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

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

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Practice More Economy Set 1 Questions

Question #1
Which of the following is NOT recorded in the capital account of the Balance of Payments?
A. Export of goods
B. FPI
C. External commercial borrowing
D. FDI

Correct Answer: Option A


Explanation:
Export of goods is recorded in the current account, not the capital account.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following best describes 'Stagflation'?
A. High growth with low inflation
B. High inflation accompanied by high unemployment and stagnant growth
C. Deflation with full employment
D. Low inflation with high unemployment

Correct Answer: Option B


Explanation:
Stagflation is a situation of simultaneous high inflation, high unemployment and stagnant or negative economic growth, posing a policy dilemma.

This question belongs to: Economy GK Economy Set 1
Question #3
In the context of project appraisal, a project is considered economically viable if:
A. The present value of benefits exceeds the present value of costs
B. Only financial costs are considered
C. Social costs are ignored
D. The present value of costs exceeds the present value of benefits

Correct Answer: Option A


Explanation:
In cost-benefit analysis, a project is viable when the discounted present value of its benefits exceeds the discounted present value of its costs (positive net present value).

This question belongs to: Economy GK Economy Set 1