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 106 of 111
Question #2101
The 'Goods and Services Tax' on air freight is:
A. 12%
B. 28%
C. 18%
D. 5%
Discuss
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Correct Answer: Option C

Explanation:
Air freight services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2102
The 'Goods and Services Tax' on warehousing services is:
A. 28%
B. 5%
C. 18%
D. 12%
Discuss
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Correct Answer: Option C

Explanation:
Warehousing services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2103
The 'Goods and Services Tax' on logistics services is:
A. 28%
B. 18%
C. 5%
D. 12%
Discuss
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Correct Answer: Option B

Explanation:
Logistics services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2104
The 'Goods and Services Tax' on advertising services is:
A. 28%
B. 5%
C. 12%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Advertising services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2105
The 'Goods and Services Tax' on print media advertising is:
A. 12%
B. 18%
C. 5%
D. 0%
Discuss
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Correct Answer: Option C

Explanation:
Advertising in print media attracts 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #2106
The 'Goods and Services Tax' on digital advertising is:
A. 12%
B. 18%
C. 28%
D. 5%
Discuss
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Correct Answer: Option B

Explanation:
Digital advertising services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2107
The 'Goods and Services Tax' on event management services is:
A. 18%
B. 5%
C. 28%
D. 12%
Discuss
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Correct Answer: Option A

Explanation:
Event management services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2108
The 'Goods and Services Tax' on beauty parlour services is:
A. 5%
B. 12%
C. 28%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Beauty parlour services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2109
The 'Goods and Services Tax' on salon services is:
A. 5%
B. 18%
C. 12%
D. 28%
Discuss
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Correct Answer: Option B

Explanation:
Salon services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2110
The 'Goods and Services Tax' on gym and fitness services is:
A. 18%
B. 28%
C. 12%
D. 5%
Discuss
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Correct Answer: Option A

Explanation:
Gym and fitness services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2111
The 'Goods and Services Tax' on construction services is:
A. 18% for commercial construction
B. 5%
C. 28%
D. 12%
Discuss
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Correct Answer: Option A

Explanation:
Commercial construction services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2112
The 'Goods and Services Tax' on real estate under-construction commercial property is:
A. 18%
B. 12%
C. 5%
D. 28%
Discuss
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Correct Answer: Option B

Explanation:
Commercial under-construction property attracts 12% GST with ITC.
This question belongs to: Economy GK Economy Set 1
Question #2113
The 'Goods and Services Tax' on sale of under-construction residential affordable housing is:
A. 12%
B. 1% without ITC
C. 18%
D. 5% without ITC
Discuss
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Correct Answer: Option B

Explanation:
Affordable housing under construction attracts 1% GST without ITC.
This question belongs to: Economy GK Economy Set 1
Question #2114
The 'Goods and Services Tax' on sale of under-construction residential non-affordable housing is:
A. 18%
B. 1%
C. 5% without ITC
D. 12%
Discuss
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Correct Answer: Option C

Explanation:
Non-affordable residential under-construction property attracts 5% GST without ITC.
This question belongs to: Economy GK Economy Set 1
Question #2115
The 'Goods and Services Tax' on ready-to-move-in property is:
A. 12%
B. 18%
C. not applicable
D. 5%
Discuss
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Correct Answer: Option C

Explanation:
Ready-to-move-in property is not subject to GST.
This question belongs to: Economy GK Economy Set 1
Question #2116
The 'Goods and Services Tax' on land leasing is:
A. exempt for agricultural land and taxable for commercial
B. not applicable
C. 18%
D. 5%
Discuss
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Correct Answer: Option A

Explanation:
Leasing of agricultural land is exempt; commercial land leasing may attract GST.
This question belongs to: Economy GK Economy Set 1
Question #2117
The 'Goods and Services Tax' on educational services by institutions is:
A. exempt
B. 5%
C. 18%
D. 0%
Discuss
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Correct Answer: Option A

Explanation:
Educational services by recognized institutions are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2118
The 'Goods and Services Tax' on private coaching centres is:
A. 12%
B. 5%
C. 18%
D. 0%
Discuss
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Correct Answer: Option C

Explanation:
Private coaching centres attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2119
The 'Goods and Services Tax' on online education courses is:
A. 5%
B. 0%
C. 12%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Online education courses generally attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2120
The 'Goods and Services Tax' on health care services is:
A. 5%
B. 0%
C. 18%
D. exempt
Discuss
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Correct Answer: Option D

Explanation:
Health care services are exempt from GST.
This question belongs to: Economy GK Economy Set 1
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