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

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

A. 18%

B. 0%

C. 12%

D. 5%

Answer: Option B

Solution (By JKSSB Mock Tests)

Postal services by the Department of Posts are exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

Which of the following is the formula for calculating fiscal deficit?

A. Revenue expenditure − Revenue receipts

B. Capital expenditure − Capital receipts

C. Total expenditure − Total receipts including borrowings

D. Total expenditure − Total receipts excluding borrowings

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Correct Answer: Option D

Explanation:
Fiscal deficit = Total expenditure − (Revenue receipts + Non-debt capital receipts). It indicates the total borrowing requirement of the government.

This question belongs to: Economy GK Economy Set 1

Question #2

An indifference curve is convex to the origin because of:

A. increasing returns to scale

B. increasing marginal rate of substitution

C. constant marginal utility

D. diminishing marginal rate of substitution

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Correct Answer: Option D

Explanation:
Convexity of indifference curves is due to diminishing marginal rate of substitution.

This question belongs to: Economy GK Economy Set 1

Question #3

In the context of demand theory, the law of demand may not hold for:

A. Giffen goods and Veblen goods

B. All inferior goods without exception

C. Normal goods

D. Necessary goods with elastic demand

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Correct Answer: Option A

Explanation:
Giffen goods (strong negative income effect) and Veblen goods (prestige value rising with price) are exceptions to the law of demand.

This question belongs to: Economy GK Economy Set 1

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