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

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

A. 5%

B. 18%

C. 12%

D. 28%

Answer: Option B

Solution (By JKSSB Mock Tests)

Port services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The concept of 'Original Sin' in the literature on emerging-market debt refers to:

A. The sin of high public spending

B. Only domestic-currency debt problems

C. The historical difficulty of many countries in borrowing internationally in their own currency

D. The first occurrence of a debt default

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Correct Answer: Option C

Explanation:
Original sin denotes the inability of most emerging-market and developing countries to borrow abroad in their own currencies, forcing them to issue foreign-currency debt and creating currency mismatches.

This question belongs to: Economy GK Economy Set 1

Question #2

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The concept of 'Pareto Efficiency' implies that:

A. No reallocation can make one person better off without making someone else worse off

B. Resources can be reallocated to make someone better off without making anyone worse off

C. All markets are perfectly competitive

D. Income is equally distributed

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Correct Answer: Option A

Explanation:
A Pareto efficient allocation is one where it is impossible to make any individual better off without making at least one individual worse off.

This question belongs to: Economy GK Economy Set 1