The 'GST Council' is a constitutional body under which article? MCQ with Answer and Explanation

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The 'GST Council' is a constitutional body under which article?

A. Article 280

B. Article 246A

C. Article 279A

D. Article 324

Answer: Option C

Solution (By JKSSB Mock Tests)

The GST Council is constituted under Article 279A.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' rate on air travel in business class is:

A. 12%

B. 18%

C. 28%

D. 5%

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Correct Answer: Option A

Explanation:
Business class air travel attracts 12% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Millennium Development Goals' were replaced by which framework?

A. Paris Agreement

B. Kyoto Protocol

C. Sustainable Development Goals

D. Sendai Framework

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Correct Answer: Option C

Explanation:
The SDGs replaced the Millennium Development Goals in 2016.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Feldstein-Horioka Puzzle' refers to:

A. The observation that domestic saving and domestic investment are highly correlated despite capital mobility

B. The observation that saving and investment are completely uncorrelated

C. The puzzle of purchasing power parity deviations only

D. The puzzle of why interest rates are equalised

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Correct Answer: Option A

Explanation:
The Feldstein-Horioka puzzle is the empirical finding of a high correlation between domestic saving and domestic investment rates, which appears inconsistent with perfect international capital mobility.

This question belongs to: Economy GK Economy Set 1

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