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 108 of 111
Question #2141
The 'Goods and Services Tax' on transport of passengers by rail is:
A. exempt for general class and 5% for AC classes
B. 18%
C. 12%
D. 0%
Discuss
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Correct Answer: Option A

Explanation:
Rail passenger transport is exempt for general class and 5% for AC classes.
This question belongs to: Economy GK Economy Set 1
Question #2142
The 'Goods and Services Tax' on metro rail travel is:
A. 12%
B. 5%
C. 0%
D. 18%
Discuss
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Correct Answer: Option B

Explanation:
Metro rail travel attracts 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #2143
The 'Goods and Services Tax' on air travel business class is:
A. 5%
B. 28%
C. 12%
D. 18%
Discuss
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Correct Answer: Option C

Explanation:
Business class air travel is 12% GST.
This question belongs to: Economy GK Economy Set 1
Question #2144
The 'Goods and Services Tax' on helicopter services is:
A. 18%
B. 5%
C. 28%
D. 12%
Discuss
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Correct Answer: Option A

Explanation:
Helicopter services attract 18% GST, with some exemptions for pilgrimage.
This question belongs to: Economy GK Economy Set 1
Question #2145
The 'Goods and Services Tax' on shipping services is:
A. 18%
B. 28%
C. 5%
D. 12%
Discuss
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Correct Answer: Option A

Explanation:
Shipping services attract 18% GST, with some exemptions.
This question belongs to: Economy GK Economy Set 1
Question #2146
The 'Goods and Services Tax' on port services is:
A. 12%
B. 5%
C. 28%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Port services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2147
The 'Goods and Services Tax' on airport services is:
A. 12%
B. 18%
C. 28%
D. 5%
Discuss
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Correct Answer: Option B

Explanation:
Airport services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2148
The 'Goods and Services Tax' on telecommunication towers is:
A. 28%
B. 5%
C. 12%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Telecommunication tower services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2149
The 'Goods and Services Tax' on internet services is:
A. 5%
B. 28%
C. 12%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Internet services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2150
The 'Goods and Services Tax' on DTH services is:
A. 18%
B. 28%
C. 12%
D. 5%
Discuss
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Correct Answer: Option A

Explanation:
DTH services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2151
The 'Goods and Services Tax' on cable TV services is:
A. 18%
B. 12%
C. 5%
D. 28%
Discuss
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Correct Answer: Option A

Explanation:
Cable TV services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2152
The 'Goods and Services Tax' on broadcasting services is:
A. 18%
B. 12%
C. 5%
D. 28%
Discuss
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Correct Answer: Option A

Explanation:
Broadcasting services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2153
The 'Goods and Services Tax' on software services is:
A. 5%
B. 12%
C. 28%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Software services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2154
The 'Goods and Services Tax' on cloud services is:
A. 5%
B. 12%
C. 28%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Cloud services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2155
The 'Goods and Services Tax' on data processing services is:
A. 5%
B. 12%
C. 18%
D. 28%
Discuss
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Correct Answer: Option C

Explanation:
Data processing services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2156
The 'Goods and Services Tax' on call centre services is:
A. 5%
B. 12%
C. 28%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Call centre services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2157
The 'Goods and Services Tax' on BPO services is:
A. 18%
B. 5%
C. 12%
D. 28%
Discuss
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Correct Answer: Option A

Explanation:
BPO services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2158
The 'Goods and Services Tax' on IT-enabled services is:
A. 28%
B. 5%
C. 18%
D. 12%
Discuss
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Correct Answer: Option C

Explanation:
IT-enabled services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2159
The 'Goods and Services Tax' on R&D services is:
A. 28%
B. 18%
C. 12%
D. 5%
Discuss
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Correct Answer: Option B

Explanation:
Research and development services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2160
The 'Goods and Services Tax' on consulting services is:
A. 5%
B. 12%
C. 28%
D. 18%
Discuss
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Correct Answer: Option D

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