The 'Jamaica Accords' of 1976 formally recognized: MCQ with Answer and Explanation

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The 'Jamaica Accords' of 1976 formally recognized:

A. the gold standard

B. the euro currency

C. a single world currency

D. floating exchange rates

Answer: Option D

Solution (By JKSSB Mock Tests)

The Jamaica Accords formalized floating exchange rates.

This question belongs to: Economy GK Economy Set 1

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Question #1

The reverse repo in monetary policy means the RBI:

A. lends funds to banks against securities

B. reduces CRR

C. buys government bonds outright

D. sells securities to banks with an agreement to repurchase them later, absorbing liquidity

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Correct Answer: Option D

Explanation:
In reverse repo, the RBI sells securities to banks with an agreement to repurchase later, absorbing liquidity.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' rate on education services is:

A. 12%

B. 18%

C. 5%

D. 0%

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Correct Answer: Option D

Explanation:
Education services provided by educational institutions are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on goods and services is a tax on:

A. consumption

B. property

C. wealth

D. income

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Correct Answer: Option A

Explanation:
GST is a tax on consumption of goods and services.

This question belongs to: Economy GK Economy Set 1

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