The 'Goods and Services Tax' excludes which of the following from its purview? MCQ with Answer and Explanation

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The 'Goods and Services Tax' excludes which of the following from its purview?

A. Imported goods

B. Manufactured goods

C. Services

D. Alcoholic liquor for human consumption

Answer: Option D

Solution (By JKSSB Mock Tests)

Alcoholic liquor for human consumption is outside GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on private coaching centres is:

A. 12%

B. 0%

C. 5%

D. 18%

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Correct Answer: Option D

Explanation:
Private coaching centres attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a feature of the 'IS-LM-BP' or Mundell-Fleming model?

A. It analyses the effectiveness of monetary and fiscal policy under different exchange-rate regimes and degrees of capital mobility

B. It ignores the external sector completely

C. It assumes continuous full employment

D. It assumes a closed economy

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Correct Answer: Option A

Explanation:
The Mundell-Fleming model extends the IS-LM framework to an open economy and examines how the effectiveness of monetary and fiscal policy depends on the exchange-rate regime and the degree of capital mobility.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Organisation for Economic Co-operation and Development' is headquartered in:

A. Paris

B. London

C. Geneva

D. New York

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Correct Answer: Option A

Explanation:
OECD is headquartered in Paris.

This question belongs to: Economy GK Economy Set 1

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