The 'GST Council' has a secretariat located in: MCQ with Answer and Explanation

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The 'GST Council' has a secretariat located in:

A. Gandhinagar

B. Bengaluru

C. New Delhi

D. Mumbai

Answer: Option C

Solution (By JKSSB Mock Tests)

GST Council secretariat is in New Delhi.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is a characteristic of the short-run production function?

A. No diminishing returns possible

B. At least one factor is fixed

C. All factors are variable

D. Returns to scale are the only relevant concept

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Correct Answer: Option B

Explanation:
In the short run, at least one factor of production is fixed, and the law of variable proportions operates.

This question belongs to: Economy GK Economy Set 1

Question #2

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Internal economies of scale arise due to:

A. government subsidies

B. expansion of the industry

C. expansion of the firm itself

D. increase in demand

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Correct Answer: Option C

Explanation:
Internal economies of scale arise from the expansion of the individual firm itself.

This question belongs to: Economy GK Economy Set 1

Question #3

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The concept of 'Natural Capital' in environmental economics refers to:

A. Only physical capital produced by humans

B. Only financial capital

C. The stock of natural resources and ecosystems that provide goods and services to the economy

D. Only human skills

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Correct Answer: Option C

Explanation:
Natural capital comprises the world’s stocks of natural assets—geology, soil, air, water and all living things—from which humans derive a wide range of ecosystem services.

This question belongs to: Economy GK Economy Set 1

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