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

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The 'Goods and Services Tax' on insurance services provided to government is:

A. 18%

B. 12%

C. 0%

D. 5%

Answer: Option A

Solution (By JKSSB Mock Tests)

Insurance services to government attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The concept of 'Liquidity Trap' implies that monetary policy becomes ineffective because:

A. Investment is highly interest-elastic

B. Money demand is interest-inelastic

C. People prefer to hold cash at very low interest rates

D. Interest rates are very high

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Correct Answer: Option C

Explanation:
In a liquidity trap, interest rates are near zero and the demand for money becomes perfectly elastic; additional money supply is absorbed as idle balances without reducing interest rates further.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Regional Comprehensive Economic Partnership' was signed in which year?

A. 2022

B. 2020

C. 2021

D. 2015

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Correct Answer: Option B

Explanation:
RCEP was signed in November 2020.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Keynesian cross' model shows equilibrium income where:

A. interest rate equals inflation

B. aggregate demand equals aggregate supply

C. money supply equals money demand

D. exports equal imports

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Correct Answer: Option B

Explanation:
The Keynesian cross shows equilibrium where aggregate demand equals aggregate supply.

This question belongs to: Economy GK Economy Set 1

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