The 'GST Council' is chaired by the Union Finance Minister and includes which other representatives? MCQ with Answer and Explanation

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The 'GST Council' is chaired by the Union Finance Minister and includes which other representatives?

A. all state chief ministers

B. SEBI chairman

C. state finance ministers

D. RBI governor

Answer: Option C

Solution (By JKSSB Mock Tests)

The GST Council includes state finance ministers as members, chaired by the Union Finance Minister.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Goods and Services Tax' on hotel accommodation below Rs 1,000 is:

A. exempt

B. 0%

C. 5%

D. 12%

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Correct Answer: Option A

Explanation:
Hotel rooms with tariff below Rs 1,000 are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

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In the context of international macroeconomics, the 'Twin Deficits' hypothesis links:

A. Only the revenue deficit and the primary deficit

B. Only domestic saving and investment

C. Only the trade deficit and the capital-account surplus

D. The fiscal deficit and the current-account deficit

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Correct Answer: Option D

Explanation:
The twin-deficits hypothesis posits a positive relationship between the government budget deficit and the current-account deficit, arising from the national accounting identity linking private saving, investment and the twin deficits.

This question belongs to: Economy GK Economy Set 1