A cess imposed by the Union Government is levied: MCQ with Answer and Explanation

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A cess imposed by the Union Government is levied:

A. for a specific purpose

B. only on income

C. only on imports

D. only on luxury goods

Answer: Option A

Solution (By JKSSB Mock Tests)

A cess is levied for a specific purpose and must be used for that purpose.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

In the context of economic reforms, 'Disinvestment' involves:

A. Complete closure of all public enterprises

B. Nationalisation of private firms

C. Increasing government stake in public sector enterprises

D. Sale of government equity in public sector enterprises

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Correct Answer: Option D

Explanation:
Disinvestment refers to the sale of government-held shares in public sector enterprises to private investors or the public, thereby reducing the government's ownership stake.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'net factor income from abroad' is negative when factor incomes paid abroad are:

A. greater than factor incomes received from abroad

B. equal to factor incomes received

C. less than factor incomes received from abroad

D. zero

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Correct Answer: Option A

Explanation:
Net factor income from abroad is negative when payments abroad exceed receipts from abroad.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' rate on mobile phones is:

A. 28%

B. 5%

C. 12%

D. 18%

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Correct Answer: Option D

Explanation:
Mobile phones attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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