The 'good and services tax' regime in India is a 'one nation one tax' system. MCQ with Answer and Explanation

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The 'good and services tax' regime in India is a 'one nation one tax' system.

A. False

B. Only for services

C. True

D. Only for goods

Answer: Option C

Solution (By JKSSB Mock Tests)

GST is a unified indirect tax system for goods and services across India.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Universal Account Number' is related to which social security scheme?

A. Insurance

B. Pension

C. EPF

D. Maternity benefit

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Correct Answer: Option C

Explanation:
UAN is the universal account number for EPF members.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is NOT a feature of perfect competition?

A. Homogeneous product

B. Large number of buyers and sellers

C. Free entry and exit

D. Product differentiation

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Correct Answer: Option D

Explanation:
Product differentiation is a feature of monopolistic competition, not perfect competition. In perfect competition, products are homogeneous.

This question belongs to: Economy GK Economy Set 1

Question #3

The Engel curve shows the relationship between:

A. price and quantity demanded

B. income and quantity demanded

C. price and income

D. utility and expenditure

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Correct Answer: Option B

Explanation:
The Engel curve depicts the relationship between a consumer's income and the quantity demanded of a good.

This question belongs to: Economy GK Economy Set 1

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