The 'Union Territory Goods and Services Tax Act' was passed in which year? MCQ with Answer and Explanation

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The 'Union Territory Goods and Services Tax Act' was passed in which year?

A. 2015

B. 2016

C. 2017

D. 2018

Answer: Option C

Solution (By JKSSB Mock Tests)

UTGST Act was passed in 2017.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'World Intellectual Property Organization' is based in:

A. Paris

B. Geneva

C. New York

D. Vienna

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Correct Answer: Option B

Explanation:
WIPO is headquartered in Geneva.

This question belongs to: Economy GK Economy Set 1

Question #2

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The term 'Fiscal Consolidation' refers to:

A. Only increasing tax rates

B. Only printing more money

C. Policies aimed at reducing fiscal deficit and public debt

D. Increase in government expenditure without regard to revenue

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Correct Answer: Option C

Explanation:
Fiscal consolidation refers to policies and measures undertaken to reduce the fiscal deficit and put public finances on a sustainable path.

This question belongs to: Economy GK Economy Set 1

Question #3

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Special Drawing Rights are:

A. loans given by WTO

B. an international reserve asset created by the IMF

C. a type of bond issued by ADB

D. currency of the World Bank

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Correct Answer: Option B

Explanation:
SDRs are an international reserve asset created by the IMF.

This question belongs to: Economy GK Economy Set 1

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