The 'Goods and Services Tax' is levied on the supply of: MCQ with Answer and Explanation

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The 'Goods and Services Tax' is levied on the supply of:

A. only services

B. both goods and services

C. only imports

D. only goods

Answer: Option B

Solution (By JKSSB Mock Tests)

GST is levied on the supply of both goods and services.

This question belongs to: Economy GK Economy Set 1

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Question #1

Which of the following is a characteristic of the 'Attention Economy'?

A. Human attention is treated as a scarce resource that platforms and content providers compete to capture

B. Only traditional advertising without digital platforms

C. Attention is unlimited and has no economic value

D. Only physical goods matter

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Correct Answer: Option A

Explanation:
In the attention economy, the limited cognitive resource of human attention is the scarce factor that digital platforms, media and advertisers compete to attract and monetise.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Ease of Doing Business Report' was published by:

A. WTO

B. World Bank

C. UNCTAD

D. IMF

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Correct Answer: Option B

Explanation:
The Ease of Doing Business Report was published by the World Bank.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Goods and Services Tax' on insurance services is:

A. 5%

B. 12%

C. 28%

D. 18%

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Correct Answer: Option D

Explanation:
Insurance services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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