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 98 of 111
Question #1941
The 'Goods and Services Tax' on petroleum products is:
A. 12%
B. not levied currently
C. 18%
D. 5%
Discuss
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Correct Answer: Option B

Explanation:
Petroleum crude, petrol, diesel, natural gas and ATF are currently outside GST.
This question belongs to: Economy GK Economy Set 1
Question #1942
The 'Goods and Services Tax' on real estate under-construction properties is:
A. 12%
B. 5% or 1% for affordable housing
C. 0%
D. 18%
Discuss
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Correct Answer: Option B

Explanation:
Under-construction residential properties attract 5% GST (1% for affordable housing without ITC).
This question belongs to: Economy GK Economy Set 1
Question #1943
The 'Goods and Services Tax' on food in restaurants is generally:
A. 12%
B. 5%
C. 18%
D. 28%
Discuss
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Correct Answer: Option B

Explanation:
Restaurant services generally attract 5% GST without input tax credit, but some categories differ.
This question belongs to: Economy GK Economy Set 1
Question #1944
The 'Goods and Services Tax' rate on mobile phones is:
A. 18%
B. 28%
C. 5%
D. 12%
Discuss
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Correct Answer: Option A

Explanation:
Mobile phones attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #1945
The 'Goods and Services Tax' rate on cement is:
A. 28%
B. 5%
C. 12%
D. 18%
Discuss
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Correct Answer: Option A

Explanation:
Cement attracts 28% GST.
This question belongs to: Economy GK Economy Set 1
Question #1946
The 'Goods and Services Tax' rate on automobiles is generally:
A. 28% plus cess
B. 12%
C. 5%
D. 18%
Discuss
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Correct Answer: Option A

Explanation:
Automobiles generally attract 28% GST plus compensation cess.
This question belongs to: Economy GK Economy Set 1
Question #1947
The 'Goods and Services Tax' rate on bicycles is:
A. 12%
B. 0%
C. 18%
D. 5%
Discuss
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Correct Answer: Option D

Explanation:
Bicycles attract 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #1948
The 'Goods and Services Tax' rate on railway passenger transport is:
A. 0%
B. 12%
C. 5%
D. 18%
Discuss
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Correct Answer: Option A

Explanation:
Railway passenger transport is exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #1949
The 'Goods and Services Tax' rate on air travel in economy class is:
A. 5%
B. 12%
C. 28%
D. 18%
Discuss
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Correct Answer: Option A

Explanation:
Economy class air travel attracts 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #1950
The 'Goods and Services Tax' rate on air travel in business class is:
A. 12%
B. 28%
C. 5%
D. 18%
Discuss
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Correct Answer: Option A

Explanation:
Business class air travel attracts 12% GST.
This question belongs to: Economy GK Economy Set 1
Question #1951
The 'Goods and Services Tax' on life insurance premiums is:
A. 5%
B. 18%
C. 0%
D. 12%
Discuss
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Correct Answer: Option B

Explanation:
Life insurance premiums attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #1952
The 'Goods and Services Tax' on health insurance premiums is:
A. 18%
B. 5%
C. 0%
D. 12%
Discuss
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Correct Answer: Option A

Explanation:
Health insurance premiums attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #1953
The 'Goods and Services Tax' on hotel rooms with tariff above Rs 7,500 is:
A. 5%
B. 28%
C. 12%
D. 18%
Discuss
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Correct Answer: Option D

Explanation:
Hotel rooms above Rs 7,500 tariff attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #1954
The 'Goods and Services Tax' on hotel rooms with tariff below Rs 1,000 is:
A. 5%
B. 12%
C. 0%
D. 18%
Discuss
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Correct Answer: Option C

Explanation:
Hotel rooms below Rs 1,000 tariff are exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #1955
The 'Goods and Services Tax' rate on cinema tickets below Rs 100 is:
A. 28%
B. 18%
C. 5%
D. 12%
Discuss
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Correct Answer: Option D

Explanation:
Cinema tickets up to Rs 100 attract 12% GST.
This question belongs to: Economy GK Economy Set 1
Question #1956
The 'Goods and Services Tax' rate on cinema tickets above Rs 100 is:
A. 5%
B. 18%
C. 28%
D. 12%
Discuss
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Correct Answer: Option B

Explanation:
Cinema tickets above Rs 100 attract 18% GST.
This question belongs to: Economy GK Economy Set 1
Question #1957
The 'Goods and Services Tax' rate on tea and coffee is:
A. 18%
B. 0%
C. 12%
D. 5%
Discuss
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Correct Answer: Option D

Explanation:
Tea and coffee attract 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #1958
The 'Goods and Services Tax' rate on sugar is:
A. 5%
B. 18%
C. 0%
D. 12%
Discuss
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Correct Answer: Option A

Explanation:
Sugar attracts 5% GST.
This question belongs to: Economy GK Economy Set 1
Question #1959
The 'Goods and Services Tax' rate on milk is:
A. 18%
B. 12%
C. 5%
D. 0%
Discuss
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Correct Answer: Option D

Explanation:
Fresh milk is exempt from GST.
This question belongs to: Economy GK Economy Set 1
Question #1960
The 'Goods and Services Tax' rate on packaged food items may be:
A. 18% only
B. 0%
C. 28% only
D. 5% or 12% depending on the product
Discuss
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Correct Answer: Option D

Explanation:
Packaged food items attract 5% or 12% GST depending on the product.
This question belongs to: Economy GK Economy Set 1
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