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

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

A. 5%

B. 12%

C. 0%

D. 18%

Answer: Option D

Solution (By JKSSB Mock Tests)

Life insurance premiums attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Currency appreciation generally makes exports:

A. unchanged

B. free from tariffs

C. more expensive in foreign currency

D. cheaper

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Correct Answer: Option C

Explanation:
When a currency appreciates, domestic goods become more expensive for foreign buyers, reducing exports.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'current daily status' of unemployment measures unemployment on:

A. weekly basis

B. yearly basis

C. monthly basis

D. a day basis

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Correct Answer: Option D

Explanation:
Current daily status measures unemployment for each day of the reference week.

This question belongs to: Economy GK Economy Set 1

Question #3

The term 'Managed Floating' exchange rate system means:

A. Exchange rate is completely fixed by the government

B. Exchange rate is fixed in terms of gold only

C. There is no role for the central bank

D. Exchange rate is determined by market forces with occasional central bank intervention

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Correct Answer: Option D

Explanation:
Under a managed floating system, the exchange rate is primarily determined by market forces, but the central bank intervenes occasionally to prevent excessive volatility.

This question belongs to: Economy GK Economy Set 1

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