The 'Goods and Services Tax' on goods and services is a tax on: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on goods and services is a tax on:

A. income

B. wealth

C. consumption

D. property

Answer: Option C

Solution (By JKSSB Mock Tests)

GST is a tax on consumption of goods and services.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The concept of 'Liquidity Preference' theory of interest was given by:

A. John Maynard Keynes

B. Irving Fisher

C. Classical economists

D. Knut Wicksell

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Correct Answer: Option A

Explanation:
Keynes proposed the liquidity preference theory, which states that the rate of interest is determined by the demand for and supply of money, where demand arises from transactions, precautionary and speculative motives.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax' on toll charges is:

A. 0%

B. 18%

C. exempt

D. 5%

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Correct Answer: Option C

Explanation:
Toll charges are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #3

Globalization in the Indian economic context means:

A. self-reliant village economy

B. closing the economy to foreign trade

C. increasing integration with the world economy

D. nationalization of foreign companies

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Correct Answer: Option C

Explanation:
Globalization means increasing integration of the Indian economy with the world economy.

This question belongs to: Economy GK Economy Set 1

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