The 'Goods and Services Tax' on municipal services is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on municipal services is:

A. 0%

B. 18%

C. exempt for basic municipal services

D. 5%

Answer: Option C

Solution (By JKSSB Mock Tests)

Basic municipal services are exempt from 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 NOT a type of economic system?

A. Mixed economy

B. Socialist economy

C. Capitalist economy

D. Barter economy as a complete system classification

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Correct Answer: Option D

Explanation:
Economic systems are classified as capitalist, socialist and mixed based on ownership and resource allocation. Barter is a method of exchange, not a complete economic system classification.

This question belongs to: Economy GK Economy Set 1

Question #2

In the theory of the firm, the shutdown point in the short run occurs when:

A. Price equals average variable cost

B. Price equals average total cost

C. Price equals marginal cost

D. Price equals average fixed cost

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Correct Answer: Option A

Explanation:
A firm continues to operate in the short run as long as price covers average variable cost. If price falls below AVC, the firm shuts down to minimise losses.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'High Yielding Variety Programme' was launched in:

A. 1972

B. 1966

C. 1980

D. 1956

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Correct Answer: Option B

Explanation:
The High Yielding Variety Programme was launched in 1966.

This question belongs to: Economy GK Economy Set 1

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