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

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The 'Goods and Services Tax' rate on bicycles is:

A. 18%

B. 5%

C. 12%

D. 0%

Answer: Option B

Solution (By JKSSB Mock Tests)

Bicycles attract 5% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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Which of the following is NOT recorded in the capital account of the Balance of Payments?

A. Export of goods

B. FPI

C. FDI

D. External commercial borrowing

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Correct Answer: Option A

Explanation:
Export of goods is recorded in the current account, not the capital account.

This question belongs to: Economy GK Economy Set 1

Question #2

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In the context of economic theory, the 'Law of Demand' may not hold in the case of:

A. Normal goods

B. Giffen goods and Veblen goods

C. Necessary goods only

D. All inferior goods

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Correct Answer: Option B

Explanation:
The law of demand does not hold for Giffen goods (where income effect outweighs substitution effect) and Veblen goods (where higher price increases demand due to prestige value).

This question belongs to: Economy GK Economy Set 1

Question #3

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Which of the following is a feature of a public good?

A. Rivalrous and non-excludable

B. Rivalrous and excludable

C. Non-rivalrous and excludable

D. Non-rivalrous and non-excludable

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Correct Answer: Option D

Explanation:
Public goods are non-rivalrous and non-excludable.

This question belongs to: Economy GK Economy Set 1

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