The 'Goods and Services Tax' was implemented in India from which date? MCQ with Answer and Explanation

The 'Goods and Services Tax' was implemented in India from which date?
A. 1 April 2017
B. 1 July 2017
C. 1 April 2016
D. 1 January 2017
Answer: Option B
Solution (By JKSSB Mock Tests)
GST was implemented on 1 July 2017.

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Practice More Economy Set 1 Questions

Question #1
Which of the following is a characteristic of the 'Catch-up' or 'Convergence' hypothesis in growth theory?
A. There is no tendency for convergence
B. Poorer economies tend to grow faster than richer ones, conditional on similar steady-state determinants
C. Only absolute convergence always holds unconditionally
D. Richer economies always grow faster

Correct Answer: Option B


Explanation:
Conditional convergence predicts that countries with lower initial income per worker grow faster once differences in saving rates, population growth and technology are controlled for.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a feature of the 'Data-Driven Network Effects'?
A. The absence of any feedback loops
B. The feedback loop whereby more users generate more data, which improves the service and attracts still more users
C. Only traditional network effects without data
D. Network effects that are independent of data

Correct Answer: Option B


Explanation:
Data-driven network effects arise when additional users generate data that improve the quality of the service (e.g., through better recommendations or predictions), which in turn attracts more users, creating a self-reinforcing cycle.

This question belongs to: Economy GK Economy Set 1
Question #3
The Real Effective Exchange Rate differs from NEER because REER:
A. is always higher
B. adjusts for relative price or inflation differences
C. includes only the US dollar
D. ignores inflation

Correct Answer: Option B


Explanation:
REER is NEER adjusted for relative inflation differences.

This question belongs to: Economy GK Economy Set 1