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. wealth

B. income

C. property

D. consumption

Answer: Option D

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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Question #1

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

A. 18%

B. 5%

C. 12%

D. 28%

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Correct Answer: Option A

Explanation:
Broadcasting services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

Which of the following is a characteristic of the 'Life-Cycle Hypothesis' of consumption?

A. Individuals plan consumption over their entire lifetime

B. Saving is independent of age

C. Consumption depends only on current income

D. Only permanent income matters and age is irrelevant

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Correct Answer: Option A

Explanation:
The life-cycle hypothesis, associated with Modigliani, posits that individuals smooth consumption over their lifetime by saving during working years and dissaving during retirement.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'World Economic Forum' annual meeting is held in:

A. Basel

B. Zurich

C. Geneva

D. Davos

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Correct Answer: Option D

Explanation:
WEF annual meeting is held in Davos.

This question belongs to: Economy GK Economy Set 1

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