The 'Goods and Services Tax' rate on railway passenger transport is: MCQ with Answer and Explanation

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The 'Goods and Services Tax' rate on railway passenger transport is:

A. 18%

B. 5%

C. 0%

D. 12%

Answer: Option C

Solution (By JKSSB Mock Tests)

Railway passenger transport is exempt from GST.

This question belongs to: Economy GK Economy Set 1

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Practice More Economy Set 1 Questions

Question #1

The 'dependency ratio' is higher when:

A. dependent population is large relative to working-age population

B. working-age population is large

C. death rate is high

D. birth rate is low

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Correct Answer: Option A

Explanation:
Dependency ratio rises with a larger dependent population relative to working-age population.

This question belongs to: Economy GK Economy Set 1

Question #2

In the context of Indian agriculture, the term 'Minimum Support Price' is recommended by:

A. Commission for Agricultural Costs and Prices

B. Food Corporation of India

C. NITI Aayog

D. Reserve Bank of India

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Correct Answer: Option A

Explanation:
The Commission for Agricultural Costs and Prices (CACP) recommends Minimum Support Prices for various crops, which are then approved by the government.

This question belongs to: Economy GK Economy Set 1

Question #3

Which of the following is a characteristic of the 'New Economic Geography' associated with Paul Krugman?

A. It ignores agglomeration forces

B. It assumes constant returns and no transport costs

C. It explains the spatial concentration of economic activity through increasing returns and transport costs

D. It focuses only on comparative advantage

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Correct Answer: Option C

Explanation:
New Economic Geography models show how increasing returns, transport costs and factor mobility can lead to the endogenous agglomeration of economic activity in particular locations.

This question belongs to: Economy GK Economy Set 1

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