The 'Goods and Services Tax' on petroleum and natural gas is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on petroleum and natural gas is:

A. 0%

B. 18%

C. 5%

D. not under GST

Answer: Option D

Solution (By JKSSB Mock Tests)

Petroleum products and natural gas are outside GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'average propensity to consume' is calculated as:

A. change in consumption divided by change in income

B. total consumption divided by total income

C. total saving divided by total income

D. total income divided by total consumption

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Correct Answer: Option B

Explanation:
APC is total consumption divided by total income.

This question belongs to: Economy GK Economy Set 1

Question #2

The Foreign Exchange Management Act was enacted in which year?

A. 1973

B. 1992

C. 1999

D. 2005

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Correct Answer: Option C

Explanation:
FEMA was enacted in 1999, replacing FERA.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Fisher effect' states that nominal interest rates:

A. are always zero

B. equal real interest rate divided by inflation

C. adjust one-for-one with expected inflation

D. equal real interest rate minus inflation

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Correct Answer: Option C

Explanation:
The Fisher effect states that nominal interest rates rise with expected inflation.

This question belongs to: Economy GK Economy Set 1

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