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

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The 'Goods and Services Tax' on tour operator services is:

A. 5% without ITC

B. 12%

C. 18%

D. 5%

Answer: Option A

Solution (By JKSSB Mock Tests)

Tour operator services attract 5% GST without input tax credit.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

In the context of production, the law of diminishing returns applies when:

A. At least one factor is fixed and others are variable

B. All factors are variable

C. Technology is changing continuously

D. There are increasing returns to scale

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Correct Answer: Option A

Explanation:
The law of diminishing returns (or variable proportions) operates in the short run when one or more factors are fixed and additional units of a variable factor are added.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of elasticity, if the cross elasticity of demand between two goods is positive, the goods are:

A. Giffen goods

B. Complements

C. Inferior goods

D. Substitutes

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Correct Answer: Option D

Explanation:
A positive cross elasticity of demand indicates that the goods are substitutes; a rise in the price of one increases the demand for the other.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Employees' Provident Fund Organisation' operates under which ministry?

A. Ministry of Finance

B. Ministry of Corporate Affairs

C. Ministry of Labour and Employment

D. Ministry of Social Justice

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Correct Answer: Option C

Explanation:
EPFO operates under the Ministry of Labour and Employment.

This question belongs to: Economy GK Economy Set 1

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