The 'Goods and Services Tax' on IT-enabled services is: MCQ with Answer and Explanation

Question

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The 'Goods and Services Tax' on IT-enabled services is:

A. 18%

B. 28%

C. 12%

D. 5%

Answer: Option A

Solution (By JKSSB Mock Tests)

IT-enabled services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'World Intellectual Property Organization' is a specialized agency of:

A. World Bank

B. United Nations

C. WTO

D. IMF

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Correct Answer: Option B

Explanation:
WIPO is a specialized agency of the United Nations.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a characteristic of the 'New Keynesian' models used for monetary policy analysis?

A. They rely only on adaptive expectations

B. They combine intertemporal optimisation, rational expectations and nominal rigidities

C. They ignore expectations completely

D. They assume continuous market clearing and flexible prices

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Correct Answer: Option B

Explanation:
Modern New Keynesian DSGE models used for policy analysis feature optimising households and firms, rational expectations, and some form of nominal rigidity (sticky prices or wages).

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Goods and Services Tax' on life insurance premiums is:

A. 12%

B. 5%

C. 18%

D. 0%

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Correct Answer: Option C

Explanation:
Life insurance premiums attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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