The 'GST' compensation cess was collected to compensate states for how many years from 2017? MCQ with Answer and Explanation

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The 'GST' compensation cess was collected to compensate states for how many years from 2017?

A. 5 years

B. 2 years

C. 15 years

D. 10 years

Answer: Option A

Solution (By JKSSB Mock Tests)

Compensation cess was initially for five years (2017-2022), later extended.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Washington Consensus' refers to a set of policies emphasizing:

A. nationalization

B. liberalization, privatization and macroeconomic stability

C. trade barriers

D. import substitution and state control

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Correct Answer: Option B

Explanation:
The Washington Consensus emphasized liberalization, privatization and macroeconomic stability.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'long-run Phillips curve' is vertical at:

A. full employment with zero unemployment

B. the natural rate of unemployment

C. maximum inflation

D. zero inflation

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Correct Answer: Option B

Explanation:
The long-run Phillips curve is vertical at the natural rate of unemployment.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Child and Adolescent Labour (Prohibition and Regulation) Act' was amended in which year?

A. 2010

B. 2020

C. 2016

D. 2018

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Correct Answer: Option C

Explanation:
The Child Labour Act was amended in 2016.

This question belongs to: Economy GK Economy Set 1

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