The 'Think Tank' of the Government of India for economic policy is: MCQ with Answer and Explanation

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The 'Think Tank' of the Government of India for economic policy is:

A. Finance Commission

B. NITI Aayog

C. RBI

D. SEBI

Answer: Option B

Solution (By JKSSB Mock Tests)

NITI Aayog acts as the premier policy think tank of the Government of India.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following is a characteristic of 'Reference-Dependent Preferences'?

A. Only final wealth enters utility

B. Only absolute levels of wealth matter

C. Reference points are irrelevant

D. Outcomes are evaluated relative to a reference point, generating gains and losses

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Correct Answer: Option D

Explanation:
Reference-dependent preferences, central to prospect theory, evaluate outcomes as gains or losses relative to a reference point rather than in terms of final absolute wealth levels.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on beauty parlour services is:

A. 12%

B. 28%

C. 18%

D. 5%

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Correct Answer: Option C

Explanation:
Beauty parlour services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on hotel accommodation above Rs 7,500 is:

A. 18%

B. 5%

C. 12%

D. 28%

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Correct Answer: Option A

Explanation:
Hotel rooms above Rs 7,500 attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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