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

Question

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

A. 5%

B. 12%

C. 28%

D. 18%

Answer: Option D

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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The 'currency futures' are standardized contracts to exchange currencies at a future date and are traded on:

A. stock exchanges

B. RBI only

C. over-the-counter only

D. commercial banks only

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Correct Answer: Option A

Explanation:
Currency futures are exchange-traded standardized contracts.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a characteristic of the 'Foundational Economy' approach to local development?

A. Prioritising the improvement of essential everyday services that all citizens rely on, rather than focusing solely on competitive tradable sectors

B. Ignoring everyday services

C. Focusing only on high-tech export clusters

D. Only attracting mobile capital

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Correct Answer: Option A

Explanation:
The foundational-economy perspective argues that the quality and accessibility of essential local services—utilities, food, health, education, care—are central to well-being and should be a primary focus of regional and urban policy.

This question belongs to: Economy GK Economy Set 1