The 'Intellectual Property Rights' in India are administered by which department? MCQ with Answer and Explanation

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The 'Intellectual Property Rights' in India are administered by which department?

A. RBI

B. Ministry of Finance

C. Ministry of Law

D. Department for Promotion of Industry and Internal Trade

Answer: Option D

Solution (By JKSSB Mock Tests)

IPR policy is administered by DPIIT.

This question belongs to: Economy GK Economy Set 1

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Question #1

A Special Economic Zone is a geographical region with:

A. liberal economic laws to promote exports and investment

B. no private sector activity

C. higher tariffs than the rest of the country

D. complete prohibition of imports

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Correct Answer: Option A

Explanation:
SEZs have more liberal economic laws to promote exports and investment.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on services provided by IRDAI is:

A. 0%

B. 18%

C. 5%

D. exempt

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Correct Answer: Option D

Explanation:
IRDAI services are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the 'Purchasing Power Parity' theory in its absolute form?

A. Exchange rates are determined only by trade balances

B. The exchange rate between two currencies equals the ratio of the countries’ price levels

C. The exchange rate equals the interest differential

D. Only relative changes in prices matter

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Correct Answer: Option B

Explanation:
Absolute purchasing power parity states that the nominal exchange rate should equal the ratio of the domestic to the foreign price level so that a basket of goods costs the same in both countries.

This question belongs to: Economy GK Economy Set 1

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