The 'shadow economy' refers to: MCQ with Answer and Explanation

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The 'shadow economy' refers to:

A. banking sector

B. stock market

C. formal sector activities

D. unreported economic activities outside the formal sector

Answer: Option D

Solution (By JKSSB Mock Tests)

The shadow economy consists of unreported economic activities.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is not a member of the NITI Aayog Governing Council?

A. RBI Governor

B. Chief Ministers of states

C. Prime Minister

D. Lieutenant Governors of union territories

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Correct Answer: Option A

Explanation:
The RBI Governor is not a member of the NITI Aayog Governing Council.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is the formula for calculating fiscal deficit?

A. Revenue expenditure − Revenue receipts

B. Capital expenditure − Capital receipts

C. Total expenditure − Total receipts excluding borrowings

D. Total expenditure − Total receipts including borrowings

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Correct Answer: Option C

Explanation:
Fiscal deficit = Total expenditure − (Revenue receipts + Non-debt capital receipts). It indicates the total borrowing requirement of the government.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'GST Council' secretariat is located in:

A. Gandhinagar

B. Bengaluru

C. New Delhi

D. Mumbai

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Correct Answer: Option C

Explanation:
The GST Council secretariat is located in New Delhi.

This question belongs to: Economy GK Economy Set 1

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