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

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

A. 28%

B. 5%

C. 12%

D. 18%

Answer: Option D

Solution (By JKSSB Mock Tests)

IT services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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The concept of 'Liquidity Trap' implies that monetary policy becomes ineffective because:

A. Investment is highly interest-elastic

B. Money demand is interest-inelastic

C. People prefer to hold cash at very low interest rates

D. Interest rates are very high

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Correct Answer: Option C

Explanation:
In a liquidity trap, interest rates are near zero and the demand for money becomes perfectly elastic; additional money supply is absorbed as idle balances without reducing interest rates further.

This question belongs to: Economy GK Economy Set 1

Question #2

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The Doha Development Round of WTO negotiations primarily focused on:

A. concerns of developing countries

B. intellectual property only

C. military alliances

D. exchange rate management

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Correct Answer: Option A

Explanation:
The Doha Round focused on development concerns of developing countries.

This question belongs to: Economy GK Economy Set 1

Question #3

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Economic rent is the payment to a factor of production:

A. below its transfer earnings

B. above its transfer earnings

C. equal to its transfer earnings

D. equal to zero

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Correct Answer: Option B

Explanation:
Economic rent is the surplus paid to a factor over and above its transfer earnings.

This question belongs to: Economy GK Economy Set 1

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