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

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

A. exempt

B. 0%

C. 18%

D. 5%

Answer: Option A

Solution (By JKSSB Mock Tests)

Veterinary services are exempt from GST.

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 educational services by institutions is:

A. 5%

B. 0%

C. 18%

D. exempt

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Correct Answer: Option D

Explanation:
Educational services by recognized institutions are exempt from GST.

This question belongs to: Economy GK Economy Set 1

Question #2

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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 #3

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A demat account is used for:

A. holding foreign currency

B. banking transactions only

C. trading only in commodities

D. holding shares in electronic form

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Correct Answer: Option D

Explanation:
A demat account holds securities in electronic form.

This question belongs to: Economy GK Economy Set 1

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