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

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The 'Goods and Services Tax' on water is:

A. exempt for water supply through public taps

B. 0%

C. 5%

D. 18%

Answer: Option A

Solution (By JKSSB Mock Tests)

Water supply through public taps is exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

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If a country's current account is in deficit, its capital account must be in:

A. deficit as well

B. zero

C. equilibrium

D. surplus or official reserves must fall

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Correct Answer: Option D

Explanation:
A current account deficit must be financed by a capital account surplus or a drawdown of official reserves.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'BRICS' group originally included Brazil, Russia, India, China and:

A. South Africa

B. Turkey

C. Indonesia

D. South Korea

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Correct Answer: Option A

Explanation:
BRICS consists of Brazil, Russia, India, China and South Africa.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'four-sector economy' circular flow includes:

A. households, firms, banks and foreign sector

B. households, government, banks and firms

C. households, firms, government and banks only

D. households, firms, government and foreign sector

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Correct Answer: Option D

Explanation:
A four-sector economy includes households, firms, government and the external sector.

This question belongs to: Economy GK Economy Set 1

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