The 'Goods and Services Tax' has enabled seamless input tax credit across states, which has eliminated: MCQ with Answer and Explanation

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The 'Goods and Services Tax' has enabled seamless input tax credit across states, which has eliminated:

A. tax cascading and barriers to interstate trade

B. customs duty

C. income tax

D. direct taxes

Answer: Option A

Solution (By JKSSB Mock Tests)

Seamless ITC has removed cascading and eased interstate trade.

This question belongs to: Economy GK Economy Set 1

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Question #1

Per capita income is obtained by dividing national income by:

A. total working population

B. total number of households

C. total population

D. total labour force

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Correct Answer: Option C

Explanation:
Per capita income is national income divided by mid-year total population.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Adverse Selection' in insurance markets leads to:

A. Higher-risk individuals being more likely to purchase insurance

B. No effect on the pool of insured

C. Lower-risk individuals being more likely to purchase insurance

D. Only moral hazard problems

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Correct Answer: Option A

Explanation:
Because high-risk individuals have a greater incentive to buy insurance at any given premium, the insured pool tends to be riskier than the population average, driving up premiums and potentially causing market unraveling.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Public Account of India' contains funds that:

A. are collected as taxes

B. are borrowed from foreign countries

C. are held by the government in a trustee capacity, such as provident funds

D. belong to the government exclusively

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Correct Answer: Option C

Explanation:
Public Account includes funds held by government in fiduciary capacity, like provident funds and small savings.

This question belongs to: Economy GK Economy Set 1

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