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

The 'Goods and Services Tax' on airport services is:
A. 28%
B. 5%
C. 18%
D. 12%
Answer: Option C
Solution (By JKSSB Mock Tests)
Airport services attract 18% GST.

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Practice More Economy Set 1 Questions

Question #1
The Reserve Tranche Position in India's forex reserves refers to:
A. gold held by RBI
B. foreign currency assets held abroad
C. SDR holdings
D. India's quota subscription to IMF paid in foreign currency that can be drawn without conditions

Correct Answer: Option D


Explanation:
The Reserve Tranche Position is India's IMF quota subscription held in foreign currency.

This question belongs to: Economy GK Economy Set 1
Question #2
The term 'Managed Floating' exchange rate system means:
A. Exchange rate is fixed in terms of gold only
B. Exchange rate is completely fixed by the government
C. There is no role for the central bank
D. Exchange rate is determined by market forces with occasional central bank intervention

Correct Answer: Option D


Explanation:
Under a managed floating system, the exchange rate is primarily determined by market forces, but the central bank intervenes occasionally to prevent excessive volatility.

This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is a feature of the 'Availability Heuristic'?
A. Only statistical frequencies matter
B. People assess the probability of an event by the ease with which instances come to mind
C. Memory has no effect on probability judgments
D. People always use base rates correctly

Correct Answer: Option B


Explanation:
The availability heuristic leads people to judge the likelihood of events by how readily examples can be recalled, which can produce systematic biases when memory is distorted by vividness or recency.

This question belongs to: Economy GK Economy Set 1