The 'Goods and Services Tax' on long-term lease of industrial plots is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on long-term lease of industrial plots is:

A. 12%

B. 0%

C. 5%

D. 18%

Answer: Option D

Solution (By JKSSB Mock Tests)

Long-term lease of industrial plots attracts 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

The concept of 'Planetary Boundaries' identifies:

A. Only population limits

B. Only national environmental regulations

C. Only economic growth limits

D. Nine biophysical thresholds that, if crossed, could destabilise the Earth system

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Correct Answer: Option D

Explanation:
The planetary-boundaries framework, developed by Rockström and colleagues, defines a set of nine Earth-system processes and associated quantitative boundaries within which humanity can operate safely.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'Directorate General of Foreign Trade' is under which ministry?

A. Ministry of External Affairs

B. Ministry of Home Affairs

C. Ministry of Finance

D. Ministry of Commerce and Industry

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Correct Answer: Option D

Explanation:
DGFT operates under the Ministry of Commerce and Industry.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of labour markets, the 'Efficiency Wage' theory suggests that:

A. Firms may pay wages above the market-clearing level to raise productivity or reduce turnover

B. Wages are always equal to the marginal product of labour

C. Only competitive wages maximise effort

D. Unemployment is only voluntary

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Correct Answer: Option A

Explanation:
Efficiency-wage theories argue that higher wages can increase worker effort, reduce shirking, lower turnover or improve the quality of applicants, so that firms may optimally set wages above the market-clearing level.

This question belongs to: Economy GK Economy Set 1

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