The 'Know Your Customer' norms are aimed primarily at: MCQ with Answer and Explanation

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The 'Know Your Customer' norms are aimed primarily at:

A. preventing money laundering and fraud

B. increasing bank profits

C. promoting bank loans

D. reducing interest rates

Answer: Option A

Solution (By JKSSB Mock Tests)

KYC norms help banks verify customer identity to prevent money laundering and fraud.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following is NOT a type of tax based on the impact on income distribution?

A. Regressive tax

B. Ad valorem tax as a distribution classification

C. Progressive tax

D. Proportional tax

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Correct Answer: Option B

Explanation:
Ad valorem is a classification based on the method of assessment (percentage of value). Based on impact on distribution, taxes are progressive, proportional or regressive.

This question belongs to: Economy GK Economy Set 1

Question #2

Price discrimination is most commonly possible under which market structure?

A. Perfect competition

B. Monopoly

C. Monopolistic competition

D. Oligopoly

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Correct Answer: Option B

Explanation:
A monopolist can practise price discrimination because it has market power and can prevent resale.

This question belongs to: Economy GK Economy Set 1

Question #3

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

A. 5%

B. 18%

C. 12%

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

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