The 'Goods and Services Tax' on a supply is determined by the: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on a supply is determined by the:

A. place of supply

B. mode of payment

C. location of supplier

D. type of product only

Answer: Option A

Solution (By JKSSB Mock Tests)

GST liability depends on the place of supply and the nature of supply.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The short-run average cost curve is U-shaped mainly due to:

A. constant returns to scale

B. economies of scale

C. external economies

D. the law of variable proportions

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Correct Answer: Option D

Explanation:
In the short run, U-shaped average cost arises from the law of variable proportions.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a non-debt creating capital receipt of the government?

A. Market borrowings

B. Treasury bills

C. External commercial borrowings

D. Recovery of loans

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Correct Answer: Option D

Explanation:
Recovery of loans is a non-debt capital receipt because it does not create a future liability. Borrowings of all kinds create debt.

This question belongs to: Economy GK Economy Set 1

Question #3

In the circular flow of income, leakages include:

A. income and output

B. consumption and government spending

C. investment and exports

D. saving, taxes and imports

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Correct Answer: Option D

Explanation:
Leakages from the circular flow are saving, taxes and imports.

This question belongs to: Economy GK Economy Set 1

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