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. consumption

C. property

D. income

Answer: Option B

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

Pradhan Mantri Fasal Bima Yojana provides:

A. free electricity to farmers

B. minimum support price for crops

C. crop insurance against crop loss

D. fertilizer subsidy only

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Correct Answer: Option C

Explanation:
PMFBY provides comprehensive crop insurance against crop loss due to natural calamities, pests and diseases.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'International Poverty Line' of the World Bank is currently set at:

A. USD 1.00 per day

B. USD 5.50 per day

C. USD 10 per day

D. USD 2.15 per day in 2017 PPP

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Correct Answer: Option D

Explanation:
The World Bank's international poverty line is USD 2.15 per day in 2017 PPP.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a feature of the long-run average cost curve under increasing returns to scale?

A. It is upward sloping

B. It is downward sloping

C. It is U-shaped only due to fixed factors

D. It is horizontal

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Correct Answer: Option B

Explanation:
Under increasing returns to scale, long-run average cost falls as output expands, resulting in a downward-sloping LAC curve over the relevant range.

This question belongs to: Economy GK Economy Set 1

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