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

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The 'Goods and Services Tax' on SUVs is:

A. 5%

B. 12%

C. 28% plus cess

D. 18%

Answer: Option C

Solution (By JKSSB Mock Tests)

SUVs attract 28% GST plus cess.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The 'Goods and Services Tax' on two-wheelers is:

A. 28% plus cess

B. 12%

C. 28%

D. 18%

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Correct Answer: Option C

Explanation:
Two-wheelers attract 28% GST.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is NOT a function of money?

A. Medium of exchange

B. Unit of account

C. Store of value

D. Means of production

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Correct Answer: Option D

Explanation:
The primary functions of money are medium of exchange, measure of value (unit of account), store of value and standard of deferred payments. Means of production is not a function of money.

This question belongs to: Economy GK Economy Set 1

Question #3

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Demand-pull inflation is caused by:

A. decrease in government expenditure

B. aggregate demand exceeding aggregate supply at full employment

C. a fall in money supply

D. an increase in production costs

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Correct Answer: Option B

Explanation:
Demand-pull inflation occurs when aggregate demand exceeds aggregate supply.

This question belongs to: Economy GK Economy Set 1

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