The 'GST Council' can be convened by: MCQ with Answer and Explanation

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The 'GST Council' can be convened by:

A. Prime Minister

B. Union Finance Minister

C. RBI Governor

D. President

Answer: Option B

Solution (By JKSSB Mock Tests)

The Union Finance Minister can convene meetings of the GST Council.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following is NOT a type of public debt?

A. Market borrowings

B. Internal debt

C. Tax revenue

D. External debt

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Correct Answer: Option C

Explanation:
Tax revenue is a receipt, not debt. Public debt includes internal debt (market borrowings, treasury bills) and external debt.

This question belongs to: Economy GK Economy Set 1

Question #2

The term 'Non-Performing Asset' (NPA) in banking refers to:

A. A loan on which interest or principal is overdue for a specified period

B. Cash reserves of the bank

C. Government securities held by banks

D. An asset that generates income regularly

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Correct Answer: Option A

Explanation:
An NPA is a loan or advance where interest or principal remains overdue for a period of more than 90 days (as per RBI norms for term loans).

This question belongs to: Economy GK Economy Set 1

Question #3

Nifty is a stock market index of the:

A. Commodity Exchange

B. Bombay Stock Exchange

C. Securities and Exchange Board of India

D. National Stock Exchange

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Correct Answer: Option D

Explanation:
Nifty is the benchmark index of the National Stock Exchange (NSE).

This question belongs to: Economy GK Economy Set 1

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