The 'Mercosur' is a trading bloc in: MCQ with Answer and Explanation

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The 'Mercosur' is a trading bloc in:

A. Asia

B. Europe

C. Africa

D. South America

Answer: Option D

Solution (By JKSSB Mock Tests)

Mercosur is a South American trading bloc including Argentina, Brazil, Paraguay and Uruguay.

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 factors does NOT affect the price elasticity of demand?

A. Cost of production of the commodity

B. Nature of the commodity (necessity or luxury)

C. Availability of close substitutes

D. Time period allowed for adjustment

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Correct Answer: Option A

Explanation:
The cost of production influences the supply side. Price elasticity of demand depends on substitutes, nature of the good, proportion of income spent, time and habits.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'General Agreement on Tariffs and Trade' was replaced by the WTO in which year?

A. 2001

B. 1993

C. 1995

D. 1998

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Correct Answer: Option C

Explanation:
The WTO replaced GATT in 1995.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on works contract services is:

A. 5%

B. 28%

C. 18%

D. 12%

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Correct Answer: Option D

Explanation:
Works contract services generally attract 12% GST with ITC.

This question belongs to: Economy GK Economy Set 1

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