The 'Nixon shock' of 1971 ended the convertibility of the US dollar into: MCQ with Answer and Explanation

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The 'Nixon shock' of 1971 ended the convertibility of the US dollar into:

A. euro

B. silver

C. yen

D. gold

Answer: Option D

Solution (By JKSSB Mock Tests)

The Nixon shock ended the convertibility of the US dollar into gold.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Food and Agriculture Organization' headquarters is in:

A. Rome

B. New York

C. Paris

D. Geneva

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Correct Answer: Option A

Explanation:
FAO headquarters is in Rome.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Finance Bill' is a Money Bill and can be introduced only in:

A. Lok Sabha

B. either House

C. Rajya Sabha

D. joint session

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Correct Answer: Option A

Explanation:
A Money Bill including Finance Bill can be introduced only in Lok Sabha.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on logistics services is:

A. 28%

B. 18%

C. 12%

D. 5%

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Correct Answer: Option B

Explanation:
Logistics services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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