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

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The 'Regional Comprehensive Economic Partnership' is a free trade agreement involving countries of:

A. European Union

B. Africa only

C. Asia-Pacific, including ASEAN and major partners

D. South America

Answer: Option C

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

The 'Annual Financial Statement' shows:

A. estimated receipts and expenditure of the government for a financial year

B. only plan expenditure

C. only foreign debt

D. only tax revenues

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Correct Answer: Option A

Explanation:
Annual Financial Statement shows estimated receipts and expenditure.

This question belongs to: Economy GK Economy Set 1

Question #2

The term 'Fiscal Drag' refers to:

A. Automatic increase in tax revenue due to inflation

B. Decrease in tax rates

C. Deliberate reduction in government spending

D. Increase in fiscal deficit

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Correct Answer: Option A

Explanation:
Fiscal drag occurs when inflation pushes taxpayers into higher tax brackets, increasing tax revenue without any change in tax rates, acting as an automatic stabiliser.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'GST Network' is a:

A. private limited company

B. public sector undertaking

C. statutory body

D. government department

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Correct Answer: Option A

Explanation:
GSTN is a Section 8 private limited company.

This question belongs to: Economy GK Economy Set 1

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