The 'Minimum Wages Act' in India was enacted in which year? MCQ with Answer and Explanation

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The 'Minimum Wages Act' in India was enacted in which year?

A. 1956

B. 1950

C. 1947

D. 1948

Answer: Option D

Solution (By JKSSB Mock Tests)

The Minimum Wages Act was enacted in 1948.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Goods and Services Tax' is a consumption-based tax because it is levied at:

A. production stage only

B. import stage only

C. export stage

D. the point of supply for final consumption

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Correct Answer: Option D

Explanation:
GST is a destination-based consumption tax levied at the point of supply.

This question belongs to: Economy GK Economy Set 1

Question #2

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The concept of 'Purchasing Power Parity' is used to:

A. Measure unemployment

B. Determine the interest rate only

C. Calculate the fiscal deficit

D. Compare the relative value of currencies based on a basket of goods

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Correct Answer: Option D

Explanation:
Purchasing Power Parity (PPP) is a theory and method that compares currencies by determining the amount needed to purchase the same basket of goods and services in different countries.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on online education courses is:

A. 18%

B. 5%

C. 0%

D. 12%

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Correct Answer: Option A

Explanation:
Online education courses generally attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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