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

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The 'Goods and Services Tax' on services provided by SEBI is:

A. exempt

B. 5%

C. 0%

D. 18%

Answer: Option A

Solution (By JKSSB Mock Tests)

SEBI services are exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is a characteristic of the 'New Economic Geography' associated with Paul Krugman?

A. It focuses only on comparative advantage

B. It ignores agglomeration forces

C. It explains the spatial concentration of economic activity through increasing returns and transport costs

D. It assumes constant returns and no transport costs

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Correct Answer: Option C

Explanation:
New Economic Geography models show how increasing returns, transport costs and factor mobility can lead to the endogenous agglomeration of economic activity in particular locations.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'financial trilemma' states that a country cannot simultaneously have:

A. free capital mobility, fixed exchange rates and independent monetary policy

B. free trade, high tariffs and high exports

C. low taxes, high spending and low deficit

D. high growth, low inflation and low unemployment

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Correct Answer: Option A

Explanation:
The trilemma says a country can achieve only two of three: free capital mobility, fixed exchange rate and independent monetary policy.

This question belongs to: Economy GK Economy Set 1

Question #3

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In the context of elasticity of demand, which of the following goods is likely to have inelastic demand?

A. Air conditioners

B. Salt

C. Jewellery

D. Luxury cars

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Correct Answer: Option B

Explanation:
Necessities like salt have inelastic demand because quantity demanded does not change significantly with price changes. Luxuries tend to have elastic demand.

This question belongs to: Economy GK Economy Set 1

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