The 'Goods and Services Tax' on government fees such as passport and visa is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on government fees such as passport and visa is:

A. 0%

B. 5%

C. 18%

D. exempt

Answer: Option D

Solution (By JKSSB Mock Tests)

Government fees like passport and visa are exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The value added method of measuring national income is primarily used to:

A. measure informal sector output

B. include transfer payments

C. avoid double counting

D. estimate depreciation

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Correct Answer: Option C

Explanation:
The value added method avoids double counting by measuring only the addition to value at each stage of production.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Goods and Services Tax Network' was created as a:

A. government department

B. statutory body

C. constitutional body

D. special purpose vehicle

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Correct Answer: Option D

Explanation:
GSTN was created as a special purpose vehicle to provide IT infrastructure for GST.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a characteristic of the 'Quality Ladder' models of endogenous growth?

A. Innovation only expands the variety of products

B. There is no role for research and development

C. Growth is purely exogenous

D. Innovation takes the form of improvements in the quality of existing products

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Correct Answer: Option D

Explanation:
Quality-ladder (or vertical-innovation) models of endogenous growth, associated with Aghion-Howitt and Grossman-Helpman, treat innovation as successive improvements in the quality of intermediate or final goods.

This question belongs to: Economy GK Economy Set 1

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