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

Question

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

A. 5%

B. 28%

C. 12%

D. 18%

Answer: Option D

Solution (By JKSSB Mock Tests)

Cloud services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is NOT a type of inflation based on speed?

A. Demand-pull inflation

B. Creeping inflation

C. Galloping inflation

D. Walking inflation

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Correct Answer: Option A

Explanation:
Demand-pull inflation is a classification based on cause. Based on speed/intensity, inflation is classified as creeping, walking, running and galloping (or hyperinflation).

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'base erosion and profit shifting' framework is an initiative of:

A. IMF

B. World Bank

C. OECD and G20

D. WTO

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Correct Answer: Option C

Explanation:
BEPS is an OECD/G20 initiative against tax avoidance by multinational enterprises.

This question belongs to: Economy GK Economy Set 1

Question #3

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The concept of 'Feldstein-Horioka Puzzle' refers to:

A. The observation that domestic saving and domestic investment are highly correlated despite capital mobility

B. The puzzle of purchasing power parity deviations only

C. The observation that saving and investment are completely uncorrelated

D. The puzzle of why interest rates are equalised

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Correct Answer: Option A

Explanation:
The Feldstein-Horioka puzzle is the empirical finding of a high correlation between domestic saving and domestic investment rates, which appears inconsistent with perfect international capital mobility.

This question belongs to: Economy GK Economy Set 1

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