The 'Regional Comprehensive Economic Partnership' is a free trade agreement involving countries of: MCQ with Answer and Explanation

Question
The 'Regional Comprehensive Economic Partnership' is a free trade agreement involving countries of:
A. Asia-Pacific, including ASEAN and major partners
B. South America
C. Africa only
D. European Union
Answer: Option A
Solution (By JKSSB Mock Tests)
RCEP is a free trade agreement among Asia-Pacific countries including ASEAN, China, Japan, South Korea, Australia and New Zealand.
This question belongs to: Economy GK Economy Set 1
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Question #1
Which of the following is an example of a progressive tax system feature?
A. Same tax rate for all income levels
B. Higher tax rate on higher income slabs
C. Tax rate independent of income
D. Higher tax burden on lower income groups
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Correct Answer: Option B

Explanation:
A progressive tax system imposes higher marginal tax rates on higher income levels, increasing the average tax rate as income rises.
This question belongs to: Economy GK Economy Set 1
Question #2
The 'General Budget' in India was separated from the Railway Budget in which year?
A. 1947
B. 1950
C. 1924
D. 1921
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Correct Answer: Option C

Explanation:
Railway Budget was separated from the General Budget in 1924 on the Acworth Committee recommendation.
This question belongs to: Economy GK Economy Set 1
Question #3
The priority sector lending target for domestic scheduled commercial banks is what percentage of Adjusted Net Bank Credit?
A. 40%
B. 50%
C. 25%
D. 30%
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Correct Answer: Option A

Explanation:
Domestic scheduled commercial banks are required to lend 40% of Adjusted Net Bank Credit to the priority sector.
This question belongs to: Economy GK Economy Set 1
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