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

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

A. 28%

B. 12%

C. 18%

D. 5%

Answer: Option C

Solution (By JKSSB Mock Tests)

Banking and financial services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the context of cost, the relationship between Average Cost (AC) and Marginal Cost (MC) is:

A. When MC < AC, AC is rising

B. When MC = AC, AC is minimum

C. MC is always greater than AC

D. When MC > AC, AC is falling

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Correct Answer: Option B

Explanation:
When Marginal Cost equals Average Cost, Average Cost is at its minimum. If MC is below AC, AC falls; if MC is above AC, AC rises.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Rs 2000 note' in India was introduced after demonetization in:

A. 2016

B. 2018

C. 2014

D. 2020

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Correct Answer: Option A

Explanation:
Rs 2000 note was introduced in November 2016 after demonetization.

This question belongs to: Economy GK Economy Set 1

Question #3

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The natural rate of unemployment includes:

A. only disguised unemployment

B. frictional and structural unemployment

C. only open unemployment

D. cyclical and seasonal unemployment

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Correct Answer: Option B

Explanation:
The natural rate of unemployment consists of frictional and structural unemployment.

This question belongs to: Economy GK Economy Set 1

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