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. direct taxes

B. customs duty

C. income tax

D. tax cascading and barriers to interstate trade

Answer: Option D

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

Frictional unemployment is best described as:

A. temporary unemployment during job search or transition

B. unemployment due to lack of demand

C. unemployment due to seasonal agriculture

D. long-term unemployment due to skill mismatch

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Correct Answer: Option A

Explanation:
Frictional unemployment is temporary unemployment during job search or transition.

This question belongs to: Economy GK Economy Set 1

Question #2

Certificate of deposit is issued by:

A. mutual funds

B. RBI only

C. banks and financial institutions

D. stock exchanges

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Correct Answer: Option C

Explanation:
Certificates of deposit are issued by banks and financial institutions.

This question belongs to: Economy GK Economy Set 1

Question #3

Buffer stock of food grains is maintained by the government mainly to:

A. reduce agricultural production

B. increase exports

C. support private traders

D. meet shortages and stabilize prices

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Correct Answer: Option D

Explanation:
Buffer stocks are maintained to meet emergencies and stabilize food grain prices.

This question belongs to: Economy GK Economy Set 1

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