The 'Goods and Services Tax' on hotel accommodation below Rs 1,000 is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on hotel accommodation below Rs 1,000 is:

A. 0%

B. 12%

C. exempt

D. 5%

Answer: Option C

Solution (By JKSSB Mock Tests)

Hotel rooms with tariff below Rs 1,000 are exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

The 'International Monetary Fund' and 'World Bank' are both headquartered in:

A. Paris

B. Geneva

C. Washington D.C.

D. New York

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Correct Answer: Option C

Explanation:
Both the IMF and World Bank are headquartered in Washington D.C., USA.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Average Propensity to Consume' is defined as:

A. Total consumption divided by total income

B. Change in consumption divided by change in income

C. Change in saving divided by change in income

D. Total saving divided by total income

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Correct Answer: Option A

Explanation:
Average Propensity to Consume (APC) = Total Consumption / Total Income. Marginal Propensity to Consume is the change in consumption divided by the change in income.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'New Development Bank' was established by BRICS in which year?

A. 2012

B. 2014

C. 2015

D. 2016

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Correct Answer: Option B

Explanation:
The New Development Bank was established by BRICS in 2014 and began operations in 2015.

This question belongs to: Economy GK Economy Set 1

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