The 'National Anti-profiteering Authority' under GST was set up to ensure: MCQ with Answer and Explanation

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The 'National Anti-profiteering Authority' under GST was set up to ensure:

A. higher GST collections

B. more exports

C. benefits of GST rate cuts are passed to consumers

D. fewer returns

Answer: Option C

Solution (By JKSSB Mock Tests)

National Anti-profiteering Authority ensures that tax reductions are passed on to consumers.

This question belongs to: Economy GK Economy Set 1

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Question #1

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

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

B. The rate of inflation only

C. The growth rate of the money supply

D. The rate of interest

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Correct Answer: Option A

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 #2

The concept of 'Network Externalities' implies that:

A. Externalities are always negative

B. The value of a good or service increases with the number of other users

C. The value of a good decreases with the number of users

D. Only production externalities matter

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Correct Answer: Option B

Explanation:
Network externalities exist when the utility that a user derives from a good or service depends positively on the number of other users of the same or compatible goods.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'White Revolution' in India is associated with which brand?

A. NDDB

B. Mother Dairy

C. Safal

D. Amul

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Correct Answer: Option D

Explanation:
The White Revolution, or Operation Flood, is associated with Amul and dairy cooperatives.

This question belongs to: Economy GK Economy Set 1

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