The 'Goods and Services Tax' was first introduced in India through which amendment? MCQ with Answer and Explanation

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The 'Goods and Services Tax' was first introduced in India through which amendment?

A. 102nd Constitutional Amendment

B. 99th Constitutional Amendment

C. 101st Constitutional Amendment

D. 100th Constitutional Amendment

Answer: Option C

Solution (By JKSSB Mock Tests)

GST was introduced through the 101st Constitutional Amendment Act, 2016.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'current daily status' of unemployment measures unemployment on:

A. yearly basis

B. monthly basis

C. a day basis

D. weekly basis

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Correct Answer: Option C

Explanation:
Current daily status measures unemployment for each day of the reference week.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of public goods, the free-rider problem leads to:

A. Over-provision of public goods by the market

B. Under-provision of public goods by the market

C. No role for government

D. Efficient provision by private firms

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Correct Answer: Option B

Explanation:
Because individuals can enjoy the benefits of a pure public good without paying, they have an incentive to free-ride, resulting in under-provision if left to the private market.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Appropriation Bill' is passed by Parliament to:

A. declare war

B. impose new taxes

C. authorize withdrawal of funds from the Consolidated Fund of India

D. regulate banks

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Correct Answer: Option C

Explanation:
The Appropriation Bill allows the government to withdraw funds from the Consolidated Fund of India.

This question belongs to: Economy GK Economy Set 1

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