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

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The 'Goods and Services Tax' on cryptocurrency is:

A. 5%

B. 0%

C. 18%

D. 28%

Answer: Option C

Solution (By JKSSB Mock Tests)

Cryptocurrency transactions are subject to 18% GST as financial services, though regulation is evolving.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'Goods and Services Tax' on horse racing is:

A. 5%

B. 28%

C. 12%

D. 18%

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Correct Answer: Option B

Explanation:
Horse racing services attract 28% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Sunk Cost' is important in decision making because:

A. It is the only relevant cost for pricing

B. It is a cost already incurred and should be ignored for future decisions

C. It should always be included in future cost calculations

D. It varies with the level of future output

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Correct Answer: Option B

Explanation:
Sunk costs are irreversible costs that have already been incurred. Rational decision-making requires focusing on incremental future costs and benefits, ignoring sunk costs.

This question belongs to: Economy GK Economy Set 1

Question #3

The J-curve effect suggests that after a currency depreciation, the trade balance:

A. improves immediately

B. initially worsens before improving

C. is unaffected

D. never improves

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Correct Answer: Option B

Explanation:
The J-curve effect shows that trade balance may worsen initially after depreciation before improving.

This question belongs to: Economy GK Economy Set 1

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