The 'Goods and Services Tax' rate applicable to a supply is determined by: MCQ with Answer and Explanation

Question
The 'Goods and Services Tax' rate applicable to a supply is determined by:
A. President
B. GST Council
C. RBI
D. SEBI
Answer: Option B
Solution (By JKSSB Mock Tests)
GST rates are recommended by the GST Council.
This question belongs to: Economy GK Economy Set 1
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Practice More Economy Set 1 Questions

Question #1
Under monopoly, price in equilibrium is typically:
A. less than marginal cost
B. greater than marginal cost
C. zero
D. equal to marginal cost
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Correct Answer: Option B

Explanation:
A monopolist charges a price greater than marginal cost and earns supernormal profit.
This question belongs to: Economy GK Economy Set 1
Question #2
Which of the following is a feature of 'Open-Source' models of innovation?
A. Collaborative development in which the source code or design is made publicly available and can be modified and redistributed
B. Complete proprietary control of all code
C. Only government-mandated standards
D. Only closed innovation within a single firm
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Correct Answer: Option A

Explanation:
Open-source models rely on the public availability of source code or designs, enabling collaborative improvement, redistribution and the emergence of communities of developers around shared resources.
This question belongs to: Economy GK Economy Set 1
Question #3
The 'corruption perception index' is published by:
A. IMF
B. World Bank
C. WEF
D. Transparency International
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Correct Answer: Option D

Explanation:
Transparency International publishes the Corruption Perceptions Index.
This question belongs to: Economy GK Economy Set 1
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