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

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

A. 12%

B. 5%

C. 28%

D. 18%

Answer: Option D

Solution (By JKSSB Mock Tests)

Insurance services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the context of production theory, an isoquant represents:

A. Combinations of prices that maximise profit

B. Combinations of two inputs that produce the same level of output

C. Combinations of income and consumption

D. Combinations of two goods that give the same utility

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Correct Answer: Option B

Explanation:
An isoquant is a locus of points showing different combinations of two inputs that yield the same quantity of output.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a characteristic of the 'Life-Cycle Hypothesis' of consumption?

A. Saving is independent of age

B. Individuals plan consumption over their entire lifetime

C. Consumption depends only on current income

D. Only permanent income matters and age is irrelevant

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Correct Answer: Option B

Explanation:
The life-cycle hypothesis, associated with Modigliani, posits that individuals smooth consumption over their lifetime by saving during working years and dissaving during retirement.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is a feature of the Indian capital account?

A. Complete ban on capital inflows

B. Partial convertibility with controls on certain capital flows

C. Only current account convertibility without any capital flows

D. Complete convertibility for all capital transactions

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Correct Answer: Option B

Explanation:
India has achieved current account convertibility but maintains a managed and partial capital account convertibility with prudential controls on certain flows.

This question belongs to: Economy GK Economy Set 1

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