The 'Goods and Services Tax' on intellectual property rights services is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on intellectual property rights services is:

A. 12%

B. 28%

C. 18%

D. 5%

Answer: Option C

Solution (By JKSSB Mock Tests)

IPR services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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A current account surplus occurs when:

A. capital outflows exceed inflows

B. foreign exchange reserves fall

C. imports exceed exports

D. exports of goods, services and income exceed imports

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Correct Answer: Option D

Explanation:
A current account surplus occurs when exports of goods, services and income exceed imports.

This question belongs to: Economy GK Economy Set 1

Question #2

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A firm should shut down in the short run if price is less than:

A. marginal cost

B. average total cost

C. average fixed cost

D. average variable cost

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Correct Answer: Option D

Explanation:
In the short run, a firm shuts down if price is less than average variable cost.

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is a characteristic of the 'Global Value Chains' phenomenon?

A. Trade is limited to primary commodities

B. All production occurs within a single country

C. Only final goods are traded

D. Production processes are fragmented across countries, with intermediate goods crossing borders multiple times

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Correct Answer: Option D

Explanation:
Global value chains describe the international fragmentation of production in which different stages of the production process are located in different countries and intermediate inputs are traded intensively.

This question belongs to: Economy GK Economy Set 1

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