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

Question

Share Report Error

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

A. 2017

B. 2018

C. 2016

D. 2015

Answer: Option A

Solution (By JKSSB Mock Tests)

The GST Compensation to States Act was passed in 2017.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

Inflation-indexed bonds provide investors protection against:

A. inflation by linking principal or interest to a price index

B. income tax

C. exchange rate fluctuations

D. market risk

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
Inflation-indexed bonds link principal or interest payments to inflation, protecting investors from inflation.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Hysteresis' in unemployment refers to:

A. Only frictional unemployment

B. The tendency of unemployment to persist even after the original cause has disappeared

C. Temporary unemployment that disappears quickly

D. Only seasonal unemployment

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option B

Explanation:
Hysteresis in unemployment means that high unemployment can become self-perpetuating through loss of skills, reduced employability or changes in wage-setting behaviour, so that the natural rate itself rises.

This question belongs to: Economy GK Economy Set 1

Question #3

In accounting terms, the overall Balance of Payments always balances because:

A. current account equals capital account

B. exports always equal imports

C. it follows double-entry bookkeeping and official reserves adjust

D. exchange rates are fixed

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option C

Explanation:
The Balance of Payments always balances in accounting terms due to double-entry bookkeeping and reserve movements.

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs