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. 0%

B. 5%

C. exempt for water supply through public taps

D. 18%

Answer: Option C

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

Veblen goods are demanded mainly because:

A. they have many substitutes

B. high price confers prestige or status

C. they are necessities

D. their price is low

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Correct Answer: Option B

Explanation:
Veblen goods are conspicuous consumption goods where a higher price increases their status value.

This question belongs to: Economy GK Economy Set 1

Question #2

The concept of 'Pareto Efficiency' implies that:

A. Resources can be reallocated to make someone better off without making anyone worse off

B. No reallocation can make one person better off without making someone else worse off

C. All markets are perfectly competitive

D. Income is equally distributed

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Correct Answer: Option B

Explanation:
A Pareto efficient allocation is one where it is impossible to make any individual better off without making at least one individual worse off.

This question belongs to: Economy GK Economy Set 1

Question #3

The 'Senior Citizens Savings Scheme' is available for individuals aged:

A. 60 years and above

B. 70 years and above

C. 65 years and above

D. 50 years and above

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Correct Answer: Option A

Explanation:
The Senior Citizens Savings Scheme is available for individuals aged 60 years and above.

This question belongs to: Economy GK Economy Set 1

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