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

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The 'Goods and Services Tax' on legal services provided to individuals is:

A. 0%

B. 18%

C. 5%

D. 12%

Answer: Option B

Solution (By JKSSB Mock Tests)

Legal services to individuals attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following is a feature of the 'Baumol-Tobin Model' of money demand?

A. Money demand is independent of the interest rate

B. Money demand is proportional only to wealth

C. Money demand arises from the transactions motive and depends on income and the interest rate

D. Only the speculative motive matters

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Correct Answer: Option C

Explanation:
The Baumol-Tobin inventory-theoretic model derives transactions demand for money as a function of income (or expenditure), the interest rate and the fixed cost of transferring funds between money and interest-bearing assets.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'non-accelerating inflation rate of unemployment' is called:

A. NATO

B. NAIRU

C. NAFTA

D. NREGA

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Correct Answer: Option B

Explanation:
NAIRU is the non-accelerating inflation rate of unemployment.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'monetary transmission mechanism' refers to:

A. the process by which monetary policy changes affect output and inflation

B. the transmission of money across banks

C. the exchange of old currency notes

D. the printing of new currency

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Correct Answer: Option A

Explanation:
Monetary transmission is the process through which policy rate changes affect the real economy.

This question belongs to: Economy GK Economy Set 1

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