The 'Planning Commission' was replaced by NITI Aayog in which year? MCQ with Answer and Explanation

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The 'Planning Commission' was replaced by NITI Aayog in which year?

A. 2013

B. 2017

C. 2016

D. 2015

Answer: Option D

Solution (By JKSSB Mock Tests)

The Planning Commission was replaced by NITI Aayog in 2015.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a characteristic of oligopoly?

A. Perfect information and no barriers

B. Interdependence among firms

C. Homogeneous product with free entry

D. Large number of independent sellers

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Correct Answer: Option B

Explanation:
Oligopoly is characterised by a few firms that are interdependent in their decision-making, as the actions of one firm affect the others.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'GDP at constant prices' in India uses which base year?

A. 2015-16

B. 2011-12

C. 2019-20

D. 2004-05

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Correct Answer: Option B

Explanation:
India's GDP constant price series currently uses base year 2011-12.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' was implemented in India from which date?

A. 1 April 2017

B. 1 April 2016

C. 1 July 2017

D. 1 January 2017

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Correct Answer: Option C

Explanation:
GST was implemented on 1 July 2017.

This question belongs to: Economy GK Economy Set 1

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