Which of the following is a primary function of money? MCQ with Answer and Explanation

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Which of the following is a primary function of money?

A. Unit of account

B. Store of value

C. Standard of deferred payments

D. Medium of exchange

Answer: Option D

Solution (By JKSSB Mock Tests)

The primary function of money is to act as a medium of exchange.

This question belongs to: Economy GK Economy Set 1

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Question #1

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

A. 12%

B. 28%

C. 18%

D. 5%

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Correct Answer: Option C

Explanation:
Advertising services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

NITI Aayog was established in 2015 to replace:

A. National Development Council

B. Planning Commission

C. Finance Commission

D. Economic Advisory Council

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Correct Answer: Option B

Explanation:
NITI Aayog replaced the Planning Commission in 2015.

This question belongs to: Economy GK Economy Set 1

Question #3

In India, the estimate of National Income is usually expressed as:

A. NNP at factor cost

B. GDP at market prices

C. GNP at market prices

D. GDP at factor cost

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Correct Answer: Option A

Explanation:
National Income is conventionally defined as Net National Product at factor cost.

This question belongs to: Economy GK Economy Set 1

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