The 'Goods and Services Tax' on luxury cars is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on luxury cars is:

A. 28% plus cess

B. 12%

C. 18%

D. 5%

Answer: Option A

Solution (By JKSSB Mock Tests)

Luxury cars attract 28% GST plus cess.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'long-run Phillips curve' is vertical at:

A. full employment with zero unemployment

B. maximum inflation

C. zero inflation

D. the natural rate of unemployment

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Correct Answer: Option D

Explanation:
The long-run Phillips curve is vertical at the natural rate of unemployment.

This question belongs to: Economy GK Economy Set 1

Question #2

The 'shadow banking system' refers to:

A. foreign banks

B. public sector banks

C. regular commercial banks

D. non-bank financial intermediaries conducting bank-like activities

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Correct Answer: Option D

Explanation:
Shadow banking includes non-bank financial intermediaries that perform bank-like credit intermediation.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Disposable Personal Income' is personal income minus:

A. indirect taxes

B. direct personal taxes and other deductions

C. customs duty

D. corporate tax

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Correct Answer: Option B

Explanation:
Disposable personal income is personal income after direct personal taxes and other deductions.

This question belongs to: Economy GK Economy Set 1

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