The 'Goods and Services Tax' is a: MCQ with Answer and Explanation

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The 'Goods and Services Tax' is a:

A. indirect tax

B. wealth tax

C. direct tax

D. capital gains tax

Answer: Option A

Solution (By JKSSB Mock Tests)

GST is an indirect tax on goods and services.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Revenue deficit is calculated as:

A. fiscal deficit minus primary deficit

B. total expenditure minus total receipts

C. revenue receipts minus revenue expenditure

D. revenue expenditure minus revenue receipts

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Correct Answer: Option D

Explanation:
Revenue deficit is revenue expenditure minus revenue receipts.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a major objective of monetary policy in a developing country like India?

A. Only promoting imports

B. Only maximising fiscal deficit

C. Price stability consistent with growth and financial stability

D. Only maximising inflation

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Correct Answer: Option C

Explanation:
The primary objective of monetary policy in India is to maintain price stability while keeping in mind the objective of growth, along with ensuring financial stability.

This question belongs to: Economy GK Economy Set 1

Question #3

Selling costs are a distinguishing feature of which market structure?

A. Pure competition

B. Perfect competition

C. Monopolistic competition

D. Monopoly

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Correct Answer: Option C

Explanation:
Firms in monopolistic competition incur selling costs to differentiate their products and attract customers.

This question belongs to: Economy GK Economy Set 1

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