The 'National Anti-profiteering Authority' was later replaced by which body under GST? MCQ with Answer and Explanation

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The 'National Anti-profiteering Authority' was later replaced by which body under GST?

A. GST Appellate Tribunal

B. Central Board of Indirect Taxes and Customs

C. Competition Commission of India

D. GST Council

Answer: Option C

Solution (By JKSSB Mock Tests)

The NAA's functions were transferred to the Competition Commission of India.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Export Import Bank of India' provides:

A. crop loans

B. export credit and finance

C. microfinance

D. retail banking

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Correct Answer: Option B

Explanation:
EXIM Bank provides export credit and finance.

This question belongs to: Economy GK Economy Set 1

Question #2

The term 'Financial Inclusion' primarily aims at:

A. Restricting credit to priority sectors

B. Providing banking services only to high-income groups

C. Increasing interest rates for small borrowers

D. Ensuring access to financial services for all sections of society at affordable cost

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Correct Answer: Option D

Explanation:
Financial inclusion seeks to ensure that individuals and businesses, especially the underserved, have access to useful and affordable financial products and services.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is NOT a type of market based on the degree of competition?

A. Oligopoly

B. Monopoly

C. Perfect competition

D. Barter market as a competition classification

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Correct Answer: Option D

Explanation:
Barter refers to exchange without money. Market structures based on competition are perfect competition, monopolistic competition, oligopoly and monopoly.

This question belongs to: Economy GK Economy Set 1

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