The 'Goods and Services Tax' on renting of residential property for residential use is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' on renting of residential property for residential use is:

A. exempt

B. 0%

C. 18%

D. 5%

Answer: Option A

Solution (By JKSSB Mock Tests)

Renting residential property for residential use is exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Economic Community of West African States' promotes economic integration in:

A. West Africa

B. Europe

C. South America

D. Asia

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Correct Answer: Option A

Explanation:
ECOWAS promotes economic integration in West Africa.

This question belongs to: Economy GK Economy Set 1

Question #2

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The term 'J-Curve Effect' in international economics refers to:

A. No effect of exchange rate on trade balance

B. Immediate improvement in trade balance after depreciation

C. Continuous deterioration of trade balance

D. Initial worsening of trade balance after depreciation followed by improvement

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Correct Answer: Option D

Explanation:
The J-curve effect describes the pattern where a currency depreciation first worsens the trade balance (due to existing contracts) before improving it as quantities adjust.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'Tobin tax' is a proposed tax on:

A. income

B. short-term foreign exchange transactions

C. property

D. imports

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Correct Answer: Option B

Explanation:
A Tobin tax is a tax on short-term foreign exchange transactions to reduce speculative flows.

This question belongs to: Economy GK Economy Set 1

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