Economy Set 1 MCQs

Economy GK

Economy Set 1 MCQs

Practice Economy GK MCQs on basic economic concepts including economy, economics, microeconomics, macroeconomics, goods and services, demand and supply, factors of production, opportunity cost, economic activities, sectors of economy and other fundamental concepts frequently asked in SSC, Railway, Banking, UPSC, JKSSB, JKPSC, Police, Defence and other competitive examinations.

2220
Total Questions

Practice Questions

Page 102 of 111
Question #2021
The 'Goods and Services Tax' on legal services is:
A. 5%
B. 12%
C. 0%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Legal services generally attract 18% GST, with some exemptions.
This question belongs to: Economy GK Economy Set 1
Question #2022
The 'Goods and Services Tax' on government services is:
A. always exempt
B. exempt for certain government services and taxable for others
C. always 28%
D. always 18%
Discuss
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Correct Answer: Option B

Explanation:
Some government services are exempt, others taxable.
This question belongs to: Economy GK Economy Set 1
Question #2023
The 'Goods and Services Tax' rate on construction of residential property in an affordable housing project is:
A. 1% without ITC
B. 12%
C. 5% without ITC
D. 18%
Discuss
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Correct Answer: Option A

Explanation:
Affordable housing construction attracts 1% GST without input tax credit.
This question belongs to: Economy GK Economy Set 1
Question #2024
The 'Goods and Services Tax' rate on construction of other residential property is:
A. 1%
B. 5% without ITC
C. 12%
D. 18%
Discuss
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Correct Answer: Option B

Explanation:
Non-affordable residential construction attracts 5% GST without ITC.
This question belongs to: Economy GK Economy Set 1
Question #2025
The 'Goods and Services Tax' on sale of land and completed buildings is:
A. 18%
B. 5%
C. exempt
D. 0%
Discuss
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Correct Answer: Option C

Explanation:
Sale of land and completed buildings is not subject to GST.
This question belongs to: Economy GK Economy Set 1
Question #2026
The 'Goods and Services Tax' on long-term lease of industrial plots is:
A. 12%
B. 0%
C. 5%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Long-term lease of industrial plots attracts 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2027
The 'Goods and Services Tax' on toll charges is:
A. 18%
B. exempt
C. 0%
D. 5%
Discuss
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Correct Answer: Option B

Explanation:
Toll charges are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2028
The 'Goods and Services Tax' on municipal services is:
A. 5%
B. 0%
C. 18%
D. exempt for basic municipal services
Discuss
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Correct Answer: Option D

Explanation:
Basic municipal services are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2029
The 'Goods and Services Tax' on banking services is:
A. 5%
B. 18%
C. 28%
D. 12%
Discuss
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Correct Answer: Option B

Explanation:
Banking and financial services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2030
The 'Goods and Services Tax' on insurance services is:
A. 28%
B. 18%
C. 5%
D. 12%
Discuss
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Correct Answer: Option B

Explanation:
Insurance services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2031
The 'Goods and Services Tax' on airline services is:
A. 5% for all classes
B. 5% economy and 12% business class
C. 18% for all classes
D. 12% for all classes
Discuss
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Correct Answer: Option B

Explanation:
Economy class air travel is 5%, business class is 12%.
This question belongs to: Economy GK Economy Set 1
Question #2032
The 'Goods and Services Tax' on railway freight is:
A. 18%
B. 12%
C. 5%
D. 0%
Discuss
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Correct Answer: Option C

Explanation:
Rail freight attracts 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #2033
The 'Goods and Services Tax' on passenger transport by air-conditioned buses is:
A. 5%
B. 12%
C. 18%
D. 0%
Discuss
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Correct Answer: Option A

Explanation:
AC bus passenger transport attracts 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #2034
The 'Goods and Services Tax' on passenger transport by non-AC buses is:
A. exempt
B. 12%
C. 0%
D. 5%
Discuss
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Correct Answer: Option A

Explanation:
Non-AC bus transport is exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2035
The 'Goods and Services Tax' on cab services is:
A. 18%
B. 5%
C. 28%
D. 12%
Discuss
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Correct Answer: Option D

Explanation:
Cab services attract 12% GST with input tax credit, or 5% without ITC under certain conditions.
This question belongs to: Economy GK Economy Set 1
Question #2036
The 'Goods and Services Tax' on e-commerce operators is:
A. they collect tax at source
B. only 5%
C. only 18%
D. not applicable
Discuss
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Correct Answer: Option A

Explanation:
E-commerce operators collect tax at source under GST.
This question belongs to: Economy GK Economy Set 1
Question #2037
The 'Goods and Services Tax' on digital products such as e-books is:
A. 5%
B. 12%
C. 18%
D. 0%
Discuss
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Correct Answer: Option A

Explanation:
E-books and digital products attract 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #2038
The 'Goods and Services Tax' on online information and database access or retrieval services is:
A. 18%
B. 12%
C. 28%
D. 5%
Discuss
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Correct Answer: Option A

Explanation:
OIDAR services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2039
The 'Goods and Services Tax' on cryptocurrency is:
A. 0%
B. 18%
C. 28%
D. 5%
Discuss
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Correct Answer: Option B

Explanation:
Cryptocurrency transactions are subject to 18% GST as financial services, though regulation is evolving.
This question belongs to: Economy GK Economy Set 1
Question #2040
The 'Goods and Services Tax' on lottery tickets is:
A. 28%
B. 18%
C. 0%
D. 12%
Discuss
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Correct Answer: Option A

Explanation:
Lottery tickets attract 28% GST.
This question belongs to: Economy GK Economy Set 1
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