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

Question
The Goods and Services Tax Council is chaired by:
A. Prime Minister
B. RBI Governor
C. Chief Economic Adviser
D. Union Finance Minister
Answer: Option D
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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Practice More Economy Set 1 Questions

Question #1
The First Five Year Plan of India was based on the:
A. Mahalanobis model
B. Nehru model
C. Harrod-Domar model
D. Gandhian model
Discuss
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Correct Answer: Option C

Explanation:
The First Five Year Plan was based on the Harrod-Domar model.
This question belongs to: Economy GK Economy Set 1
Question #2
In the context of monetary policy, the 'Zero Lower Bound' problem refers to:
A. The minimum reserve requirement
B. The inability of real interest rates to be positive
C. The inability of nominal interest rates to fall significantly below zero
D. The floor on the fiscal deficit
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Correct Answer: Option C

Explanation:
The zero lower bound refers to the constraint that nominal interest rates cannot be reduced much below zero, limiting the effectiveness of conventional monetary policy in deep recessions.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'errors and omissions' item in the balance of payments is used to:
A. show exports
B. show imports
C. balance the statistical discrepancies
D. show foreign exchange reserves
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Correct Answer: Option C

Explanation:
Errors and omissions balance statistical discrepancies so the BoP accounts sum to zero.
This question belongs to: Economy GK Economy Set 1
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