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 109 of 111
Question #2161
The 'Goods and Services Tax' on audit services is:
A. 12%
B. 18%
C. 5%
D. 28%
Discuss
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Correct Answer: Option B

Explanation:
Audit services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2162
The 'Goods and Services Tax' on accounting services is:
A. 28%
B. 5%
C. 12%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Accounting services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2163
The 'Goods and Services Tax' on architectural services is:
A. 12%
B. 28%
C. 5%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Architectural services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2164
The 'Goods and Services Tax' on engineering services is:
A. 18%
B. 5%
C. 28%
D. 12%
Discuss
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Correct Answer: Option A

Explanation:
Engineering services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2165
The 'Goods and Services Tax' on property management services is:
A. 5%
B. 28%
C. 12%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Property management services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2166
The 'Goods and Services Tax' on travel agency services is:
A. 28%
B. 5%
C. 18%
D. 12%
Discuss
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Correct Answer: Option C

Explanation:
Travel agency services attract 18% GST, unless they opt for the 5% without ITC tour operator scheme.
This question belongs to: Economy GK Economy Set 1
Question #2167
The 'Goods and Services Tax' on renting of commercial property is:
A. 18%
B. 28%
C. 5%
D. 12%
Discuss
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Correct Answer: Option A

Explanation:
Renting of commercial property attracts 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2168
The 'Goods and Services Tax' on franchise services is:
A. 12%
B. 28%
C. 18%
D. 5%
Discuss
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Correct Answer: Option C

Explanation:
Franchise services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2169
The 'Goods and Services Tax' on intellectual property rights services is:
A. 12%
B. 5%
C. 28%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
IPR services attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2170
The 'Goods and Services Tax' on banking services to government is:
A. 12%
B. 5%
C. 18%
D. 0%
Discuss
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Correct Answer: Option C

Explanation:
Banking services to government attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2171
The 'Goods and Services Tax' on insurance services provided to government is:
A. 18%
B. 12%
C. 0%
D. 5%
Discuss
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Correct Answer: Option A

Explanation:
Insurance services to government attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2172
The 'Goods and Services Tax' on health insurance for senior citizens is:
A. 5%
B. 18%
C. 12%
D. 0%
Discuss
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Correct Answer: Option B

Explanation:
Health insurance for senior citizens attracts 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #2173
The 'Goods and Services Tax' on life insurance under Pradhan Mantri Jeevan Jyoti Bima Yojana is:
A. 5%
B. exempt
C. 0%
D. 18%
Discuss
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Correct Answer: Option B

Explanation:
PMJJBY premium is exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2174
The 'Goods and Services Tax' on Pradhan Mantri Suraksha Bima Yojana premium is:
A. 18%
B. 0%
C. 5%
D. exempt
Discuss
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Correct Answer: Option D

Explanation:
PMSBY premium is exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2175
The 'Goods and Services Tax' on Jan Dhan accounts is:
A. exempt
B. 5%
C. 0%
D. 18%
Discuss
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Correct Answer: Option A

Explanation:
Basic savings bank deposit accounts under PMJDY are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2176
The 'Goods and Services Tax' on services provided by RBI is:
A. exempt
B. 0%
C. 5%
D. 18%
Discuss
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Correct Answer: Option A

Explanation:
RBI services are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2177
The 'Goods and Services Tax' on services provided by SEBI is:
A. 0%
B. exempt
C. 5%
D. 18%
Discuss
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Correct Answer: Option B

Explanation:
SEBI services are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2178
The 'Goods and Services Tax' on services provided by IRDAI is:
A. 5%
B. exempt
C. 18%
D. 0%
Discuss
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Correct Answer: Option B

Explanation:
IRDAI services are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2179
The 'Goods and Services Tax' on services provided by PFRDA is:
A. 0%
B. exempt
C. 18%
D. 5%
Discuss
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Correct Answer: Option B

Explanation:
PFRDA services are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #2180
The 'Goods and Services Tax' on services by diplomatic missions is:
A. 5%
B. 0%
C. 18%
D. exempt
Discuss
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Correct Answer: Option D

Explanation:
Services by diplomatic missions are exempt from GST.
This question belongs to: Economy GK Economy Set 1
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