[{"explanation": "<p>The GST Compensation cess is levied on luxury and sin goods, and the proceeds are used to compensate states for any loss they incur within the first five years of GST implementation. According to the GST Act, States and UTs with Assemblies are guaranteed compensation if the GST revenue growth is less than 14 per cent. The amount is paid bi-monthly.</p>\n<p>Even after 28 years of the 73rd and 74th Amendments, the local governments do not have the promised transfer of funds, functions and functionaries. They do not fall under the GST regime.</p>", "question": "<p>With reference to GST Compensation, consider the following statements:</p>\n<ol>\n<li>Under the GST Act, the compensation for revenue gap is to be paid to the states for a period of 5 years.</li>\n<li>In case of shortfall in the GST Compensation Fund, the Central Government is required to compensate the states from the Consolidated Fund of India.</li>\n<li>State finance commission distribute the GST component of local bodies to different local governance system.</li>\n</ol>\n<p>Which of the statements given above is/are correct?</p>", "options": [{"option_id": "5f4e7c4b7737d4266466e9cc", "is_correct_answer": true, "title": "<p>1 only</p>"}, {"option_id": "5f4e7c4b7737d4266466e9cd", "is_correct_answer": false, "title": "<p>1 and 2 only</p>"}, {"option_id": "5f4e7c4b7737d4266466e9ce", "is_correct_answer": false, "title": "1 and 3 only"}, {"option_id": "5f4e7c4b7737d4266466e9cf", "is_correct_answer": false, "title": "All of the above"}], "question_id": "5f4e7c4b7737d4266466e9cb"}, {"explanation": "<p>Forests&rsquo; was a State subject until transferred to the Concurrent list by the 42nd Amendment Act.</p>\n<p>The Environmental Perfor&shy;mance Index has been deve&shy;loped by two U.S. universities (Yale and Columbia) in collabora&shy;tion with the World Economic Forum and European Commis&shy;sion</p>\n<p>India secured <strong>168 rank</strong> in the 12^th&nbsp;edition of the biennial Environment Performance Index (<strong>EPI Index 2020</strong>) &mdash; that measured the environmental performance of 180 countries. India's rank was <strong>177</strong> (with a score of 30.57 out of 100) in 2018.</p>", "question": "<p>Consider the following statements &ndash;</p>\n<ol>\n<li>Forests&rsquo; was a State subject until transferred to the Concurrent list by the 42nd Amendment Act.</li>\n<li>The Environmental Perfor&shy;mance Index has been deve&shy;loped by UNEP.</li>\n<li>India has improved its raking in Environment performance Index in 2020 from 2018.</li>\n</ol>\n<p>Select the correct option &ndash;</p>", "options": [{"option_id": "5f4e7c897737d4266466e9d3", "is_correct_answer": false, "title": "<p>1 only</p>"}, {"option_id": "5f4e7c897737d4266466e9d4", "is_correct_answer": false, "title": "<p>1 and 2 only</p>"}, {"option_id": "5f4e7c897737d4266466e9d5", "is_correct_answer": true, "title": "1 and 3 only"}, {"option_id": "5f4e7c897737d4266466e9d6", "is_correct_answer": false, "title": "3 only"}], "question_id": "5f4e7c897737d4266466e9d2"}, {"explanation": "<p>GDP of India contracted last time in 1979-80. It has contracted five time, including the present contraction of Q1 (2020-21)</p>\n<p><img class=\"img_with_preview\" height=\"311\" src=\"https://tinglado-mediafiles.s3.amazonaws.com/media/editor_images/2020/9/1/22/24/41/5f4e7cd17737d44c8a3820eb_OI.PNG\" width=\"304\"/></p>\n<p><strong>Recession </strong>- fall in the overall economic activity for two consecutive quarters (six months) accompanied by a decline in income, sales and employment.</p>", "question": "<p>Consider the following statements &ndash;</p>\n<ol>\n<li>COVID-19 pandemic has caused the GDP contraction for the first time in last 25 years.</li>\n<li>Recession is defined as a fall in the overall economic activity for two consecutive quarters accompanied by a decline in income, sales and employment.</li>\n</ol>\n<p>Select the correct option &ndash;</p>", "options": [{"option_id": "5f4e7cd47737d44c8a3820ed", "is_correct_answer": false, "title": "<p>1 only</p>"}, {"option_id": "5f4e7cd47737d44c8a3820ee", "is_correct_answer": false, "title": "<p>2 only</p>"}, {"option_id": "5f4e7cd47737d44c8a3820ef", "is_correct_answer": true, "title": "Both 1 and 2"}, {"option_id": "5f4e7cd47737d44c8a3820f0", "is_correct_answer": false, "title": "None of the above"}], "question_id": "5f4e7cd47737d44c8a3820ec"}, {"explanation": "<p>GDP in India is estimate by NSO under the Ministry of statistics and programme implementation.</p>\n<p>All sector has seen contraction in last quarter, except AGRICULTURE.</p>\n<p><img class=\"img_with_preview\" height=\"332\" src=\"https://tinglado-mediafiles.s3.amazonaws.com/media/editor_images/2020/9/1/22/25/41/5f4e7d0d7737d44c8a3820f5_OI.PNG\" width=\"601\"/></p>", "question": "<p>Consider the following statements &ndash;</p>\n<ol>\n<li>GDP in India is estimate by NSO under the department of revenue, ministry of finance.</li>\n<li>In the first quarter of 2020-21 all the sector of economy has seen contraction.</li>\n</ol>\n<p>Select the correct option &ndash;</p>", "options": [{"option_id": "5f4e7d0f7737d44c8a3820f7", "is_correct_answer": false, "title": "<p>1 only</p>"}, {"option_id": "5f4e7d0f7737d44c8a3820f8", "is_correct_answer": false, "title": "<p>2 only</p>"}, {"option_id": "5f4e7d0f7737d44c8a3820f9", "is_correct_answer": false, "title": "Both 1 and 2"}, {"option_id": "5f4e7d0f7737d44c8a3820fa", "is_correct_answer": true, "title": "None of the above"}], "question_id": "5f4e7d0f7737d44c8a3820f6"}, {"explanation": "<p>In 2008, India did not face any economic recession. There was not GDP contraction.</p>\n<p>There is standard definition of recession.</p>\n<p><strong>Recession </strong>- fall in the overall economic activity for two consecutive quarters (six months) accompanied by a decline in income, sales and employment.</p>\n<p>So there is no need of deceleration of recession by any institution.</p>", "question": "<p>Consider the following statements &ndash;</p>\n<ol>\n<li>Present economic recession is in India has happened only after 2008.</li>\n<li>Economic recession is declared by RBI in India as per the RBI act 1934.</li>\n</ol>\n<p>Select the correct option &ndash;</p>", "options": [{"option_id": "5f4e7d477737d4266466e9de", "is_correct_answer": false, "title": "<p>1 only</p>"}, {"option_id": "5f4e7d477737d4266466e9df", "is_correct_answer": false, "title": "<p>2 only</p>"}, {"option_id": "5f4e7d477737d4266466e9e0", "is_correct_answer": false, "title": "Both 1 and 2"}, {"option_id": "5f4e7d477737d4266466e9e1", "is_correct_answer": true, "title": "None of the above"}], "question_id": "5f4e7d477737d4266466e9dd"}]

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