The 'Goods and Services Tax' on insurance services is: MCQ with Answer and Explanation

Question

Share Report Error

The 'Goods and Services Tax' on insurance services is:

A. 18%

B. 28%

C. 5%

D. 12%

Answer: Option A

Solution (By JKSSB Mock Tests)

Insurance services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Economy Set 1 Questions

Question #1

Share Report

The concept of 'Economic Rent' in classical economics refers to:

A. Wages of labour

B. Profit of the entrepreneur

C. Payment for the use of capital only

D. Payment for the use of land arising from its scarcity

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
In classical economics, economic rent is the payment made for the use of land (or other resources in fixed supply) that arises due to its scarcity and differential fertility.

This question belongs to: Economy GK Economy Set 1

Question #2

Share Report

In the context of elasticity, if income elasticity of demand for a good is negative, the good is:

A. Inferior good

B. Necessary good

C. Normal good

D. Luxury good

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option A

Explanation:
A negative income elasticity of demand indicates that the good is inferior; demand for it falls as income rises.

This question belongs to: Economy GK Economy Set 1

Question #3

Share Report

Nifty is a stock market index of the:

A. Commodity Exchange

B. Bombay Stock Exchange

C. Securities and Exchange Board of India

D. National Stock Exchange

View Answer & Solution Discuss

Get Complete Subject PDF for Economy GK

Correct Answer: Option D

Explanation:
Nifty is the benchmark index of the National Stock Exchange (NSE).

This question belongs to: Economy GK Economy Set 1

Explore All Economy Set 1 MCQs