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. exempt

B. 0%

C. 5%

D. 18%

Answer: Option A

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 'Asian Infrastructure Investment Bank' is headquartered in:

A. Manila

B. Tokyo

C. Beijing

D. Singapore

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Correct Answer: Option C

Explanation:
The Asian Infrastructure Investment Bank is headquartered in Beijing.

This question belongs to: Economy GK Economy Set 1

Question #2

The Human Development Index (HDI) is published by:

A. World Economic Forum

B. International Monetary Fund

C. United Nations Development Programme

D. World Bank

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Correct Answer: Option C

Explanation:
The Human Development Index is published annually by the United Nations Development Programme (UNDP) in its Human Development Report.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a characteristic of the 'Rational Expectations' hypothesis?

A. Agents use only past information and make systematic errors

B. Agents form expectations using all available information and do not make systematic errors

C. Expectations are always adaptive

D. Agents ignore all available information

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Correct Answer: Option B

Explanation:
Rational expectations imply that agents optimally use all available information, so that forecast errors are uncorrelated with information known at the time the expectation is formed.

This question belongs to: Economy GK Economy Set 1

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