The 'Goods and Services Tax' is a consumption-based tax because it is levied at: MCQ with Answer and Explanation

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The 'Goods and Services Tax' is a consumption-based tax because it is levied at:

A. production stage only

B. import stage only

C. the point of supply for final consumption

D. export stage

Answer: Option C

Solution (By JKSSB Mock Tests)

GST is a destination-based consumption tax levied at the point of supply.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'managed float' exchange rate system means the exchange rate is:

A. not applicable

B. determined by market forces with possible central bank intervention

C. completely fixed

D. set by the IMF

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Correct Answer: Option B

Explanation:
Managed float allows market determination with occasional central bank intervention.

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 a closed economy

D. It assumes continuous full employment

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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

Who is the ex-officio Chairperson of NITI Aayog?

A. Finance Minister

B. Prime Minister

C. President

D. Vice President

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Correct Answer: Option B

Explanation:
The Prime Minister is the ex-officio Chairperson of NITI Aayog.

This question belongs to: Economy GK Economy Set 1

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