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

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The 'Goods and Services Tax' rate on financial services is:

A. 18%

B. 5%

C. 12%

D. 28%

Answer: Option A

Solution (By JKSSB Mock Tests)

Financial services generally attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the theory of international trade, the Heckscher-Ohlin theorem states that a country will export goods that:

A. Use its abundant factors intensively

B. Have the highest absolute advantage

C. Use its scarce factors intensively

D. Require the most labour regardless of endowment

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Correct Answer: Option A

Explanation:
According to the Heckscher-Ohlin theorem, a country exports goods that intensively use its relatively abundant factors of production and imports goods that intensively use its scarce factors.

This question belongs to: Economy GK Economy Set 1

Question #2

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Which of the following is a feature of the Indian labour market?

A. Complete absence of unemployment

B. Dominance of formal sector employment only

C. Large share of informal employment and dualism

D. Uniform wages across sectors

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Correct Answer: Option C

Explanation:
The Indian labour market is characterised by a large informal sector, dualism between formal and informal employment, and significant underemployment.

This question belongs to: Economy GK Economy Set 1