The 'Goods and Services Tax' Council chairperson is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' Council chairperson is:

A. President

B. RBI Governor

C. Union Finance Minister

D. Prime Minister

Answer: Option C

Solution (By JKSSB Mock Tests)

GST 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

A consumer consuming a single commodity attains equilibrium when:

A. Px is greater than MUx

B. TU is rising

C. MUx divided by Px equals marginal utility of money

D. MU of the commodity is zero

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Correct Answer: Option C

Explanation:
For one commodity, consumer equilibrium occurs when MUx/Px equals the marginal utility of money.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Fiscal Dominance' refers to:

A. Only the dominance of monetary policy

B. The absence of any deficit

C. A situation in which fiscal policy constraints force the monetary authority to monetise deficits

D. Complete independence of the central bank

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Correct Answer: Option C

Explanation:
Fiscal dominance occurs when the fiscal authority’s need to finance deficits constrains or dictates the behaviour of the monetary authority, often leading to inflationary monetisation.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'National Food Security Act' provides legal entitlement to subsidized food grains to:

A. all citizens

B. only farmers

C. only urban poor

D. covered households under priority and Antyodaya categories

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Correct Answer: Option D

Explanation:
NFSA provides subsidized food grains to priority households and Antyodaya Anna Yojana households.

This question belongs to: Economy GK Economy Set 1

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