The 'Goods and Services Tax' is often described as a game-changing reform because it: MCQ with Answer and Explanation

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The 'Goods and Services Tax' is often described as a game-changing reform because it:

A. increased many taxes

B. increased direct tax

C. removed all taxes

D. unified the Indian market and simplified indirect taxes

Answer: Option D

Solution (By JKSSB Mock Tests)

GST unified the Indian market and simplified indirect taxation.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Contingency Fund of India' is held by:

A. Finance Minister

B. Prime Minister

C. President

D. RBI

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Correct Answer: Option C

Explanation:
The Contingency Fund of India is placed at the disposal of the President.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Constitution (101st Amendment) Act, 2016' inserted which article for GST?

A. Article 356

B. Article 324

C. Article 246A

D. Article 280

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Correct Answer: Option C

Explanation:
Article 246A was inserted by the 101st Amendment for GST.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of demand, a Giffen good is one for which:

A. Demand is perfectly elastic

B. Demand increases as price increases

C. Demand is independent of price

D. Demand decreases as price increases

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Correct Answer: Option B

Explanation:
A Giffen good is an inferior good for which the income effect outweighs the substitution effect, leading to an upward-sloping demand curve (demand rises when price rises).

This question belongs to: Economy GK Economy Set 1

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