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

The 'Goods and Services Tax' on port services is:
A. 12%
B. 5%
C. 28%
D. 18%
Answer: Option D
Solution (By JKSSB Mock Tests)
Port services attract 18% GST.

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Practice More Economy Set 1 Questions

Question #1
The 'Goods and Services Tax' rate on restaurant services in AC restaurants was initially 18%, but later revised to:
A. 28%
B. 18%
C. 5% without ITC
D. 12%

Correct Answer: Option C


Explanation:
Restaurant services were rationalized to 5% without input tax credit.

This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a feature of the 'Quantity Theory of Money' in its modern restatement by Friedman?
A. Only the transactions motive matters
B. Money demand is a stable function of a limited number of variables and the velocity is predictable
C. Interest rates do not affect money demand
D. Velocity is highly unstable and unpredictable

Correct Answer: Option B


Explanation:
Friedman’s restatement treats the demand for money as a stable function of permanent income, interest rates and other variables, implying that velocity, while not constant, is predictable.

This question belongs to: Economy GK Economy Set 1
Question #3
Which of the following is a feature of the 'Specific Factors Model' of international trade?
A. Some factors are specific to particular industries while labour is mobile between industries
B. There are no specific factors
C. All factors are mobile between industries
D. Only capital is mobile internationally

Correct Answer: Option A


Explanation:
In the specific-factors (Ricardo-Viner) model, each industry has a factor that is specific to it (immobile) while at least one factor (usually labour) is mobile between industries, generating clear distributional predictions of trade.

This question belongs to: Economy GK Economy Set 1