The 'Union Budget' of India is the annual financial statement under: MCQ with Answer and Explanation

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The 'Union Budget' of India is the annual financial statement under:

A. Article 110

B. Article 112

C. Article 265

D. Article 280

Answer: Option B

Solution (By JKSSB Mock Tests)

Union Budget is the Annual Financial Statement under Article 112.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on cab services is:

A. 5%

B. 18%

C. 12%

D. 28%

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Correct Answer: Option C

Explanation:
Cab services attract 12% GST with input tax credit, or 5% without ITC under certain conditions.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Hysteresis' in unemployment refers to:

A. The tendency of unemployment to persist even after the original cause has disappeared

B. Temporary unemployment that disappears quickly

C. Only frictional unemployment

D. Only seasonal unemployment

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Correct Answer: Option A

Explanation:
Hysteresis in unemployment means that high unemployment can become self-perpetuating through loss of skills, reduced employability or changes in wage-setting behaviour, so that the natural rate itself rises.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'World Economic Forum' publishes which report?

A. World Economic Outlook

B. World Development Report

C. Global Financial Stability Report

D. Global Competitiveness Report

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Correct Answer: Option D

Explanation:
WEF publishes the Global Competitiveness Report.

This question belongs to: Economy GK Economy Set 1

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