The 'Merchandise Exports from India Scheme' was replaced by which scheme from 2021? MCQ with Answer and Explanation

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The 'Merchandise Exports from India Scheme' was replaced by which scheme from 2021?

A. EPCG

B. RoDTEP

C. SEIS

D. MEIS

Answer: Option B

Solution (By JKSSB Mock Tests)

MEIS was replaced by the Remission of Duties and Taxes on Exported Products scheme.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on cable TV services is:

A. 5%

B. 12%

C. 28%

D. 18%

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Correct Answer: Option D

Explanation:
Cable TV services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of monetary economics, the 'Velocity of Circulation of Money' refers to:

A. The rate of interest

B. The average number of times a unit of money is used to purchase final goods and services in a given period

C. The growth rate of the money supply

D. The rate of inflation only

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Correct Answer: Option B

Explanation:
Velocity of money measures how frequently the average unit of currency is spent on final goods and services during a given time period; it appears in the equation of exchange.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on pasta and noodles is:

A. 12%

B. 18%

C. 28%

D. 5%

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Correct Answer: Option B

Explanation:
Pasta and noodles attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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