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

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The 'Goods and Services Tax' is a:

A. wealth tax

B. direct tax

C. capital gains tax

D. indirect tax

Answer: Option D

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

The 'Goods and Services Tax' on salt is:

A. 0%

B. 12%

C. 5%

D. 18%

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Correct Answer: Option A

Explanation:
Common salt is exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

A tariff is a:

A. tax imposed on imported goods

B. quantitative limit on imports

C. subsidy given to exporters

D. ban on exports

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Correct Answer: Option A

Explanation:
A tariff is a tax imposed on imported goods.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Framing Effects' demonstrates that:

A. Framing never affects choices

B. The way in which a choice is presented can systematically affect decisions even when the underlying outcomes are identical

C. Preferences are completely invariant to description

D. Only the objective outcomes matter

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Correct Answer: Option B

Explanation:
Framing effects occur when logically equivalent descriptions of the same decision problem lead to different choices, violating the invariance assumption of standard rational-choice theory.

This question belongs to: Economy GK Economy Set 1

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