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

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

A. 18%

B. 5%

C. 12%

D. 28%

Answer: Option A

Solution (By JKSSB Mock Tests)

Telecom services attract 18% GST.

This question belongs to: Economy GK Economy Set 1

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Question #1

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In the Keynesian model, the consumption function is given by C = a + bY, where 'b' represents:

A. Average propensity to consume

B. Marginal propensity to consume

C. Autonomous consumption

D. Marginal propensity to save

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Correct Answer: Option B

Explanation:
In the consumption function C = a + bY, 'a' is autonomous consumption and 'b' is the marginal propensity to consume (MPC).

This question belongs to: Economy GK Economy Set 1

Question #2

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The 'Contingency Fund of India' is held by:

A. Prime Minister

B. Finance Minister

C. President

D. RBI

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Correct Answer: Option C

Explanation:
The Contingency Fund of India is placed at the disposal of the President.

This question belongs to: Economy GK Economy Set 1

Question #3

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The 'General Budget' in India was separated from the Railway Budget in which year?

A. 1947

B. 1924

C. 1950

D. 1921

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Correct Answer: Option B

Explanation:
Railway Budget was separated from the General Budget in 1924 on the Acworth Committee recommendation.

This question belongs to: Economy GK Economy Set 1

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