The 'Goods and Services Tax' on advertising services is: MCQ with Answer and Explanation

Question

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

A. 12%

B. 18%

C. 5%

D. 28%

Answer: Option B

Solution (By JKSSB Mock Tests)

Advertising services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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An isoquant shows different combinations of two inputs that produce:

A. different levels of output

B. maximum profit

C. minimum cost

D. the same level of output

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Correct Answer: Option D

Explanation:
An isoquant is a curve showing all combinations of two inputs that yield the same level of output.

This question belongs to: Economy GK Economy Set 1

Question #2

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A cess imposed by the Union Government is levied:

A. only on luxury goods

B. only on imports

C. for a specific purpose

D. only on income

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Correct Answer: Option C

Explanation:
A cess is levied for a specific purpose and must be used for that purpose.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is a characteristic of a Giffen good?

A. It is a luxury good

B. Demand increases as price increases due to strong negative income effect

C. Income elasticity is positive

D. Demand decreases as price increases

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Correct Answer: Option B

Explanation:
A Giffen good is an inferior good for which the negative income effect outweighs the substitution effect, resulting in an upward-sloping demand curve.

This question belongs to: Economy GK Economy Set 1

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