The 'Planning Commission' was set up in 1950 by a resolution of the: MCQ with Answer and Explanation

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The 'Planning Commission' was set up in 1950 by a resolution of the:

A. President

B. Supreme Court

C. Government of India

D. Parliament

Answer: Option C

Solution (By JKSSB Mock Tests)

The Planning Commission was established by a Cabinet resolution in March 1950.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' was first proposed in India by:

A. Kelkar Task Force on FRBM? Actually Chelliah Committee

B. RBI

C. Gadgil Committee

D. Narasimham Committee

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Correct Answer: Option A

Explanation:
GST was first proposed by the Chelliah Committee on tax reforms, not Kelkar.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Integrated Goods and Services Tax Act' was passed in which year?

A. 2018

B. 2016

C. 2017

D. 2015

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Correct Answer: Option C

Explanation:
IGST Act was passed in 2017.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Automatic Stabilisers' in fiscal policy includes:

A. Discretionary changes in tax rates

B. Progressive taxation and unemployment benefits

C. Changes in bank rate

D. Open market operations

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Correct Answer: Option B

Explanation:
Automatic stabilisers such as progressive income taxes and unemployment benefits automatically moderate economic fluctuations without requiring new policy decisions.

This question belongs to: Economy GK Economy Set 1

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