The 'Foreign Trade Policy' in India is usually announced for a period of: MCQ with Answer and Explanation

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The 'Foreign Trade Policy' in India is usually announced for a period of:

A. 15 years

B. 5 years

C. 1 year

D. 10 years

Answer: Option B

Solution (By JKSSB Mock Tests)

Foreign Trade Policy is normally announced for a five-year period.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Goods and Services Tax' rate on restaurant services in AC restaurants was initially 18%, but later revised to:

A. 18%

B. 12%

C. 5% without ITC

D. 28%

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Correct Answer: Option C

Explanation:
Restaurant services were rationalized to 5% without input tax credit.

This question belongs to: Economy GK Economy Set 1

Question #2

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In the context of money, 'Near Money' includes:

A. Only gold reserves

B. Time deposits, savings deposits and other highly liquid assets

C. Only demand deposits

D. Currency notes and coins only

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Correct Answer: Option B

Explanation:
Near money refers to assets that are highly liquid and can be converted into cash quickly with minimal loss of value, such as time deposits and certain money market instruments.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on broadcasting services is:

A. 28%

B. 5%

C. 18%

D. 12%

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Correct Answer: Option C

Explanation:
Broadcasting services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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