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. customs duty

B. tax cascading and barriers to interstate trade

C. income tax

D. direct taxes

Answer: Option B

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

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The Solow growth model identifies which of the following as a source of long-run per capita income growth?

A. Increase in savings only

B. Technological progress

C. Population growth

D. Capital accumulation

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Correct Answer: Option B

Explanation:
In the Solow model, sustained long-run per capita income growth comes from technological progress.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Pradhan Mantri Krishi Sinchai Yojana' aims at:

A. promoting exports

B. crop insurance

C. improving irrigation and water-use efficiency

D. providing tractors

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Correct Answer: Option C

Explanation:
PMKSY aims to improve irrigation coverage and water-use efficiency.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'NITI Aayog' was established through a resolution of:

A. Union Cabinet

B. Supreme Court

C. Parliament

D. President

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Correct Answer: Option A

Explanation:
NITI Aayog was established by a Union Cabinet resolution on 1 January 2015.

This question belongs to: Economy GK Economy Set 1

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