The 'GST Council' decisions are made by how much majority? MCQ with Answer and Explanation

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The 'GST Council' decisions are made by how much majority?

A. three-fourths majority

B. unanimous consent

C. simple majority

D. two-thirds majority

Answer: Option A

Solution (By JKSSB Mock Tests)

GST Council decisions require three-fourths majority.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the context of elasticity, if the price elasticity of demand is greater than one, demand is said to be:

A. Elastic

B. Inelastic

C. Unitary elastic

D. Perfectly inelastic

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Correct Answer: Option A

Explanation:
When |Ed| > 1, demand is elastic, meaning quantity demanded changes more than proportionately to a change in price.

This question belongs to: Economy GK Economy Set 1

Question #2

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In the context of international finance, 'Bretton Woods Institutions' refer to:

A. WTO and UNCTAD

B. OECD and G20 only

C. IMF and World Bank

D. ADB and AIIB

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Correct Answer: Option C

Explanation:
The Bretton Woods Conference (1944) led to the creation of the International Monetary Fund and the World Bank (IBRD).

This question belongs to: Economy GK Economy Set 1

Question #3

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The term 'Base Effect' is related to the calculation of:

A. National income

B. Inflation rate

C. Fiscal deficit

D. Balance of trade

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Correct Answer: Option B

Explanation:
Base effect refers to the impact of the price level of the previous year (base) on the calculation of the inflation rate in the current year.

This question belongs to: Economy GK Economy Set 1

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