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 goods

B. only services

C. both goods and services

D. only imports

Answer: Option C

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 feature of the Indian capital market?

A. Presence of stock exchanges and long-term instruments

B. Only short-term instruments

C. Absence of regulatory bodies

D. No role of mutual funds

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Correct Answer: Option A

Explanation:
The Indian capital market deals with long-term funds and includes stock exchanges, bonds, equities and mutual funds, regulated by SEBI.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a feature of the 'Fear of Floating' phenomenon identified by Calvo and Reinhart?

A. All countries freely float without intervention

B. Many emerging-market countries that claim to float actually intervene heavily to limit exchange-rate volatility

C. Floating is always preferred to pegging

D. Only advanced economies fear floating

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Correct Answer: Option B

Explanation:
Fear of floating describes the empirical regularity that many countries officially classified as floaters in fact intervene frequently and allow only limited exchange-rate variability, often because of balance-sheet vulnerabilities.

This question belongs to: Economy GK Economy Set 1

Question #3

The term 'Base Year' in the context of national income statistics is important because:

A. It is used to calculate real GDP by providing constant prices

B. It determines the fiscal deficit

C. It fixes the exchange rate

D. It determines the tax rates

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Correct Answer: Option A

Explanation:
The base year provides the constant price structure used to calculate real (inflation-adjusted) GDP and other national income aggregates, enabling comparison over time.

This question belongs to: Economy GK Economy Set 1

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