Which of the following is a major reason for the growth of the service sector in India? MCQ with Answer and Explanation

Question
Which of the following is a major reason for the growth of the service sector in India?
A. Decline in demand for services
B. Liberalisation, IT revolution and rising incomes
C. Only agricultural growth
D. Complete absence of industrial growth
Answer: Option B
Solution (By JKSSB Mock Tests)
The service sector in India has grown rapidly due to economic liberalisation, the information technology revolution, rising incomes and global demand for services such as software and BPO.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
The 'Central Board of Indirect Taxes and Customs' administers:
A. GST, customs and indirect taxes
B. income tax
C. corporate tax
D. wealth tax
Discuss
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Correct Answer: Option A

Explanation:
CBIC administers GST, customs and other indirect taxes.
This question belongs to: Economy GK Economy Set 1
Question #2
A 'merit good' is a good that:
A. has negative externalities
B. the government encourages or provides because it has positive externalities and is under-consumed
C. is only for the rich
D. is consumed voluntarily
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Correct Answer: Option B

Explanation:
Merit goods are under-consumed if left to the market, so government encourages their provision.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'trade facilitation agreement' of the WTO aims to:
A. ban exports
B. restrict foreign investment
C. simplify and harmonize customs procedures
D. increase tariffs
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Correct Answer: Option C

Explanation:
The Trade Facilitation Agreement aims to simplify customs procedures and ease trade.
This question belongs to: Economy GK Economy Set 1
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