The Goods and Services Tax Council is chaired by: MCQ with Answer and Explanation

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The Goods and Services Tax Council is chaired by:

A. Union Finance Minister

B. Chief Economic Adviser

C. RBI Governor

D. Prime Minister

Answer: Option A

Solution (By JKSSB Mock Tests)

The GST Council is chaired by the Union Finance Minister.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Returns to scale refers to the relationship between inputs and output when:

A. all factors are changed in the same proportion

B. technology is fixed

C. marginal cost is constant

D. only one factor is changed

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Correct Answer: Option A

Explanation:
Returns to scale describe the long-run response of output when all inputs change proportionally.

This question belongs to: Economy GK Economy Set 1

Question #2

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A contractionary fiscal policy consists of:

A. lowering interest rates

B. increasing money supply

C. reducing government spending or increasing taxes

D. increasing government spending and cutting taxes

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Correct Answer: Option C

Explanation:
Contractionary fiscal policy reduces aggregate demand by cutting spending or raising taxes.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Employees' Provident Fund Organisation' operates under which ministry?

A. Ministry of Labour and Employment

B. Ministry of Finance

C. Ministry of Social Justice

D. Ministry of Corporate Affairs

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Correct Answer: Option A

Explanation:
EPFO operates under the Ministry of Labour and Employment.

This question belongs to: Economy GK Economy Set 1

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