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 107 of 111
Question #2121
The 'Goods and Services Tax' on veterinary services is:
A. 0%
B. exempt
C. 18%
D. 5%
Discuss
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Correct Answer: Option B

Explanation:
Veterinary services are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2122
The 'Goods and Services Tax' on ambulance services is:
A. 5%
B. exempt
C. 18%
D. 0%
Discuss
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Correct Answer: Option B

Explanation:
Ambulance services are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2123
The 'Goods and Services Tax' on charitable activities is:
A. 0%
B. 5%
C. exempt for specified charitable activities
D. 18%
Discuss
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Correct Answer: Option C

Explanation:
Specified charitable activities are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2124
The 'Goods and Services Tax' on religious pilgrimage tours is:
A. 5%
B. 12%
C. 18%
D. 0%
Discuss
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Correct Answer: Option A

Explanation:
Religious pilgrimage tours attract 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #2125
The 'Goods and Services Tax' on tour operator services is:
A. 12%
B. 18%
C. 5% without ITC
D. 5%
Discuss
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Correct Answer: Option C

Explanation:
Tour operator services attract 5% GST without input tax credit.
This question belongs to: Economy GK Economy Set 1
Question #2126
The 'Goods and Services Tax' on hotel accommodation below Rs 1,000 is:
A. exempt
B. 5%
C. 0%
D. 12%
Discuss
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Correct Answer: Option A

Explanation:
Hotel rooms with tariff below Rs 1,000 are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2127
The 'Goods and Services Tax' on hotel accommodation Rs 1,000 to Rs 7,500 is:
A. 18%
B. 5%
C. 28%
D. 12%
Discuss
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Correct Answer: Option D

Explanation:
Hotel rooms in this tariff range attract 12% GST.
This question belongs to: Economy GK Economy Set 1
Question #2128
The 'Goods and Services Tax' on hotel accommodation above Rs 7,500 is:
A. 28%
B. 18%
C. 12%
D. 5%
Discuss
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Correct Answer: Option B

Explanation:
Hotel rooms above Rs 7,500 attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2129
The 'Goods and Services Tax' on club membership fees is:
A. 12%
B. 5%
C. 0%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Club membership fees attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2130
The 'Goods and Services Tax' on entertainment events is:
A. 12%
B. 18%
C. 5%
D. 28%
Discuss
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Correct Answer: Option B

Explanation:
Entertainment events generally attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2131
The 'Goods and Services Tax' on admission to amusement parks is:
A. 5%
B. 12%
C. 18%
D. 28%
Discuss
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Correct Answer: Option C

Explanation:
Amusement park admissions attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2132
The 'Goods and Services Tax' on circus and theatre performances is:
A. exempt for certain theatre and circus performances
B. 0%
C. 12%
D. 18%
Discuss
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Correct Answer: Option A

Explanation:
Certain theatre and circus performances are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2133
The 'Goods and Services Tax' on dance and music performances is:
A. 0%
B. 18%
C. 5%
D. 12%
Discuss
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Correct Answer: Option B

Explanation:
Dance and music performances generally attract 18% GST, with some exemptions.
This question belongs to: Economy GK Economy Set 1
Question #2134
The 'Goods and Services Tax' on art and culture events is:
A. 5%
B. 0%
C. 12%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Art and culture events generally attract 18% GST, with some exemptions.
This question belongs to: Economy GK Economy Set 1
Question #2135
The 'Goods and Services Tax' on legal services provided to government is:
A. exempt
B. 18%
C. 12%
D. 0%
Discuss
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Correct Answer: Option A

Explanation:
Legal services provided to government are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2136
The 'Goods and Services Tax' on legal services provided to individuals is:
A. 5%
B. 12%
C. 18%
D. 0%
Discuss
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Correct Answer: Option C

Explanation:
Legal services to individuals attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2137
The 'Goods and Services Tax' on services provided by journalists is:
A. 12%
B. 5%
C. 18%
D. 0%
Discuss
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Correct Answer: Option C

Explanation:
Journalist services attract 18% GST unless exempt.
This question belongs to: Economy GK Economy Set 1
Question #2138
The 'Goods and Services Tax' on security services is:
A. 28%
B. 5%
C. 18%
D. 12%
Discuss
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Correct Answer: Option C

Explanation:
Security services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2139
The 'Goods and Services Tax' on housekeeping services is:
A. 28%
B. 5%
C. 12%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Housekeeping services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2140
The 'Goods and Services Tax' on manpower supply services is:
A. 18%
B. 5%
C. 12%
D. 28%
Discuss
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Correct Answer: Option A

Explanation:
Manpower supply services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
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