The 'GST Council' decisions are taken by: MCQ with Answer and Explanation

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The 'GST Council' decisions are taken by:

A. simple majority with states having two-thirds weight

B. unanimous consent only

C. three-fourths majority with Centre having one-third weight

D. majority vote of all members

Answer: Option C

Solution (By JKSSB Mock Tests)

GST Council decisions require a three-fourths majority, with the Centre's vote having one-third weight and states two-thirds.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a characteristic of the 'Circular Economy' concept?

A. Only the maximisation of consumption without regard to waste

B. An economic system aimed at eliminating waste and the continual use of resources through reuse, repair, remanufacturing and recycling

C. Only the maximisation of resource extraction

D. A linear take-make-dispose model

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Correct Answer: Option B

Explanation:
The circular economy seeks to keep products, materials and resources in use for as long as possible, extracting maximum value and then recovering and regenerating them at the end of their service life.

This question belongs to: Economy GK Economy Set 1

Question #2

A quota is a:

A. price support for imports

B. type of exchange rate

C. quantitative restriction on imports or exports

D. tax on exports

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Correct Answer: Option C

Explanation:
A quota is a quantitative restriction on imports or exports.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of monetary policy transmission, the 'Credit Channel' emphasises:

A. Only exchange-rate effects

B. Only wealth effects on consumption

C. Only the interest-rate effects on investment

D. The effects of monetary policy on the supply of bank loans and external finance premia

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Correct Answer: Option D

Explanation:
The credit channel (or financial-accelerator mechanism) stresses that monetary policy affects real activity not only through interest rates but also through changes in the availability and cost of external finance for borrowers.

This question belongs to: Economy GK Economy Set 1

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