The 'National Anti-profiteering Authority' under GST was headed by a: MCQ with Answer and Explanation

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The 'National Anti-profiteering Authority' under GST was headed by a:

A. Secretary-level officer

B. Supreme Court judge

C. RBI Governor

D. Finance Minister

Answer: Option A

Solution (By JKSSB Mock Tests)

NAA was headed by a Secretary-level officer.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'maternity benefit' under the Maternity Benefit Act provides paid leave of how many weeks?

A. 26 weeks

B. 12 weeks

C. 14 weeks

D. 30 weeks

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Correct Answer: Option A

Explanation:
The Maternity Benefit Amendment Act 2017 increased paid maternity leave to 26 weeks.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a feature of the monopolistic competition market structure?

A. Product differentiation and selling costs

B. Single seller

C. Perfect knowledge and no advertising

D. Homogeneous product

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Correct Answer: Option A

Explanation:
Monopolistic competition is characterised by product differentiation, a large number of firms, free entry and exit, and significant selling costs.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on betting and gambling is:

A. 12%

B. 5%

C. 18%

D. 28%

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Correct Answer: Option D

Explanation:
Betting and gambling attract 28% GST.

This question belongs to: Economy GK Economy Set 1

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