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.

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Total Questions

Practice Questions

Page 103 of 111
Question #2041
The 'Goods and Services Tax' on betting and gambling is:
A. 12%
B. 18%
C. 5%
D. 28%
Discuss
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Correct Answer: Option D

Explanation:
Betting and gambling attract 28% GST.
This question belongs to: Economy GK Economy Set 1
Question #2042
The 'Goods and Services Tax' on race club services is:
A. 5%
B. 28%
C. 18%
D. 12%
Discuss
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Correct Answer: Option B

Explanation:
Race club services attract 28% GST.
This question belongs to: Economy GK Economy Set 1
Question #2043
The 'Goods and Services Tax' on actionable claims such as lottery, betting and gambling is:
A. 18%
B. 28%
C. 12%
D. 5%
Discuss
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Correct Answer: Option B

Explanation:
Actionable claims like lottery, betting and gambling attract 28% GST.
This question belongs to: Economy GK Economy Set 1
Question #2044
The 'Goods and Services Tax' on works contract services is:
A. 18%
B. 12%
C. 28%
D. 5%
Discuss
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Correct Answer: Option B

Explanation:
Works contract services generally attract 12% GST with ITC.
This question belongs to: Economy GK Economy Set 1
Question #2045
The 'Goods and Services Tax' on renting of residential property for commercial use is:
A. 18%
B. 12%
C. 5%
D. 0%
Discuss
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Correct Answer: Option A

Explanation:
Renting residential property for commercial use attracts 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2046
The 'Goods and Services Tax' on renting of residential property for residential use is:
A. exempt
B. 5%
C. 0%
D. 18%
Discuss
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Correct Answer: Option A

Explanation:
Renting residential property for residential use is exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2047
The 'Goods and Services Tax' on sale of used goods is:
A. levied on margin
B. 28%
C. 18%
D. 0%
Discuss
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Correct Answer: Option A

Explanation:
GST on used goods is levied on the margin for registered dealers under the margin scheme.
This question belongs to: Economy GK Economy Set 1
Question #2048
The 'Goods and Services Tax' on government fees such as passport and visa is:
A. 18%
B. 0%
C. exempt
D. 5%
Discuss
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Correct Answer: Option C

Explanation:
Government fees like passport and visa are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2049
The 'Goods and Services Tax' on penal interest on loans is:
A. 18%
B. exempt
C. 0%
D. 12%
Discuss
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Correct Answer: Option B

Explanation:
Penal interest on loans is exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2050
The 'Goods and Services Tax' on interest on deposits and loans is:
A. exempt
B. 0%
C. 12%
D. 18%
Discuss
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Correct Answer: Option A

Explanation:
Interest on deposits and loans is exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2051
The 'Goods and Services Tax' on foreign exchange conversion services is:
A. 0%
B. 5%
C. 12%
D. 18% on the service fee
Discuss
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Correct Answer: Option D

Explanation:
Foreign exchange conversion services attract GST on the service fee at 18%.
This question belongs to: Economy GK Economy Set 1
Question #2052
The 'Goods and Services Tax' on export of services is:
A. zero-rated
B. 28%
C. 5%
D. 18%
Discuss
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Correct Answer: Option A

Explanation:
Export of services is zero-rated under GST.
This question belongs to: Economy GK Economy Set 1
Question #2053
The 'Goods and Services Tax' on import of services is:
A. 5%
B. not levied
C. 12%
D. levied as IGST under reverse charge
Discuss
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Correct Answer: Option D

Explanation:
Import of services attracts IGST under reverse charge.
This question belongs to: Economy GK Economy Set 1
Question #2054
The 'Goods and Services Tax' on online gaming is:
A. 18%
B. 5%
C. 12%
D. 28%
Discuss
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Correct Answer: Option D

Explanation:
Online gaming services attract 28% GST.
This question belongs to: Economy GK Economy Set 1
Question #2055
The 'Goods and Services Tax' on casinos is:
A. 12%
B. 5%
C. 28%
D. 18%
Discuss
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Correct Answer: Option C

Explanation:
Casino services attract 28% GST.
This question belongs to: Economy GK Economy Set 1
Question #2056
The 'Goods and Services Tax' on horse racing is:
A. 28%
B. 5%
C. 12%
D. 18%
Discuss
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Correct Answer: Option A

Explanation:
Horse racing services attract 28% GST.
This question belongs to: Economy GK Economy Set 1
Question #2057
The 'Goods and Services Tax' on lottery, betting and gambling is part of the:
A. 5% slab
B. 18% slab
C. 12% slab
D. 28% slab plus cess
Discuss
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Correct Answer: Option D

Explanation:
Lottery, betting and gambling are in the 28% slab.
This question belongs to: Economy GK Economy Set 1
Question #2058
The 'Goods and Services Tax' on demerit goods is generally:
A. 28% plus cess
B. 12%
C. 18%
D. 5%
Discuss
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Correct Answer: Option A

Explanation:
Demerit goods like tobacco and aerated drinks attract 28% plus cess.
This question belongs to: Economy GK Economy Set 1
Question #2059
The 'Goods and Services Tax' on aerated drinks is:
A. 5%
B. 12%
C. 28% plus cess
D. 18%
Discuss
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Correct Answer: Option C

Explanation:
Aerated drinks attract 28% GST plus compensation cess.
This question belongs to: Economy GK Economy Set 1
Question #2060
The 'Goods and Services Tax' on electric vehicles is:
A. 18%
B. 28%
C. 5%
D. 12%
Discuss
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Correct Answer: Option C

Explanation:
Electric vehicles attract 5% GST to promote clean mobility.
This question belongs to: Economy GK Economy Set 1
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