The 'Goods and Services Tax' on lottery tickets is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on lottery tickets is:

A. 18%

B. 0%

C. 28%

D. 12%

Answer: Option C

Solution (By JKSSB Mock Tests)

Lottery tickets attract 28% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The Harrod-Domar growth model emphasizes the role of:

A. population growth

B. technological progress

C. natural resources

D. saving and capital-output ratio

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Correct Answer: Option D

Explanation:
The Harrod-Domar model emphasises saving rate and capital-output ratio as determinants of growth.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is NOT a objective of economic planning in India?

A. Maximisation of inequality

B. Self-reliance

C. Economic growth

D. Modernisation

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Correct Answer: Option A

Explanation:
Economic planning in India aimed at growth, modernisation, self-reliance and social justice (reduction of inequality), not maximisation of inequality.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Multilateral Investment Guarantee Agency' provides:

A. political risk insurance and credit enhancement for foreign investment

B. currency exchange

C. export subsidies

D. trade finance

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Correct Answer: Option A

Explanation:
MIGA provides political risk insurance to promote foreign direct investment.

This question belongs to: Economy GK Economy Set 1

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