The 'Goods and Services Tax' on passenger transport by air-conditioned buses is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on passenger transport by air-conditioned buses is:

A. 12%

B. 5%

C. 18%

D. 0%

Answer: Option B

Solution (By JKSSB Mock Tests)

AC bus passenger transport attracts 5% GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

If the marginal propensity to save is 0.25, then the marginal propensity to consume is:

A. 0.75

B. 0.50

C. 0.25

D. 1.25

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Correct Answer: Option A

Explanation:
MPC + MPS = 1, so MPC = 1 - 0.25 = 0.75.

This question belongs to: Economy GK Economy Set 1

Question #2

The term 'Current Account Deficit' indicates:

A. Excess of government expenditure over revenue

B. Excess of capital inflows over outflows

C. Excess of imports of goods and services over exports

D. Surplus in the overall balance of payments

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Correct Answer: Option C

Explanation:
Current Account Deficit occurs when the value of imports of goods, services and transfers exceeds the value of exports of goods, services and transfers.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'SFURTI' scheme is related to:

A. traditional industries clusters

B. rural roads

C. banking

D. urban housing

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Correct Answer: Option A

Explanation:
SFURTI promotes cluster development of traditional industries.

This question belongs to: Economy GK Economy Set 1

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