%

B. 5%

C. 28%

D. 12%

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Correct Answer: Option A

Explanation:
Room service in hotels generally attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

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Real GDP differs from nominal GDP because real GDP:

A. is measured at current year prices

B. is measured at base year prices

C. includes depreciation

D. includes indirect taxes

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Correct Answer: Option B

Explanation:
Real GDP is valued at constant base year prices to remove the effect of inflation.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'General Agreement on Trade in Services' came into force in which year?

A. 1994

B. 2000

C. 1995

D. 2005

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Correct Answer: Option C

Explanation:
GATS came into force in 1995 as part of WTO agreements.

This question belongs to: Economy GK Economy Set 1

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