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

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

A. 18% for all classes

B. 5% economy and 12% business class

C. 5% for all classes

D. 12% for all classes

Answer: Option B

Solution (By JKSSB Mock Tests)

Economy class air travel is 5%, business class is 12%.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'Goods and Services Tax' rate on cinema tickets above Rs 100 is:

A. 5%

B. 18%

C. 12%

D. 28%

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Correct Answer: Option B

Explanation:
Cinema tickets above Rs 100 attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The term 'High-Powered Money' is also known as:

A. Broad money

B. Time deposits

C. Reserve money or monetary base

D. Narrow money only

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Correct Answer: Option C

Explanation:
High-powered money (reserve money or monetary base) consists of currency in circulation and the reserves of the banking system with the central bank.

This question belongs to: Economy GK Economy Set 1

Question #3

The concept of 'Bounded Rationality' associated with Herbert Simon implies that:

A. Rationality is unbounded

B. Only perfect information is assumed

C. Individuals are limited in their cognitive capacity and information and therefore satisfice rather than optimise

D. Individuals always optimise with unlimited computational power

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Correct Answer: Option C

Explanation:
Bounded rationality recognises that human decision-makers face cognitive limitations and incomplete information, so they typically seek satisfactory rather than optimal solutions.

This question belongs to: Economy GK Economy Set 1

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