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. removed all taxes

B. increased many taxes

C. unified the Indian market and simplified indirect taxes

D. increased direct tax

Answer: Option C

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 'Balance of Payments' current account includes which of the following?

A. Portfolio investment

B. Net income from abroad

C. Foreign direct investment

D. External commercial borrowing

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Correct Answer: Option B

Explanation:
Net income from abroad is part of the current account.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Credit Information Bureau (India) Limited' is commonly known as:

A. CRISIL

B. CARE

C. CIBIL

D. ICRA

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Correct Answer: Option C

Explanation:
Credit Information Bureau (India) Limited is known as CIBIL.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following best describes the concept of 'Cross Elasticity of Demand'?

A. Responsiveness of quantity demanded of a good to a change in the price of another good

B. Responsiveness of quantity demanded of a good to a change in its own price

C. Responsiveness of supply to a change in price

D. Responsiveness of quantity demanded to a change in income

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Correct Answer: Option A

Explanation:
Cross elasticity of demand measures how the quantity demanded of one good responds to a change in the price of another related good. It is positive for substitutes and negative for complements.

This question belongs to: Economy GK Economy Set 1

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