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

The 'Goods and Services Tax' on hotel rooms with tariff below Rs 1,000 is:
A. 0%
B. 5%
C. 18%
D. 12%
Answer: Option A
Solution (By JKSSB Mock Tests)
Hotel rooms below Rs 1,000 tariff are exempt from GST.

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Practice More Economy Set 1 Questions

Question #1
The concept of 'Fiscal Dominance' refers to:
A. Complete independence of the central bank
B. Only the dominance of monetary policy
C. The absence of any deficit
D. A situation in which fiscal policy constraints force the monetary authority to monetise deficits

Correct Answer: Option D


Explanation:
Fiscal dominance occurs when the fiscal authority’s need to finance deficits constrains or dictates the behaviour of the monetary authority, often leading to inflationary monetisation.

This question belongs to: Economy GK Economy Set 1
Question #2
The 'Startup India Seed Fund Scheme' provides:
A. subsidies to farmers
B. loans to large companies
C. pension to workers
D. seed funding to startups

Correct Answer: Option D


Explanation:
Startup India Seed Fund Scheme provides seed funding to startups.

This question belongs to: Economy GK Economy Set 1
Question #3
In the context of production theory, the isoquant represents:
A. Combinations of prices that maximise profit
B. Combinations of goods that give the same utility
C. Combinations of inputs that yield the same level of output
D. Combinations of income and consumption

Correct Answer: Option C


Explanation:
An isoquant is a curve that shows all possible combinations of two inputs that produce the same level of output, analogous to an indifference curve in consumer theory.

This question belongs to: Economy GK Economy Set 1