The 'Goods and Services Tax' on services provided by journalists is: MCQ with Answer and Explanation

The 'Goods and Services Tax' on services provided by journalists is:
A. 5%
B. 18%
C. 0%
D. 12%
Answer: Option B
Solution (By JKSSB Mock Tests)
Journalist services attract 18% GST unless exempt.

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Practice More Economy Set 1 Questions

Question #1
Which of the following is a characteristic of the 'Speculative Attack' models of currency crises?
A. Only current-account deficits cause crises
B. A fixed exchange rate may collapse suddenly when reserves reach a critical threshold
C. Crises occur only gradually
D. Reserves never matter

Correct Answer: Option B


Explanation:
First-generation speculative-attack models show that an inconsistent policy mix (e.g., persistent money-financed deficits under a fixed exchange rate) leads to a sudden attack that exhausts reserves and forces abandonment of the peg.

This question belongs to: Economy GK Economy Set 1
Question #2
The 'Goods and Services Tax' on imitation jewellery is:
A. 12%
B. 5%
C. 18%
D. 3%

Correct Answer: Option B


Explanation:
Imitation jewellery attracts 5% GST.

This question belongs to: Economy GK Economy Set 1
Question #3
In the Keynesian model, the consumption function is given by C = a + bY, where 'b' represents:
A. Marginal propensity to save
B. Autonomous consumption
C. Marginal propensity to consume
D. Average propensity to consume

Correct Answer: Option C


Explanation:
In the consumption function C = a + bY, 'a' is autonomous consumption and 'b' is the marginal propensity to consume (MPC).

This question belongs to: Economy GK Economy Set 1