The 'Goods and Services Tax' has subsumed taxes like entry tax, which has helped reduce: MCQ with Answer and Explanation

Question
The 'Goods and Services Tax' has subsumed taxes like entry tax, which has helped reduce:
A. income tax
B. customs duty
C. check posts and barriers at state borders
D. direct tax
Answer: Option C
Solution (By JKSSB Mock Tests)
Subsuming entry tax reduced state border check posts and barriers.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
Which of the following is a characteristic of the 'Search Theory' of unemployment?
A. Only aggregate demand determines unemployment
B. Unemployment is only classical and caused by high real wages
C. Markets always clear instantaneously
D. Unemployment arises from the time-consuming process of matching workers and jobs
Discuss
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Correct Answer: Option D

Explanation:
Search-and-matching theory explains frictional and structural unemployment as the result of imperfect information and the costly process of matching heterogeneous workers with heterogeneous jobs.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'currency board' system is a form of:
A. fixed exchange rate with full backing of domestic currency by foreign reserves
B. floating exchange rate
C. free float
D. managed float
Discuss
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Correct Answer: Option A

Explanation:
A currency board pegs the domestic currency to a foreign currency with full reserve backing.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'Wholesale Price Index' is used in India for:
A. pension calculation
B. measurement of inflation at wholesale level
C. income tax
D. wage revision
Discuss
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Correct Answer: Option B

Explanation:
WPI measures inflation at the wholesale level.
This question belongs to: Economy GK Economy Set 1
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