The 'good and services tax' on petroleum crude, diesel, petrol, natural gas and aviation turbine fuel: MCQ with Answer and Explanation

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The 'good and services tax' on petroleum crude, diesel, petrol, natural gas and aviation turbine fuel:

A. is levied at zero rate

B. is presently outside GST

C. has been fully included

D. is exempt

Answer: Option B

Solution (By JKSSB Mock Tests)

These petroleum products are currently outside the GST regime.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Special Economic Zones Act' was enacted in India in which year?

A. 2005

B. 2000

C. 2010

D. 2006

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Correct Answer: Option A

Explanation:
The SEZ Act was enacted in 2005.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Trade Receivables Discounting System' platform helps MSMEs by:

A. discounting their receivables from corporate buyers

B. insuring their factories

C. providing direct subsidies

D. providing land

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Correct Answer: Option A

Explanation:
TReDS helps MSMEs obtain working capital by discounting their receivables.

This question belongs to: Economy GK Economy Set 1

Question #3

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The concept of 'Feldstein-Horioka Puzzle' refers to:

A. The puzzle of purchasing power parity deviations only

B. The observation that saving and investment are completely uncorrelated

C. The observation that domestic saving and domestic investment are highly correlated despite capital mobility

D. The puzzle of why interest rates are equalised

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Correct Answer: Option C

Explanation:
The Feldstein-Horioka puzzle is the empirical finding of a high correlation between domestic saving and domestic investment rates, which appears inconsistent with perfect international capital mobility.

This question belongs to: Economy GK Economy Set 1

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