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 324

C. Article 279A

D. Article 246A

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

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The 'multidimensional poverty index' considers how many equally weighted dimensions?

A. Three

B. Five

C. Ten

D. Two

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Correct Answer: Option A

Explanation:
MPI has three equally weighted dimensions: health, education and standard of living.

This question belongs to: Economy GK Economy Set 1

Question #2

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Net Domestic Product at market prices equals GDP at market prices minus:

A. indirect taxes

B. subsidies

C. depreciation

D. net factor income from abroad

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Correct Answer: Option C

Explanation:
NDP is obtained by deducting depreciation from GDP.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' is an indirect tax because:

A. it is paid by the government

B. it is paid by the seller only

C. it is paid only by companies

D. the burden can be shifted to the final consumer

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Correct Answer: Option D

Explanation:
GST is an indirect tax as the burden is ultimately borne by the final consumer.

This question belongs to: Economy GK Economy Set 1

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