The 'Goods and Services Tax' rate on e-books is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' rate on e-books is:

A. 12%

B. 18%

C. 5%

D. 0%

Answer: Option C

Solution (By JKSSB Mock Tests)

E-books attract 5% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the context of growth theory, the 'AK Model' is an example of:

A. A model without capital accumulation

B. A neoclassical model with diminishing returns

C. An endogenous growth model without diminishing returns to capital

D. A model with exogenous technological progress only

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Correct Answer: Option C

Explanation:
The AK model assumes a production function linear in capital (Y = AK), thereby eliminating diminishing returns and generating endogenous long-run growth driven by capital accumulation.

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Lorenz curve' is a graph showing:

A. unemployment

B. inflation over time

C. GDP growth

D. income distribution

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Correct Answer: Option D

Explanation:
The Lorenz curve graphically represents the distribution of income or wealth.

This question belongs to: Economy GK Economy Set 1

Question #3

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The Marshall-Lerner condition states that devaluation improves the trade balance if:

A. the sum is less than one

B. import tariffs are raised

C. exports exceed imports

D. the sum of price elasticities of demand for exports and imports is greater than one

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Correct Answer: Option D

Explanation:
The Marshall-Lerner condition requires the sum of export and import demand elasticities to exceed one.

This question belongs to: Economy GK Economy Set 1

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