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

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

A. 18%

B. 5%

C. 12%

D. 28%

Answer: Option A

Solution (By JKSSB Mock Tests)

Salon services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the context of production theory, an isoquant represents:

A. Combinations of income and consumption

B. Combinations of two inputs that produce the same level of output

C. Combinations of two goods that give the same utility

D. Combinations of prices that maximise profit

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Correct Answer: Option B

Explanation:
An isoquant is a locus of points showing different combinations of two inputs that yield the same quantity of output.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Immediate Payment Service' is an interbank electronic fund transfer service available:

A. only on weekdays

B. only at branches

C. 24x7

D. only during banking hours

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Correct Answer: Option C

Explanation:
IMPS is available 24x7 for instant interbank fund transfers.

This question belongs to: Economy GK Economy Set 1

Question #3

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The concept of 'Automatic Stabilisers' in fiscal policy includes:

A. Open market operations

B. Changes in bank rate

C. Progressive taxation and unemployment benefits

D. Discretionary changes in tax rates

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Correct Answer: Option C

Explanation:
Automatic stabilisers such as progressive income taxes and unemployment benefits automatically moderate economic fluctuations without requiring new policy decisions.

This question belongs to: Economy GK Economy Set 1

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